Detroit Community Scrip

{{Short description|Local currency}}

{{ infobox currency

| currency_name_in_local =

| image_1 =Detroit cheer.jpg

| image_title_1 =Detroit Community Scrip, 3 Cheers.

| iso_code =

| issuing_authority =Detroit Cheers Governing Board

| issuing_authority_website =

| date_of_introduction =

| date_of_introduction_source =

| using_countries = Businesses in Detroit

| inflation_rate =

| inflation_source_date = [https://web.archive.org/web/20070613003823/https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook ], 2010 est.

| pegged_by = U.S. dollar

| subunit_ratio_1 =

| subunit_name_1 =

| symbol =

| symbol_subunit_1 =

| nickname =Detroit Cheer

| nickname_subunit_1 =

| plural =

| plural_subunit_1 =

| frequently_used_coins =

| rarely_used_coins =

| frequently_used_banknotes = 3

| rarely_used_banknotes =

}}

Detroit Community Scrip, also called Detroit Cheers, was a local currency used in Detroit, Michigan, first issued in April 2009.{{cite news|last=Bello|first=Marisol|title=Communities print their own currency to keep cash flowing|url=https://www.usatoday.com/money/economy/2009-04-05-scrip_N.htm?loc=interstitialskip|accessdate=16 February 2012|newspaper=USA Today|date=April 10, 2009}} Modeled upon the local scrip that were used during the Great Depression, it was being used to restore local financial confidence following decades of economic decline. The Cheers are backed by U.S. currency and are fully exchangeable for an equal amount of U.S. dollars, backed by several Detroit-based businesses. In April 2009, there were $4,500 worth of cheers in circulation.{{cite news|last=Kavanaugh|first=Kelli B.|title=3 Cheers for Detroit's Local Currency|url=http://www.modeldmedia.com/features/detroitcheers18809.aspx|accessdate=16 February 2012|newspaper=Model D Media|date=April 21, 2009}} Businesses could sign up to be issuers and print scrip after depositing a matching amount in U.S. dollars and then be entitled to print Cheers.{{cite web|title=Active Local Currencies|url=http://neweconomicsinstitute.org/content/active-local-currencies|work=Local Currencies|publisher=New Economics Institute|accessdate=16 February 2012|date=July 2009|archiveurl=https://web.archive.org/web/20130405222551/http://neweconomicsinstitute.org/content/active-local-currencies|archivedate=April 5, 2013 }}