African American Reserve Obligation,  Local Currency

President:
Mr. Price
1980's

P.UNL  20 Dollars ND Series 90

Back

African American Reserve Obligation (A.F.R.O.) is a Local Currency example that was issued by a black investment banker names Price in the late 1980's in Chicago. As with most local currencies, its purpose was to promote local businesses, in this case within the black community. In addition to increasing business in the black community, Price hoped to establish a trust fund to finance housing, educational scholarship and to provide venture capital for new black businesses.

These notes were also initially accepted by local banks, as well as merchants, but eventually the banks stopped accepting them and the program was discontinued.

The portrait on the face of the note is of the renowned 19th century black leader, Frederick Douglass.  The back portrays his Washington, D.C. home.
For additional reference info about Douglass see our article on Haïti Commemoratives.