It is often a form of credit. Scrips have gained historical importance and become a subject of study in numismatics and exonumia due to their wide variety and recurring use. Scrip behaves similarly to a currency, and as such can be used to study monetary economics. A variety of forms of scrip were used coal scrip coins value various times in the 19th and 20th centuries.
Company scrip was a credit against the accrued wages of employees. In United States mining or logging camps where everything was owned and operated by a single company, scrip provided the workers with credit when their wages had been depleted. These remote locations were cash poor. President Andrew Jackson issued his Specie Circular of 1836 due to credit shortages, Virginia Scrip was accepted as payment for federal lands.
In 19th-century Western Canada, the federal government devised a system of land grants called scrip. Métis people in exchange for their Aboriginal rights. During the Great Depression, at the height of the crisis, many local governments paid employees in scrip. Vermilion, Alberta was just one example. Fair Labor Standards Act of 1938. It is also a written document that acknowledges debt.
After World War I and World War II, scrip was used as “emergency money” or Notgeld in Germany and Austria. World War II, at least in countries that complied with the Third Geneva Convention. Under the Geneva Conventions, enlisted POWs could be made to work, but had to be paid for their labor, but not necessarily in cash. Poker chips, also referred to as casino tokens, are commonly used as money with which to gamble. The use of chips as company money in the early 19th century in Devon, England, in the Wheal Friendship copper mine gave its name to a local village: Chipshop.
Stamp scrip was a type of local money designed to be circulated and not to be hoarded. It was used successfully in Germany and Austria in the early 1930s, after national currencies collapsed. The Alberta Social Credit Party government in 1937 issued “prosperity certificates,” a form of provincial currency, in an effort to encourage spending. Thus, the value of the certificate was covered by the cost of the stamps at year’s end when it matured. Scrip survives in modern times in various forms.
The use of locally issued scrip accepted by multiple businesses within a community has increased during the Late-2000s recession. Some companies still issue scrip notes and token coin, good for use at company points of sale. Physical gift cards often have a magnetic strip or optically readable bar code to facilitate redemption at the point of sale. In the late 1980s, the term scrip evolved to include a fundraising method popular with non-profit organizations like schools, bands and athletic groups.
With scrip fundraising, retailers offer the gift certificates and gift cards to non-profit organizations at a discount. The non-profit organizations sell the gift cards to member’s families at full face value. Once the predetermined funds are consumed, the card number expires. A gift of a gift card, maybe in an attractive wrapper, may be seen as more socially acceptable than a gift of cash. Furthermore, not all gift cards issued are redeemed. Land scrip was a right to purchase federal public domain land in the United States, a common form of investment in the 19th century.
As a type of federal aid to local governments or private corporations, Congress would grant land in lieu of cash. Most of the time the grantee did not seek to acquire any actual land but rather would sell the right to claim the land to private investors in the form of scrip. Often the land title was finalized only after the scrip was resold several times. 34 – Payment in scrip or similar medium not authorized”. A maverick money scheme from the 1930s could save the Greek economy”. Detroit cash keeps hometown humming Detroit News, Detnews. In Hagen you can pay with local currency, WDR.
But what happens when the store files for bankruptcy? Instead of a gift you may be stuck with a worthless piece of plastic. Earlier this year, when Sharper Image filed for Chapter 11, people holding its gift cards were told that they could not get their money back or use the card to make a purchase. Wikimedia Commons has media related to Scrip. Look up scrip in Wiktionary, the free dictionary. This page was last edited on 5 March 2018, at 14:01.