Savings 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.

In the 1910s and 1920s, merchants sought new ways to attract cash-paying customers at their stores.  One answer was the use of savings scrip, put forth by the Savings Account Check Company.  A merchant made arrangements with his bank to accept this scrip when one dollar's worth of notes were accumulated.  The merchant distributed the notes to customers at the rate of 2 percent on cash purchases.  This arrangement built customer loyalty for both the merchant and the bank.  Savings scrip was used predominantly in mid-western states.