Demurrage

Transcription

Demurrage

International Journal of
Community Currency Research
Volume 16 (2012) Section D 58-69
DOES DEMURRAGE MATTER FOR
COMPLEMENTARY CURRENCIES?
Hugo Godschalk*
Affiliation
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International Journal Of Community Currency Research 2012 Volume 16 (D) 58-69
Godschalk
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)A$ 1.-%)'&*-$ B!09$,"75$ 2<,-=&*$ CDEFG$ CHE67$ L)%$ )"0+$ 1)"4
-.'&*-$ B,00$ ?&$ #,-1).*!>&#$A*)'$ =)!*#,">$ 1!-=$ ?.%$ ,%$ B,00$
!0-)$3#,-1).*!>&$ %=&$ ?!"9-$A*)'$ =)!*#,">$ 1!-=$ M$ 3%)$ 9&&($
0,N.,#5;$ !-$ %=&+$ (*&A&*$ %)$ &O(*&--$ ,%75$ 2<,-=&*$ CDEFG$ CPQ67$
8"0,9&$ :&-&00;$ <,-=&*$ (*)()-&#$ %)$ &O%&"#$ %=&$ #&'.**!>&4
(*,"1,(0&$%)$?!"9$')"&+$2#&()-,%$1.**&"1+67
I)$A)*$%=&$R,*-%$ %,'&;$B,%=$@*/,">$ <,-=&*$B&$ =!/&$ !$ %=&)*&%,4
1!0$ ?!19>*)."#$ A)*$ %=&$ .-!>&$ )A$ #&'.**!>&$ B,%=,"$ !$ SS4
&"/,*)"'&"%7$
Years of
publication
Depreciation Method
Change money
solution
1891,
1987,
1899
Table Money
with shrinking value
list
Series Money
1906
Table Money
with shrinking value
list
Additional
sheet of lowest
denomination
with 100
gummed
squares
1911,
1916
Table Money
with a list of surcharges
(based on the idea of
Gustav Simons)
Additional
sheet of lowest
denomination
with 100
gummed
squares
1916
Stamped Money
(based on the idea of
Gustav Simons).
Stamps can be obtained as part of the
low-value notes; no
separate stamp selling
Not clearly
specified. The
low value
notes would
have a kind of
stamps section
Since
1919
Stamped money
Additional selling of a
stamp sheet with different stamp denominations
Usage of the
stamps also as
change money
!"#$%&$&%'()'!"*+,,-%"'./'%"#"00'
T.*,">$ =,-$0,A&%,'&$ :&-&00$ 1=!">&#$=,-$',"#$!?).%$ %=&$ 1)"4
1&(%$ A)*$ ,'(0&'&"%!%,)"$ )A$ =,-$ <*&&4U)"&+$?+$,'(*)/,">$
%=&$ &AR,1,&"1+$ )A$ %=&$ (*!1%,1!0$ ')"&+$=!"#0,">7$ V,-$ ,",%,!0$
,#&!$ 2CQDC6$ B!-$%!?0&$ ')"&+$B=&*&$!$%!?0&$(*,"%&#$ )"$%=&$
A*)"%$ -,#&$ -=)B-$%=&$ *&0&/!"%$ /!0.&$ A)*$&/&*+ $B&&9$)A$%=&$
+&!*$!A%&*$,--.!"1&7$V&$,'(*)/&#$%=,-$1)"1&(%$CDCC$-0,>=%0+$
?+$*&(0!1,">$ %=&$ /!0.&$ 0,-%$?+$!$ 0,-%$)A$-.*1=!*>&-$%)$?&$(!,#$
?+$ %=&$ (!+&*$ %)$ %=&$ '&*1=!"%;$ B=)$ =!-$ (*,1&#$ ,%-$ >))#-$
