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About: Detroit Community Scrip     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : umbel-rc:Currency, within Data Space : dbpedia.org associated with source document(s)

Type: Thingcurrencyyago:WikicatCommunityCurrenciesyago:WikicatCurrenciesOfTheUnitedStatesyago:Abstraction100002137yago:Currency113385913yago:Measure100033615yago:MediumOfExchange113372961yago:Standard107260623yago:SystemOfMeasurement113577171yago:WikicatPrivateCurrenciesumbel-rc:Currency New Facet based on Instances of this Class

Detroit Community Scrip, also called Detroit Cheers, was a local currency used in Detroit, Michigan, first issued in April 2009. Modeled upon the local scrip 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.