Cambridge Chamber of Commerce
The Cambridge Chamber of Commerce issued scrip beginning on February 25, 1933. The scrip was issued to assist local farmers and to provide a medium of exchange in the community which was suffering from a lack of available cash due to bank failures.
Farmers were able to purchase $12.50 in scrip for $10.00. The scrip could be used at 39 stores in the community. Regular U.S. currency and coin was given in change when the scrip was used. Members of the Chamber of Commerce funded the initial discount for the first $500.00 of scrip issued.
Merchants were enthusiastic that a means of exchange was available and cooperated in keeping the scrip in circulation by trading it for cash with merchants who accumulated large amounts of it. It successfully jump started the local economy and provided debt relief for a fair number of farmers who used the discount to pay delinquent accounts in addition to meeting present needs.
A contemporary account indicates steps were made to prevent counterfeiting of the scrip. This was probably accomplished with the irregular pattern of squares and diamonds in the underprint.
The initial issue consisted of two thousand $.25 notes. The Chamber of Commerce printed and issued one thousand each of the $.50 and $1.00 notes for use in cashing checks during the Bank Holiday.