Admin: Created page with "Scrip used by Olga Coal Company, [[Coalwood, West Virginia]] '''Company scrip''' is scrip (a substitute for government-issued..."

2019-05-04T02:43:14Z

Created page with "thumb|Scrip used by Olga Coal Company, [[Coalwood, West Virginia]] '''Company scrip''' is scrip (a substitute for government-issued..."

New page

[[File:ext_38dKJsdjh_Coal scrip.jpg|thumb|Scrip used by Olga Coal Company, [[Coalwood, West Virginia]]]]

'''Company scrip''' is [[scrip]] (a substitute for government-issued [[legal tender]] or [[currency]]) issued by a [[company]] to [[payroll|pay]] its employees. It can only be exchanged in [[company store]]s owned by the employers. In the [[United Kingdom|UK]], such [[truck system]]s have long been formally outlawed under the [[Truck Act]]s.

In the [[United States]], [[mining]] and [[logging]] camps were typically created, owned and operated by a single company. These locations, some quite remote, were often cash poor;

==Lumber company scrip==
In 19th century United States forested areas, cash was often hard to come by. As such, coal scrip could only be used at the specific locality or [[coal town]] of the company named. Because coal scrip was used in the context of a coal town, where there are usually no other retail establishments in that specific remote location, employees who used this could only redeem their value at that specific location. As there were no other retail establishments, this constituted a [[monopoly]].

The country musician [[Merle Travis]] makes a reference to coal scrip in the song, "[[Sixteen Tons]]" on the ''[[Folk Songs of the Hills]]'' album and made famous by [[Tennessee Ernie Ford]].

==Modern practice==
The practice has been documented as recently as September, 2008. On September 4, 2008, the [[Mexican Supreme Court of Justice]] ruled that Wal-Mart de Mexico, the Mexican subsidiary of [[Wal-Mart]], must cease paying its employees in part with vouchers redeemable only at Wal-Mart stores.

==See also==
* [[Truck system]]
* [[Private currency]]
* [[Disney dollar]]

==Source==

[http://wikipedia.org/ http://wikipedia.org/]

Company scrip - Revision history

Admin: Created page with "Scrip used by Olga Coal Company, [[Coalwood, West Virginia]] '''Company scrip''' is scrip (a substitute for government-issued..."