.-.!00+$!%$*)."#$!')."%-7$W%$%=&$-!'&$%,'&$'.0%,(0,1!%,)"4
%!?0&-$ -=).0#$ ?&$ #&0,/&*&#$%)$'&*1=!"%-$ !"#$ )%=&*$(!+&&-$
%)$1!01.0!%&$ %=&$ %)%!0$ -.*1=!*>&4!')."%$!%$ %=&$ %,007$J=&$ #&4
(*&1,!%,)"$ *!%&$ ,-$ !$ R,O&#$ !')."%$ (&*$ B&&9$ )A$CX$ )A$ %=&$
")',"!0$ /!0.&;$B=,1=$*&-.0%-$,"$ !$ Y7Z[$0)--$)A$/!0.&$ !%$%=&$
&"#$)A$%=&$+&!*7$J=&$")%&-$&O(,*&#$!A%&*$)"&$+&!*$!"#$=!#$%)$
?&$ *&4,--.&#7$@A$%=&$ #&(*&1,!%,)"$0)--$,-$!$ R,O&#$ !')."%$(&*$
B&&9;$ %=&$ =)0#&*$=!-$%)$?&$ !B!*&$ )A$!$ 1)'()."#$ "&>!%,/&$
,"%&*&-%$&AA&1%7$W%$%=&$&"#$)A$%=&$R,*-%$B&&9$)A$\!".!*+$2,--.4
!"1&$ !%$\!".!*+$C6$ %=&$0)--$)A$/!0.&$ ,-$CX;$,"$%=&$ 0!-%$B&&9$
)A$T&1&'?&*$%=&$ 0)--$,-$ C7HYFX7$ :&-&00$ B!-$ !B!*&$ )A$%=,-$
&AA&1%$2SA7$:&-&00$CDHP6G$D]67
Table 1: Evolution of Gesell´s concept for practical implementation of Free-Money
T.*,">$ %=&$ -&!*1=4(*)1&--$ )A$ (*!1%,1!0$ ,'(0&'&"%!%,)"$ )A$
%=&$ <*&&4U)"&+4,#&!$ :.-%!/$I,')"-$2CQPC$M$CDCF6$ (0!+&#$
!"$,'()*%!"%$*)0&7$W-$)"&$)A$%=&$&!*0,&-%$A)00)B&*-$)A$:&-&00;$
=&$ B!-$=,-$ -(!**,">$ (!*%"&*$,"$ R,"#,">$ !$ (*!1%,1!0$ -)0.%,)"$
#.*,">$ %=&$ (&*,)#$ ?&%B&&"$ CDCC4CDCF;$ B=&*&$ ?)%=$:&-&00$
!"#$ I,')"-$ B&*&$ 0,/,">$ ,"$ %=&$ 1)4)(&*!%,/&$ 1)''.",%+ $)A$
^#&"4_*!",&"?.*>$ 2"&!*$a&*0,"67$W-$?!9&*$=&$ =!#$ %)$?&$ ")%$
)"0+$A!',0,!*$B,%=$ %=&$ (*!1%,1!0$ ,--.&-$ )A$1=!">&$ ')"&+$!-$
B&00$!-$B,%=$%=&$#,-1)."%4-%!'(-$B=,1=$?&1!'&$/&*+$()(.4
0!*$,"$IB,%b&*0!"#$!"#$:&*'!"+$&O!1%0+$,"$%=&$-!'&$ (&*,)#$
)A$%=&$R,*-%$#&-,>"$ )A$-%!'($-1*,($!-$-(&1,'&"$A)*$%=&$ IB,--$
<*!"1$ ")%&;$ (.?0,-=&#$ ?+$ :&-&00$ ,"$ CDCP$ ,"$ IB,%b&*0!"#7$
:&-&00$-%!%&#$ A!,*0+$%=!%$,%$ B!-$I,')"-c$,#&!$ %)$,'(*)/&$ %=&$
J)$-)0/&$%=&$(*)?0&'$)A$1=!">&;$=&$,"%*)#.1&#$-&/&*!0$ 1)"4
1&(%-;$ 0,9&$%=&$ (*,"%$ )A$-'!00$ /!0.&$ ")%&-$2,"-%&!#$)A$1),"-6$$
!"#$ ,"$-&*,&-$B,%=$ #,AA&*&"%$ 1)0).*-$23-&*,&-$')"&+567$^!1=$
+&!*$ )"&$ 1)0).*$ B!-$ 1=)-&"$ 2?+$0)%67$ J=,-$ -&*,&-$ 0)-%$ ,%-$
%)%!0$ /!0.&$ ,''&#,!%&0+7$ W")%=&*$ -)0.%,)"$ A)*$ 1=!">&$ =!-$
!0*&!#+$ %=&$ 1=!*!1%&*,-%,1-$ )A$-%!'(&#$ ')"&+7$ J=&$ 0)B&-%$
#&")',"!%,)"$)A$ %=&$ 1.**&"1+$.",%$2C$U!*96$ B!-$ ,--.&#$!-$
%B)$#,AA&*&"%$")%&-7$_"&$")%&$B!-$0,9&$%=&$ )%=&*$#&")',"!4
%,)"-$ 2B,%=$ !$ #&(*&1,!%,)"$ %!?0&6;$ %=&$ )%=&*$ ")%&$ B!-$
&N.,((&#$ B,%=$ CHH$ >.''&#$ -N.!*&-$ )A$ C$ `A&"",>;$ B=,1=$
