Description: 1980's $20 "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 $100 million spent monthly in these AFRO notes could raise about $10 million for a trust fund, which would in turn provide incomeThe 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". We are ANA & SPMC members!
Price: 8.99 USD
Location: Palm Coast, Florida
End Time: 2024-12-03T13:55:01.000Z
Shipping Cost: 0.99 USD
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Item Specifics
Return shipping will be paid by: Seller
All returns accepted: Returns Accepted
Item must be returned within: 30 Days
Refund will be given as: Money Back
Return policy details:
Certification: Uncertified
Denomination: $20
Type: Banknotes
Country/Region of Manufacture: United States
Circulated/Uncirculated: Uncirculated
