Detroit Community Scrip

Detroit Community Scrip, also called Detroit Cheers, is a local currency used in Detroit, Michigan, first issued in April 2009.[1] Modeled upon the local scrip that were used during the Great Depression, it is 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. There are currently $4,500 worth of cheers in circulation.[2] Businesses can sign up to be issuers and print scrip after depositing a matching amount in U.S. dollars and then be entitled to print Cheers.[3] More than 25 businesses have signed up to accept Cheers, but many others informally accept them.

Detroit Community Scrip
Detroit Community Scrip, 3 Cheers.
Denominations
NicknameDetroit Cheer
Banknotes
 Freq. used3
Demographics
User(s)Businesses in Detroit
Issuance
Central bankDetroit Cheers Governing Board
Valuation
Pegged byU.S. dollar

History

The Detroit Scrip was first issued in April 2009,[3] by Foran's Grand Trunk Pub and The Park Bar or Motor City Brewing Works.[2] Including the issuers, there were 17 initial businesses accepting the Cheer.[2]

Design

Detroit Cheers are 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 is designed by the issuing business and can vary.[4]

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References
  1. Bello, Marisol (April 10, 2009). "Communities print their own currency to keep cash flowing". USA Today. Retrieved 16 February 2012.
  2. Kavanaugh, Kelli B. (April 21, 2009). "3 Cheers for Detroit's Local Currency". Model D Media. Retrieved 16 February 2012.
  3. "Active Local Currencies". Local Currencies. New Economics Institute. July 2009. Archived from the original on April 5, 2013. Retrieved 16 February 2012.
  4. LeBlanc, Joe (Summer 2009). "Detroit Has a New Currency?". Mich-Matist. Retrieved 16 February 2012.
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