| Detroit Community Scrip | |
|---|---|
| User(s) | Businesses in Detroit, Michigan |
| Pegged by | US Dollar |
| Symbol | Cheers, $ |
| Nickname | Detroit Cheer |
| Banknotes | |
| Freq. used | 3 |
| Central bank | Detroit Cheers Governing Board |
| Printer | Unknown |
Detroit Community Scrip, also called Detroit Cheers, is a local currency scrip in Detroit, Michigan.[1][2] Modeled upon the provincial dollars that were used during the Great Depression, it is being used to restore local economic confidence in a city that has an unemployment rate of 22.2%.[3][4] The Cheers are backed by US currency and are fully exchangeable for an equal amount of U.S. dollars, backed by several Detroit businesses.[5] There are currently $4,500 worth of cheers in circulation. Businesses can sign up to be "Reserves" and print scrip after depositing a matching amount in U.S. dollars and then be entitled to print Cheers.[6] Currently, there are four Reserves, the first was the Motor City Brewing Works[7] More than 25 businesses have signed up to accept Cheers,[8] but many others informally accept them.
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.[9]
A detailed discussion about the history and workings of Detroit Cheers can be found at http://www.modeldmedia.com/features/detroitcheers18809.aspx. also http://michigancoinclub.org/Cheers.html