1).0#$?&$1.%$).%$!-$1=!">&$')"&+7$J=&$'&*1=!"%$1).0#$!AR,O$
%=&$.""&1&--!*+$3-%!'(-5$)"$!$-(&1,!0$ -=&&%$A)*$1)'(0&%,)"$
62
!"#$%& '()%*& #*&$+,!+)-& ,./01"/-+)-& /"!%,&2345& 6%,%$$& 78779&
7:;<& ")=& !(& 01")-%& !1%& 0()0%>!& 4/('& !"#$%& '()%*& !(&
,!"'>%=& '()%*&2345&6%,%$$& 787?"9& 87<5&@*&!"A+)-& (B%/&!1%&
,!"'>C+=%"&(4&D+'(),E&6%,%$$& %F>%0!%=&"& 1+-1%/&"00%>!")0%&
+)&!1(,%& 0(.)!/+%,&G1%/%& =+,0(.)!& ,!"'>,& G%/%& 0(''()9&
HI1%& 0()0%>!& G+$$& %)0(.)!%/& $%,,& /%,+,!")0%& +)& 0(.)!/+%,&
G1%/%& >%(>$%& "/%& .,%=& !(&,.01&,!+0A+)-& >/"0!+0%,&4(/&(!1%/&
>./>(,%,J& 2(G)& !/"),$"!+()& 26%,%$$& 787?"9& 87<<5& K!& !1"!&
!+'%&2787?<&6%,%$$& >/(#"#$*&"=B(0"!%=&!1%&,!"'>&+=%"& ()$*&
4(/& ,.01& 0(.)!/+%,5& L)& !1%& M+/,!& ")=& ,%0()=& %=+!+()& (4& 1+,&
>/+)0+>"$& >.#$+0"!+()& HN+%& )"!O/$+01%& P+/!,01"4!,(/=).)-J&
2787?<E&6%,%$$& ,!+$$&>/(0$"+'%=&!1%&!"#$%&'()%* &,($.!+()&2345&
6%,%$$& 787?#9& 8QC7R:<5& K,& S+)+,!%/& (4& T+)")0%& (4& !1%& 4%G&
="*,& %F+,!+)-& @"B"/+")& HUV!%/%>.#$+AJ& =./+)-& !1%& /%B($.C
!+()& (4& K>/+$& 7878E& 6%,%$$& >/%>"/%=& !1%& +,,.")0%& (4&"& )%G&
0.//%)0*&+,,.%=& #*&!1%& @"B"/+")& ,!"!%& ",& ,!"'>%=& '()%*&
2345&6%,%$$& 78789& WQR<5&T/('& 78WR&()G"/=,&6%,%$$&01")-%=&
+)& $"!%/& %=+!+(),& (4& HN+%& X"!O/$+01%& P+/!,01"4!,(/=).)-J&
=%M+)+!%$*&!(&!1%& ,!"'>%=&)(!%E&1(G%B%/&G+!1(.!&'%)!+()C
+)-&!1%& (/+-+)"!(/&(4& !1%& ,!"'>&+=%"E&6.,!"B&D+'(),5&X(!%,&
G(.$=&#%&+,,.%=&+)&!1%&.,."$&=%)('+)"!+(),&(4&!1%&0.//%)0*&
.)+!& 2%5-5& 7E& :E& 7R& %!05<E& ,(& =+44%/%)!& =%)('+)"!%=& ,!"'>,&
G%/%& )%%=%=& !(& #%& =+,!/+#.!%=&",& "& >(,!"-%C,!"'>&#((A$%!&
2HY$%+)-%$=Z%!!%$J<5& I1%,%& ,!"'>,& ,1(.$=& "$,(& /%>$"0%& !1%&
0(+)"-%&2)+0A%$&(/&0(>>%/&'()%*<&4(/&"$$&$(GCB"$.%&!/"),"0C
!+(),5& D(& !1%& ,%"/01& 4(/& "& ,($.!+()& (4& !1%& 01")-%& '()%*&
>/(#$%'& $%"=& !(&!1%& %B($.!+()&(4&!"#$%& '()%*&!(&,!"'>%=&
'()%*& 0()0%>!E& +),>+/%=& #* & !1%& 0()!%'>(/"/*& =+,0(.)!&
,!"'>&1*>%&+)&DG+!Z%/$")=&")=&6%/'")*5&
Godschalk
(4&!1%& ,!"'>,5&I1%& ,1(/!%,!&=%>/%0+"!+()C4/%%& >%/+(=&+)&!1%&
1+,!(/*&(4&2="!%=<& ,!"'>& ,0/+>& G",& "& 1"$4CG%%A&23"=+$$"0b
S+01+-")& _DK& 78;;<5& K)(!1%/&%F!/%'%& G",&!1%& ,!"!%CG+=%&
+,,.%=& ,!"'>%=& 7& =($$"/& )(!%& (4& K$#%/!"& 23")"="& 78;?<&
