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As can be seen from Figure 8.2, these notes were of a variety known as "stamp scrip," and were supposed to be "self-liquidating." The inscription on the face of the notes describes the basic terms of their circulation.
A 2-cent stamp was supposed to be affixed on the back and signed by the buyer each time the note was passed on in a transaction.
There is much to be learned from both the failures and the successes.
" Why did a currency which enjoyed such widespread and strong support turn sour?
Mitchell and Shafer do not provide enough of the details about its issuance or redemption to fully answer the question.
One of these "stop-gaps," which was intended to address the problem of the dearth of currency in circulation, was the issuance of "scrip." History is full of examples of successful local initiatives aimed at providing exchange media, but the Great Depression of the 1930's saw this done on an unprecedented scale.
There were literally hundreds of scrip issues that were put into circulation by a variety of agencies, including state governments, municipalities, school districts, clearing house associations, manufacturers, merchants, chambers of commerce, business associations, local relief committees, cooperatives, and even individuals.
Serious human needs went unmet -- until people began to organize.