Detroit Community Scrip, also called Detroit Cheers, was a
local currency used in
Detroit, Michigan
Detroit ( , ) is the List of municipalities in Michigan, most populous city in the U.S. state of Michigan. It is situated on the bank of the Detroit River across from Windsor, Ontario. It had a population of 639,111 at the 2020 United State ...
, first issued in April 2009. Modeled upon the local
scrip
A scrip (or ''wikt:chit#Etymology 3, chit'' in India) is any substitute for legal tender. It is often a form of credit (finance), credit. Scrips have been created and used for a variety of reasons, including exploitative payment of employees un ...
that were used during the Great Depression, it was being used to restore local financial confidence following decades of
economic decline. The Cheers are backed by U.S. currency and are fully exchangeable for an equal amount of
U.S. dollars, backed by several Detroit-based businesses. In April 2009, there were $4,500 worth of cheers in circulation.
Businesses could sign up to be issuers and print scrip after depositing a matching amount in U.S. dollars and then be entitled to print Cheers.
History
The Detroit Scrip was first issued in April 2009,
[ by Foran's Grand Trunk Pub and The Park Bar or Motor City Brewing Works.][ Including the issuers, there were 17 initial businesses accepting the Cheer.][
By November 22, 2009, the official website of the Detroit Community Scrip was no longer live.
]
Design
Detroit Cheers were available in only the $3 denomination; the standardized face of the Cheer features '' The Spirit of Detroit'' over the Detroit skyline. The back of the bill was designed by the issuing business and could vary.
References
External links
*{{Official website, https://web.archive.org/web/20090511092534/http://www.detroitscrip.org/index.htm
Private currencies
Local currencies of the United States
Economy of Detroit