Financial History Issue 117 (Spring 2016) | Page 26
Co
ur
tes
y
of H
erit
age
Au
ctio
n
s
Municipal Insolvency
in the 1930s
The City of Detroit issued scrip to employees in lieu of paychecks during a cash
crisis in 1933, but the effort floundered as local stores refused to accept it.
24 FINANCIAL HISTORY | Spring 2016 | www.MoAF.org