Rice Lake

City of Rice Lake

On March 3 and 4, 1933, Mayor J. H. Wallis called a meeting of local businesses to develop a plan in the event of a bank moratorium. They agreed that the city would issue scrip that would be honored by the banks and businesses.

The scrip was printed on March 5 and was first issued on March 6. A total of $17,100.00 was printed as follows:

$.052,000 pieces
$.252,000 “
$.501,000 “
$1.001,000 “
$5.001,000 “
$10.001,000 “

By March 8, $800.00 in scrip had been issued. Rumors of counterfeits began to circulate in the community. All the issued pieces were recalled on March 11 and the hand signatures of the Rice Lake Scrip Committee — Mayor Wallis, Guy D. Hill and Herb Forbes — were added to the notes.

Only $1,041.00 was actually issued. The scrip began to be redeemed when the Rice Lake banks re-opened on March 14. By April 5 only $46.35 remained outstanding. Contemporary accounts indicate redeemed scrip was destroyed. The face value of known pieces exceeds $46.35 so the veracity of this statement is questionable.

Follow this link to read the text of the Trust Agreement referenced on the face of the scrip.

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