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In early March 1933, a man walked into the Hi-Way Cigar Store in Pismo Beach, California, and laid a huge clamshell on the counter. “Gimme a box of cigars,” he said.[1] That day, the clam was paying.A clamshell used as scrip currency in 1933 shows the name of the shop issuing the currency, its value, and, on the inside, signatures of the people whose hands it passed through. (Clamshell Currency | Hakai MagazinHistory is full of examples of successful local initiatives aimed at providing exchange media, but the Great Depression of the 1930's saw this done on an unprecedented scale. There were literally hundreds of scrip issues that were put into circulation by a variety of agencies, including state governments, municipalities, school districts, clearing house associations, manufacturers, merchants, chambers of commerce, business associations, local relief committees, cooperatives, and even individuals.[2] These issuers went by different names, depending on who issued them and the circumstances of their issuance. Common scrip types were certificates of indebtedness, tax anticipation notes, payroll warrants, trade scrip, clearing house certificates, credit vouchers, moratorium certificates, and merchandise bonds.[3]Crescent City, California 1933 10 cent clamshell From the collection of Ken Barr Numismatics (Depression Scrip.com)Besides learning how to "make do, or do without," people began to establish mutual support structures, like workers' cooperatives, many of which would recycle and repair donated or broken items.[4] People learned to share what they had, and to by-pass the market and financial systems. Most of these measures were considered stop-gaps to be utilized until things "got back to normal," but in some of them there seemed to be the promise of more permanent improvements. One of these "stop-gaps," which was intended to address the problem of the dearth of currency in circulation, was the issuance of "scrip."[5]When the Depression and resulting banking crisis hit their community, the residents of the coastal town of Pismo Beach, California picked an unusual but logical medium of exchange. The pismo (Tivela stultorum) is a species of clam with a very thick shell[6] , found in large numbers at least as far south as 300 miles south of the US–Mexico border in Baja California on the Pacific Ocean side, where strong surf sometimes washes ashore live clams. Native American tribes in California relied upon the clams as a main dietary staple.[7]Emergency MoneyThe shells are surprisingly large—up to roughly 15 centimeters in width—and many have faint traces of the clams’ natural shell patterning, faded wispy lines of purple at the edge of the exterior sides.[8] Shells were marked with India ink in denominations ranging from 25 cents to $20. Each piece was numbered, and signed on the front and on the back. As with the stamp notes of the Midwest, it was necessary to sign each clamshell on the back in order to keep it in circulation.[9] The idea was that the growing list of signatures would be a boost to morale -- proof that, even in tough times, business was being transacted.[10] No formal requirements may have existed, but informal pressure certainly would have endorsed the practice. The shells were more or less credit—placeholders for real currency.Eleven of the town’s merchants got together to issue the clam currency. Among them: K.L. Phillips service station, Henderson’s Drug Store, Hi-Way Cigar Store, Leiter’s Rexall Pharmacy and Restwell Cabins. Even the Pismo Beach Post Office accepted clam currency. It was agreed that when change in dollars or cents wasn’t available, they would issue shells to customers instead. Customers would use the shells in subsequent transactions after signing their names on the inside, endorsing them somewhat like checks, which gave businesses a record of who had “spent” their shells. If any customers still had shells rattling around once the banks reopened, they could ask the retailer to exchange them for cash.[11]Officials had one concern that most issuers would hang onto them as souvenirs of the lack of traditional currency.[12] Some issuers destroyed the notes after they were redeemed.Pismo Beach, California, 1 Dollar, 1933 (clamshell)Restwell Cabins issued "notes" in three denominations: twenty-five cents, fifty cents, and one dollar.[13] The larger the amount, the larger the shell. The issue may have been partly intended as a spoof, or for sale to tourists, in the manner of German notgeld around 1920. [14] Redemption would never be a problem because collectors would want to keep these pieces in their cabinets or trade them with their friends.But it was also intended partly as a real, if unique, circulating medium. The Restwell Cabins issue bore the motto, "IN GOD WE TRUST."[15] Each piece was numbered, and each was signed on the front and on the back. This was in the middle of Roosevelt's 1933 national banking holiday, from March 6 to March 9, 1933, during which withdrawals were frozen. This gave his administration a chance to stabilize the banking system[16].In an era of economic turmoil, thousands of banks were failing and Americans’ trust in the institutions had evaporated. Fearing that their money was no longer safe at the bank, many people had emptied their accounts and stashed dollars at home—which, unfortunately, further undermined the banks.