G+!1&,]."/%,&4(/&7R`&!+)*&,!"'>,&(4&7&0%)!&>%/&G%%A&2%F>+C
/"!+()&>%/+(=&W&*%"/,<5
D+)0%& !1%& $"!%,!& =%,+-)& (4& ,!"'>%=& '()%*& #*& 6%,%$$& !1%/%&
"/%& )(&#",+0& +'>/(B%'%)!,&(/&"'%)='%)!,&(4&!1%& 0()0%>!&
(/&%B%)&)%G&G"*,&!(&/%"$+,%&!1%&+=%"&(4&,1/+)A+)-&'()%*&4(/&
>">%/C#",%=&0.//%)0*5&I1%&0()0%>!&(4&I"#$%& S()%* &1",&)(!&
-"+)%=& "00%>!")0%5&c)$*& "& 4%G& %F"'>$%,& =./+)-& !1%& 6/%"!&
N%>/%,,+()&"/%&A)(G)5&^"/!+,"),&+)!/(=.0%=&"& =%>/%0+"!+()&
$+,!&()&!1%+/&)(!%,&=./+)-&78`:&+)&S()!%)%-/(&2d.-(,$"B+"<5&
L!& +,& +)!%/%,!+)-& !(& ,%%& !1"!& !1%& M+/,!& '(B%/,& G+!1+)& !1%& /%C
0%)!& =%'.//"-%C#",%=& 33& +)& 6%/'")+0& 0(.)!/+%,& ,!"/!%=&
"-"+)& G+!1& I"#$%& S()%*;E& #.!& D!"'>%=& S()%*& >/%B"+$%=&
"-"+)5
!"#$%&"'()*"+,)-+-.$($"%.*%/*0-+1&&(2T(/& !1%& (/+-+)"$& >./>(,%& ",& ,+)-$%& ,!"!%C+,,.%=& )"!+()"$&
0.//%)0*E& !1%& +=%"& (4& =%>/%0+"!+)-& '()%*& (4& D+$B+(& 6%,%$$&
1",& )%B%/&#%%)&>.!& +)!(&>/"0!+0%5&L!&+,&"&4",0+)"!+)-& !1%(/*E&
#.!&G+!1(.!&>/"0!+0%5&S(,!&(4&1+,&4($$(G%/,&"/%& ,!+$$& G"+!+)-&
4(/& ")& +'>$%'%)!"!+()E& "$!1(.-1& !1%& 01")0%& +,& )(!& B%/*&
/%"$+,!+05&
K,& "$/%"=*& '%)!+()%=& =./+)-& !1%& 6/%"!& N%>/%,,+()&
=%'.//"-%C#",%=&33&#%0"'%&>(>.$"/&",&%'%/-%)0*&'()%*E&
M+/,!&+)&e./(>%&26%/'")*E&K.,!/+"E&DG+!Z%/$")=E&T/")0%<&")=&
$"!%/&+)&!1%& _DK&")=&3")"="&2c)A%)&78Q;<5&L)&e./(>%&'(,!&
(4& !1%& +,,.%,& 1"=& "& =%>/%0+"!+()& /"!%& (4& 7\& >%/& '()!1E&
G1+01& G",&'.01&1+-1%/&!1")&!1%& 7[& >%/& G%%AE&>/(>(,%=&
#*&6%,%$$5& L)& !1%& _DK& '(,!& (4& !1%& !+'%C#",%=& ,!"'>& ,0/+>&
+)+!+"!+B%,& +)!/(=.0%=& "& =%'.//"-%& /"!%& (4&7\&>%/&G%%A&+)&
(/=%/&!(&'"A%& !1%& ,0/+>& ,%$4CM+)")0+)-& "4!%/&7& *%"/&2,%%& ">C
>%)=+F<5&K$!1(.-1&!1%& /"!%&+)&!1%& _5D5&G",&4(./&!+'%,&1+-1%/&
!1")& +)&e./(>%E&!1%& $%B%$& (4& =%>/%0+"!+()&1"=&(#B+(.,$*&)(&
,+-)+M+0")!& +'>"0!5& c)& #(!1&,+=%,&(4& !1%& (0%")& G%& ,%%& ,.0C
0%,,&,!(/+%,&")=&4"+$./%,5&L)&,('%&0",%,&,('%&%'>+/+0"$& ="!"&
/%$"!+)-&!(&!1%& %0()('+0&/%$%B")0%& "/%&"B"+$"#$%5&T(/&%F"'C
>$%E&!1%& %0()('+0&/%,.$!,&(4&!1%& ,0/+>& +,,.")0%&21*#/+=&B%/C
,+()<& (4& S",()& 3+!*bL(G"& 278;;C78;`<& (4& ")& "==+!+()"$&
$(0"$&6X^&(4&R5:'&_D&N($$"/E&-%)%/"!%=&#*&,!"'>&,0/+>E&G",&
].+!%& 0('>"/"#$%& !(&!1%&4"'(.,&%0()('+0& /%B+B"$& (4&Pf/-$&
