1980's "AFRICAN AMERICAN FACE RESERVE OBLIGATION" (AFRO) Note CU

Description

1980's "AFRICAN AMERICAN FACE RESERVE OBLIGATION" (AFRO) Note CU
1980's "AFRICAN AMERICAN FACE RESERVE OBLIGATION" (AFRO) Note CU
These "African American Face Reserve Obligation" (AFRO) Notes were issued in Chicago, Illinois in the late 1980's.
Some 30 years ago an American investment banker, named Price, came up with the idea of the Afro-American Face Reserve Organization (AFRO) with its very own banknotes. The money was to be used to improve the status of the black community by increasing its purchasing power. Price expected that some 0 million spent monthly in these AFRO notes could raise about million for a trust fund, which would in turn provide income
The purpose of this colorful "Scrip" was to stimulate business and economic activity, primarily for the less prosperous areas of Chicago. The concept was to build incentive for stores using these "Dollars" to be frequented more often and stimulate the local growth of the region. These Afro Dollars were accepted by merchants and participating banks just like your federal reserve notes now. Apparently, the idea went sour and eventually failed and the banks abandoned it.
The obverse of the note displays a portrait of Frederick Douglass. The reverse of the notes show the Douglass Home in Washington, D.C.
This note grades Crisp Uncirculated.
It measures ~ 6" x 2.5".
*** This is a STOCK PHOTO with multiple available ***
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