Chattanooga Depression Scrip

Overview

Depression scrip is an unofficial currency, paper money, or note issued during the depression or recession by municipal governments, retail stores, banks or bank clearing houses to provide a circulating medium to transact business when official currency was in short supply. It has been issued extensively throughout the world.

Clearing House Scrip of 1893
Clearing house scrip was used in 1893 between the Chattanooga Banks for payments between banks because of shortage of currency during this recession.

Clearing House Scrip of 1907
Clearing house scrip was used in 1907 between some Tennessee Banks for payments between banks. It was also used in general circulation.

1933 Scrip
Nearly every major city and state in the U. S. used local depression scrip in 1933 when U. S. President Franklin Roosevelt declared a "banking holiday" the first week he was in office.

The four major national banks and a large grocery store in Chattanooga, TN issued depression scrip that circulated during the brief period the banks were closed. Advertisements and articles in the local newspaper indicated employees paid wages in the scrip and merchants accepted it for purchases. The background and details of each issue are described and displayed.