+)&K.,!/+"& 278;WC78;;<&26(=,01"$A&WRR79& 7:C7?<5& L!&,%%',&
!1"!&!1%&$%B%$& (4&=%'.//"-%&G",&)(!&0/.0+"$5&K$$&=%'.//"-%C
#",%=&,0/+>&>/(g%0!,&(4&!1%&N%>/%,,+()&%/"&G%/%&!%/'+)"!%=&
,(()%/& (/& $"!%/5& I1%& +,,.")0%& (4& >/+B"!%& ,!"'>& ,0/+>& G",&
>/(1+#+!%=&+)&6%/'")*&")=&K.,!/+"&2)(!&+)&DG+!Z%/$")=h<5&L)&
!1%&_DK&!1%&$(0"$&>/(g%0!,&G%/%&.,."$$* &!%/'+)"!%=&"4!%/&!1%&
/%=%'>!+()&(4&"$$&,0/+>E&G1+01& G",&+)+!+"$$*&+,,.%=5&K)&+,,.C
P+!1+)&"&=%0+'"$&0.//%)0*&")=&G+!1&")&%F>+/"!+()&>%/+(=&(4&
7& *%"/& 4(/&%"01&)(!%E& "& =%>/%0"!+()& /"!%& (4&7[& >%/& G%%A&
2:5W\&$(,,&>5"5<& ",&,.--%,!%=&#*&6%,%$$&0(.$=&#%& /%"$+,%=&#*&
:W& ,]."/%,&4(/& ,!"'>,& (4& 7& ,.#C.)+!,& 2$+A%& 3%)!,& (/& ^4%)C
)+-%<& ()& !1%& #"0A,+=%& (4&7R& _)+!& #")A)(!%5& T(/&$(G%/& =%C
)('+)"!%=&)(!%,&"& G%%A$*&=%>/%0+"!+()&G(.$=&()$*&#%& >(,C
,+#$%& #*&+,,.+)-& ,!"'>,&#%$(G& !1%& B"$.%& (4&!1%& ,.#C.)+!& (4&
!1%&0.//%)0*&(/&#*&"&=%>/%0+"!+()C4/%%&>%/+(=&$()-%/&!1")&"&
G%%A&2%5-5&M+B%&!+'%,&"&*%"/&4(/&"& ()%C0.//%)0*C.)+!&)(!%E&",&
,.--%,!%=& #*& 6%,%$$<5& @.!& !1%& +)!/(=.0!+()& (4& =+44%/%)!&
=%>/%0+"!+()C4/%%& >%/+(=,& #%!G%%)& !1%& =%)('+)"!+(),&
G(.$=& $%"=& !(& =+,>"/+!*&G+!1+)& !1%& 0()0%>!5&K& M+F%=&/"!%& (4&
7\&2(4&!1%& =%)('+)"!%=&B"$.%<&>%/&G%%A&")=&"& /"!%&(4&`\&
>%/& `& G%%A,&G(.$=&/%,.$!& !(& !1%& ,"'%& $(,,&(4& B"$.%& "!& !1%&
%)=& (4& "& 0%/!"+)& >%/+(=& 2%5-5& `Q\& "4!%/& `Q& G%%A,<& +4& )(&
,!"'>,& "/%& ,!.0A5& @.!& 4(/& !1%& 1($=%/2,<& (4& !1+,& )(!%E& G1(&
1"B%&!(&>"*&!1+,&!"FE&!1%&)%!&>/%,%)!&B"$.%& 2Xa^<& (4&!1%& !"F&
#./=%)& =%0/%",%,&+4&!1%& =%>/%0+"!+()&>%/+(=& +)0/%",%,W5&K,&
"$/%"=*&=+,0.,,%=E&4/('& "& !1%(/%!+0"$& >(+)!&(4&B+%G& "& ,1(/!&
(/&%B%)&)(&=%>/%0+"!+()C4/%%& >%/+(=&G(.$=&#%& (>!+'"$E&#.!&
"& ="+$*& ,!+0A+)-& (4& "& ,!"'>& ()& %"01& #")A)(!%& +,& )(!& B%/*&
0()B%)+%)!5& K)(!1%/& /%,!/+0!+()& +,& !1%& ,>"0%& "B"+$"#$%& ()&
!1%& #"0A,+=%& (/&+),+=%& 24($=%=&,0/+><& ")=&!1%& '+)+'"$& ,+Z%&
W &I1%& %44%0!& +,& =%>%)=+)-& ()& !1%& ",,.'%=& +)!%/%,!& /"!%& 4(/& $+].+=+!*5& 6%,%$$&=+=& )(!& >%/0%+B%& !1+,& =+44%/%)0%& (/& )%-$%0!& !1+,& %44%0!& #%0".,%&
G+!1+)&"& 6%,%$$+")&'()%!"/*&%0()('*&+)!%/%,!& ",&$+].+=+!*&>/%'+.'&G(.$=& =+,">>%"/5&@.!&+!& G+$$&>$"*&"& /($%E&+4& !1%& !"F& 2,!"'>,<&1",&!(&#%& >"+=&
G+!1+)&"&33C%)B+/()'%)!5