[17] Proclamation 2039 ordered the suspension of all banking transactions, effective immediately.The terms of the presidential proclamation specified that:“no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof; nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever.”[18]This 10-cent note was issued by the Crescent City Chamber of Commerce. It's worth about $500 today. (Cash-Strapped California's IOUs: Just the Latest Sub for Dollars)The thought of having to go for four days without readily available cash shocked and traumatized America. Around the country, businesses began issuing IOU-style notes or ersatz dollars—often called scrip currency—in the form of metal or wooden tokens so that everyday transactions could continue even when retailers couldn’t easily issue change.[19] An estimated $1 billion in this scrip was issued by towns and counties, not to mention corporations, school boards, newspapers and a few wealthy individuals.[20] Most promissory notes looked like paper currency, but scrip was also printed on leather, metal, fish-skin parchment and, in Tenino, Wash., on slabs of pressed wood.[21] In Hood River, Ore., Hal's Tire Service printed $1 bills on scraps of old tires, briefly giving the rubber check a good name.[22]Depression scrip: 1934 25-cent fish skin parchment Friday Harbor, WashingtonIn creating the currency, the Pismo Beach business owners turned back the clock to the era before the Civil War when it was common to find locally produced scrip.[23] The 1933 scrip reflected the small community’s expression of resilience. A lack of dollars didn’t worry them. “All of a sudden this group of people said, ‘Well, we have what we do have’,[24] They had clamshells. Appropriating them as currency helped insulate the community from the practical difficulties of the bank holiday.Pismo Clam MoneyIn 1985, the Pismo Beach City Council considered buying back the clam scrip from an Arcadia coin and stamp collector for $3,000.[25] The clams are now on display at City Hall in the lobby by the city clerk’s office. Not a bad investment, especially considering how rare it is to find a legal-sized clam in Pismo Beach these days. In 2013, to celebrate the 80th anniversary of the clam script, Pismo Beach citizens resurrected clamshell money, making colorful homages to the 1933 variants.[26] Among the businesses that accepted them were a restaurant and a pawnshop specializing in video games and DVDs.So the next time someone asks, “How many clams did that cost?”[27] , remember they are asking for a value in dollars, not bivalves.Footnotes[1] Clamshell Currency | Hakai Magazine[2] The Economics of Depression Scrip | Clifford F. Thies[3] https://www.google.com/url?sa=t&source=web&rct=j&url=https://fraser.stlouisfed.org/files/docs/publications/frbatlreview/pages/67217_1990-1994.pdf&ved=2ahUKEwju3titgtDqAhWCHc0KHVBmDygQFjARegQIBRAB&usg=AOvVaw2mc2W7nM6kiS6UQ82Pxtky&cshid=1594842307902[4] Moneyless Economy: The History Of Barter System And Reputation Of The Business Involved | | Curious History[5] Stamp Scrip in the Great Depression: Lessons for Community Currency for Today?[6] The natural world of the California Indians : Heizer, Robert Fleming, 1915- : Free Download, Borrow, and Streaming : Internet Archive[7] The natural world of the California Indians : Heizer, Robert Fleming, 1915- : Free Download, Borrow, and Streaming : Internet Archive[8] Pismo Beach Clam Money: the local scrip currency of 1933 [9] https://www.google.com/url?sa=t&source=web&rct=j&url=https://scholarworks.uni.edu/cgi/viewcontent.cgi%3Farticle%3D1441%26context%3Detd&ved=2ahUKEwiF-LHh98_qAhWbbs0KHXJpDcsQFjAPegQICBAB&usg=AOvVaw2ReCuMeDNc6J4apiEAFmb9[10] Newman Numismatic Portal at Washington University in St. Louis[11] The California Clam Shell Scrip Currency of 1933: Crescent City and Pismo Beach’s anomaly in an era of Banknote Scrip : Joshua Smith : Free Download, Borrow, and Streaming : Internet Archive[12] Emergency Money[13] Pismo Beach, California, 50 Cents, 1933 (clamshell)[14] Notgeld: German Emergency Money 1914-1923[15] Clamshell Currency | Hakai Magazine[16] Bank Holiday of 1933[17] Banking Panics of 1930-31[18] https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.loc.gov/law/help/statutes-at-large/73rd-congress/session-1/c73s1ch1.pdf&ved=2ahUKEwjUqq-asM7qAhXTK80KHTr9A6MQFjAFegQIBBAB&usg=AOvVaw3JbXaysjI9mpcEeIJCtPtA[19] The Clamshell Currency Of Pismo Beach, California[20] https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.ebhsoc.org/journal/index.php/ebhs/article/download/191/174&ved=2ahUKEwiSrpHw8c_qAhUHHs0KHUJLDrcQFjALegQIBRAB&usg=AOvVaw0h3PXM7DGpONdmDTKjGfoH&cshid=1594837871040[21] Depression scrip: 1934 25-cent fish skin parchment Friday Harbor, Washington[22] Depression Scrip.com[23] Stamp Scrip: Money People Paid to Use[24] https://www.sanluisobispo.com/news/local/news-columns-blogs/photos-from-the-vault/article39449784.html[25] Clamming Up : Pismo Beach Has Hopes It Can Get Sea Otters to Share[26] Pismo Clam Money[27] Dollars and Sense: Many slang terms for dollar

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