1907 Milwaukee Panic Scrip


 Pannic Scrip

(click to enlarge)


Pictured here is a $1, 1907 Milwaukee panic scrip. Issued by the First National Bank and payable to the Marshall & Ilsley Bank, it was issued because of a downturn in the market similar to what we experienced in 2008. The Knickerbocker Trust Bank of New York City closed in 1907 affecting 18,000 depositors. People across the country panicked and tried to withdraw their money. The banks were unable to provide the necessary cash. Clearing houses and businesses quickly stepped in by issuing emergency money to fill the void.


Eleven banks were members of the Milwaukee Clearing House and issued notes called "panic scrip". They were used from October, 1907 to February, 1908. The Milwaukee pieces were issued in $1, $5, and $10 denominations. They are listed in a newly released book, Panic Scrip of 1893, 1907 and 1914, by Neil Shafer and Tom Sheehan.


 - courtesy of Tom Casper

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