;&I1%& M+/,!& i0()!%'>(/"/*H&=%'.//"-%C#",%=& 33& G",& !1%& i^1(%)+FH&+)& K/),!"=!E& +,,.%=& =./+)-& "& 4%G& '()!1,& +)& 78885& K)(!1%/& I"#$%& S()%*&
)"'%=& HU($")=J&G",&/%"$+,%=& +)&@/%'%)& ,+)0%& WRR75& @.!& !1%& U($")=& +)+!+"!(/,&/%'(B%=&!1%& !"#$%& '()%*&,0/+>& "4!%/&"& 4%G& *%"/,& ")=& !/"),C
4(/'%=&!1%&,*,!%'&!(&")&"00(.)!C#",%=&jeID&"$!1(.-1&!1%&=%'.//"-%&G",&'"+)!"+)%=&27\&>%/&'()!1&()&>(,+!+B%&")=&)%-"!+B%&#"$")0%,<5
63
Godschalk
Table 2: Empirical evaluations of some stamp scrip projects in the USA (1933), based on original scrip notes
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Figure 3: Front- and backside of the early transactionbased stamp scrip issued in Merced (1932)
table money &
other depreciation
3%
hybrid
(transaction &
time)
16%
limited stamp
scrip
4%
time-based
5%
transaction-based
72%
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Figure 4: Stamp scrip and other scrip based on depreciation, issued in the USA during the Great Depression (based
on Mitchell & Shafer 1984)
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&#)0B$',$*)$'./%&-*)-$0%)7'-'%)$8%&$*00#/-*)0#$<B$*D%'7')($
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68
Godschalk
Stamp Scrip during the
Great Depression
Transaction-based (USA)
Time-based (Europe)
First issuance
(as far as known today)
January 1932 (Anaheim/California)
1926 (WARA)
(Germany)
Booming period
1933
1930-1931 (Germany)
1932-1933 (Austria)
Legal pressure
No prohibition
Prohibition in Germany and Austria (not in Switzerland!)
Fee (stamp)
Per transaction
(usually 2% or 3% of face value)
Per time unit
(usually 1% per month)
Product variety
Time-based scrip and hybrid variations (time
& transaction) after lobbying of Fisher &
Cohrssen
Table money
(e.g. Tauscher in Germany 1931)
Funding/Backing
Self-financing
Usually backed by conventional
money
Redemption into conventional currency
Usually after full term (all stamps affixed);
sometimes a clearing house was installed for
premature redemption against a discount by
payees (retailers)
In most cases, but with disincentives (e.g. redemption against discount)
Table 2 : Stamp Scrip during the Great Depression era
69

Demurrage

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