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 from the books section of R. M. Smythe & Co. today.

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.