A scrip (or chit in India) is a substitute for a legal tender. This is often a form of credit. Scrips have been created for employee payments under the truck system, and for use in local trade at the time the common currency is not available, for example in remote coal towns, military bases, ships on long voyages, or occupied countries in the future war. In addition to the company scrip, other scrip scripts include ground scrip, vouchers, tokens coins like subway tokens, IOU, arcade tokens and tickets, and points on some credit cards.
Scripts have gained historical importance and are the subject of study in numismatic and exonumia due to various and repeated uses. Scripts behave similarly to currencies, and thus can be used to study monetary economics.
Video Scrip
Histori
Various forms of scrip were used at various times in the 19th and 20th centuries.
Company script
The company script is a credit to the accrued employee's wages.
In a US mining or logging camp where everything is owned and operated by a company, scrip gives credit workers when their wages are exhausted. These remote locations are poor in cash. Workers have very little choice but to buy food and other items in the company's store. In this way, the company can charge a large markup on goods in the company store, making the workers completely dependent on the company, thus enforcing their "loyalty" to the company. In addition, while employees can exchange scrip for cash, this can rarely be done at face value. This scrip type only applies in the settlement where it was issued. While shopkeepers in neighboring communities can accept scrips as money, they rarely do so with face value, because the price is less than that.
When US President Andrew Jackson issued his Circular Letter in 1836 due to a credit deficit, the Virginia Scrip was accepted as a payment for federal land.
In Western Canada of the 19th century, the federal government designed a land grant system called scrip. Notes in the form of money scrip (worth $ 160 or $ 240) or ground scrip, worth 160 acres (65 ha) or 240 acres (97 ha), are offered to MÃ © Â © these people in return for their Aboriginal rights.
During the Great Depression, at the height of the crisis, many local governments paid employees with scrip. Vermilion, Alberta is just one example.
In the US, the scrip became illegal under the Fair Labor Standards Act of 1938.
The expression "scrip" is also used in the stock market where companies can sometimes pay dividends in the form of additional shares/shares rather than money. It is also a written document that recognizes debt.
After World War I and World War II, scrip was used as an "emergency money" or Notgeld in Germany and Austria.
Scripts are used extensively in POW camps during World War II, at least in countries that meet the Third Geneva Convention. Under the Geneva Conventions, registered prisoners can be made to work, but must be paid for their work, but not necessarily cash. Since ordinary money could be used in an escape attempt, they were given a scrip that could only be used with the approval of the camp authorities, usually just within the camp. The scrip utility varies from case to case. In Germany, in particular, the lack of goods available in POW camps meant that many Allied POWs in German custody found little use for their POW scripts ( Lagergeld in German).
Poker chips, also referred to as casino tokens, are commonly used as money to gamble. The use of chips as company money early in the 19th century in Devon, England, at the Wheal Wheat copper mine gave its name to the local village: Chipshop.
Script post
Cap scrip is a local money type designed to be circulated and not backfilled.
One of these types works like this: Every scrip certificate has a print box; each month the stamps cost a certain amount (in the typical case, 1% of the nominal value) must be bought and stuck in the box, otherwise scrip loses all its value, provides a large incentive to spend it quickly. It was successfully used in Germany and Austria in the early 1930s, after the national currency collapsed. The national government considers itself threatened by the success of the scrip project, and closes it down; similar misgivings are not recommended for later use elsewhere.
The Government of Alberta Social Credit Party in 1937 issued a "prosperity certificate," a form of provincial currency, in an effort to encourage spending. This script has a box where a cap equivalent to 2% of the value must be affixed every week. Accordingly, the value of the certificate is covered by the cost of a postage stamp at the end of the year when it is due. It is said there is a literal showerhead of a dry stamp that falls to the ground when the certificate is pulled out of the bag as payment for something. But they give a boost to the provincial economy.
Maps Scrip
The modern usage
Scripts survive in modern times in various forms.
Community-issued scripts
The use of locally issued scripts received by many businesses within a community has increased during the late 2000s recession. The use of community scrip has begun or is increasing in Ithaca, New York; Detroit; The Berkshires; Pittsboro, North Carolina; Traverse City, Michigan; Lamar, Colorado; Calgary, Canada, and Hagen, Germany.
The Thai Township Amphoe Kut Chum once issued its own local scripture called Bia Kut Chum: Bia is Thai for seashell shells, once used as small changes, and is still used in metaphorical expressions. For side-step implications that the community referred to their scrip as an unauthorized substitute for the currency, now issue an exchange coupon called Boon Kut Chum.
Company-issued customer script
Some companies still issue scrip notes and token coins, which are good for use at the company's premises. Among these are Canadian Tire money for Canadian tire shops and carriages in Canada, and Disney dollars (no longer printed, but still acceptable), used in Disney resorts.
Scrip gift cards and gift certificates
In retail and fundraising industries, scrip is now published in the form of gift cards, eCards, or paper gift certificates that are less common. Physical gift cards often have magnetic stripes or bar codes that can be read visually for easy redemption at the point of sale.
In the late 1980s, the term scrip evolved to include popular fundraising methods with nonprofit organizations such as schools, bands, and athletic groups. With scrip fundraising, retailers offer gift certificates and gift cards for non-profit organizations at discounted prices. Nonprofit organizations sell gift cards to member families at full face value. Families redeem gift cards with full face value, and discounts or rebates are retained by nonprofit organizations as revenue.
Advantages
VISA, MasterCard and American Express gift cards are initially funded by credit card or bank account, after which the funding and gift card accounts are not connected to each other. After the specified funds are consumed, the card number expires.
Gift card rewards, perhaps in attractive wrappings, can be seen as more socially acceptable than cash prizes. It also prevents rewards spent on something the giver sees as unwanted (or used as a savings).
Losses
Unless a gift card is earned with a discount (paying less than the actual card value), buying a scrip with regular money is useless, because then tying the money up to use, and usually it can only be used in a single store. In addition, not all reward cards issued are redeemed. In 2006, the value of gift cards that have not been redeemed is estimated to reach nearly US $ 8 billion.
One disadvantage of gift cards is that some publishers charge "maintenance fees" on the card, especially if they are not used after a certain period of time; or card will expire after a certain period of time. Some provinces and states in North America (eg California, Ontario, Massachusetts, Ohio, Washington) have enacted laws to remove non-use expenses or expiration, but because laws often apply only to single card buyers the buyer should review gift card before purchasing conditions to determine the exact limits and costs. In addition, if the retailer goes bankrupt, the gift card suddenly becomes worthless. Even if the store does not close immediately, the company can stop receiving cards. This became a significant issue during the 2008-2009 global financial crisis, prompting the Consumer Union to ask the Federal Trade Commission to regulate this issue.
Land scrip (United States)
Land scrip is the right to purchase federal public domain land in the United States, a form of investment that is common in the 19th century. As a type of federal assistance to local governments or private companies, Congress will provide the land in lieu of cash. Most of the time the recipient does not seek to acquire the actual land but will sell the right to claim the land to private investors in scrip form. Often land ownership is solved only after the scrip is resold several times. This grant comes in the form of railway land grants, university land grants, and grants to veterans for war services.
See also
References
External links
- The 1930s Depression Script
Source of the article : Wikipedia
0 Comments