Pegged by US Dollar | Freq. used 3 | |
Central bank Detroit Cheers Governing Board | ||
Detroit Community Scrip, also called Detroit Cheers, is a local currency in Detroit, Michigan. Modeled upon the local scrip that were used during the Great Depression, it is being used to restore local economic confidence. The Cheers are backed by US currency and are fully exchangeable for an equal amount of U.S. dollars, backed by several Detroit businesses. There are currently $4,500 worth of cheers in circulation. 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. More than 25 businesses have signed up to accept Cheers, but many others informally accept them.
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History
The Detroit Scrip was first issued in April 2009 by Foran's Grand Trunk Pub, The Park Bar or Motor City Brewing Works. Including the issuers, there were 17 initial businesses accepting the Cheer.
Design
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.