Illinois Canal Scrip



With USA paper money in the news, let's look at a wild and woolly era in the history of the USA when just about anyone could issue their own cash.

Explanation here.

And more info here.
     Posted By: Paul - Fri Apr 22, 2016
     Category: Business | Crime | Frauds, Cons and Scams | Nineteenth Century

Illinois, bilking it's citizens out of their money for centuries.

I read somewhere that Illinois was the #1 state people are leaving.
Posted by Expat47 in Athens, Greece on 04/22/16 at 11:19 AM
Banknotes issued by small banks were good mainly within the influence area of the bank involved. When trying to exchange notes with "foreign" banks was the point when one would pay exchange fees or be actually refused. In most cases it was better to carry actual gold or silver for purchases. This was the main argument used for establishing the centralized issuance of currency as we know it today.

After reading at the link, I believe these were treated more like bonds issued by government entities to fund public work projects. In California, which I'm most familiar with, these bonds are offered at election time and require approval by the electorate for issuance.

Nice artwork on these. Better than most examples I've seen.
Posted by KDP on 04/22/16 at 12:53 PM
Worth and reality... two things that come down to just what you make people believe they are.
Posted by BrokeDad in Midwest US on 04/22/16 at 01:18 PM
KDP: see also Royal Bank of Scotland (&c, &c, &c) Pounds. Accepted (more or less) in Scotland, laughed at (at best!) anywhere south of Berwick.
Posted by Richard Bos on 04/27/16 at 02:40 PM
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