Panic of 1907 Scrip

A History & Catalog of Minnesota Obsolete Bank Notes & Scrip has detailed articles about this and other major categories of obsolete bank notes.  Order your copy here.

Another major financial panic occurred in 1907.  By this time, the iron industry in northern Minnesota was a leading employer in the state.  Banks were unable to fill demands for currency, so companies that had large payrolls to meet took it upon themselves to issue a temporary circulating medium.