April 2009 article from Model D Media on the Detroit local currency known as Detroit Cheers. It is printed on cotton rag paper, and the $4500 in circulation is 100% backed by US dollars held in reserve at a local bank.
That interconnected community of Detroit small business owners seems to be growing stronger, thanks to concepts like Detroit Open City and now, Cheers. “It means something to us … that we’re connected,” says Belanger. “Spending Cheers is almost like giving a secret handshake.”