Black People : Banker Wants To Give Blacks Own Money

[Keita Kenyatta]

January 11, 1991|By A. Dahleen Glanton.
Don`t try to convince Derric Price that money isn`t everything. He`s just had $70 million printed up in $5s, $10s and $20s.
The currency, which he calls A.F.R.O. dollars, isn`t real money, of course. They`re certificates that can be traded for goods and services at various businesses in Chicago.

And every time customers use the red, black and green bills for anything- from a roll of toilet tissue to a mortgage payment-they will help raise blacks another notch or two on the economic ladder, according to Price.
``I came up with this idea when I was trying to figure out why African-Americans in this country can spend $300 billion a year on goods and services and yet as an ethnic group be the lowest on the economic ladder,``
said Price, a 32-year-old investment banker.
``With A.F.R.O. dollars, which technically means African-Americans will have their own money, we can shift the black purchasing power to selected stores and merchants,`` he said.
Sounds like a novel idea, huh? Why didn`t someone think of it sooner?
Well, somebody kinda did.
The concept is similar to a national campaign called ``Buy Freedom,``
started in the mid-1980s by Tony Brown, a TV producer and star of the syndicated talk show ``Tony Brown`s Journal.``
Advocating his theory that, ``The only color of freedom is green,`` Brown sought to enc
http://articles.chicagotribune.com/...0890_1_afro-black-businesses-entrepreneurship

 

[MsVeraisblessed]

What is your input on this, keita? Would you want that A.F.R.O dollars?

 

[Keita Kenyatta]

I done been there done that....they were out in chicago in the very early 80"s

 

[Clyde C Coger Jr]

January 11, 1991|By A. Dahleen Glanton.
Don`t try to convince Derric Price that money isn`t everything. He`s just had $70 million printed up in $5s, $10s and $20s.
The currency, which he calls A.F.R.O. dollars, isn`t real money, of course. They`re certificates that can be traded for goods and services at various businesses in Chicago.

And every time customers use the red, black and green bills for anything- from a roll of toilet tissue to a mortgage payment-they will help raise blacks another notch or two on the economic ladder, according to Price.
``I came up with this idea when I was trying to figure out why African-Americans in this country can spend $300 billion a year on goods and services and yet as an ethnic group be the lowest on the economic ladder,``
said Price, a 32-year-old investment banker.
``With A.F.R.O. dollars, which technically means African-Americans will have their own money, we can shift the black purchasing power to selected stores and merchants,`` he said.
Sounds like a novel idea, huh? Why didn`t someone think of it sooner?
Well, somebody kinda did.
The concept is similar to a national campaign called ``Buy Freedom,``
started in the mid-1980s by Tony Brown, a TV producer and star of the syndicated talk show ``Tony Brown`s Journal.``
Advocating his theory that, ``The only color of freedom is green,`` Brown sought to enc
http://articles.chicagotribune.com/...0890_1_afro-black-businesses-entrepreneurship

In the Spirit of Sankofa,





........A little research reveals Price's program was a flop. The intentions were solid and good, but mainly benefited Price over consumers. Typically, the purchaser receives a value greater than the purchase cost. This wasn't the case in Price's program. In fact, he was set up to receive a percentage of the exchanges equal to credit card companies; which could easily have been the caused of the collapse:


“The AFRO dollar is actually a merchandise trade certificate, sort of like a coupon or a travelers check. Here's how it works: Let's say you go into a bank with $100, and exchange that for 100 AFRO dollars. You then take the AFRO dollars to a store that accepts them and purchase merchandise. The store takes the AFRO dollars back to the bank and exchanges them for U.S. dollars. According to Price, this chain has been set up in such a way that everyone profits, including Price. Seeing as how I'm the kind of guy who balances his checkbook by calling the bank and saying, ‘So how much do I have in there, anyway?’ I'm not going to try to explain it here. Besides, it's Price and not Roeper who stands to profit from this endeavor. He will receive a small percentage from the merchants, much as credit card companies do.

Mr. Price hoped that merchants would be motivated to accept the A.F.R.O. Dollars because the notes would attract a greater number of customers into their establishments. Additionally, the A.F.R.O. notes would assist in providing venture capital for new black businesses, which would in turn fuel the economic growth of the African-American communities. Price also hoped to establish a trust fund to finance housing and educational scholarships. Eventually, the banks stopped accepting the notes and the entire program was discontinued.

According to a numismatist named Mr. Phil Barnhart, “these notes were ready just about the time the project collapsed…Northern Bank Note was stuck with these now worthless certificates until the company was bought out. Most of the notes were then destroyed. A few escaped into the wild.” Additionally, there was an article which included some information about the A.F.R.O. certificates in the July 12, 2004 issue of Coin World magazine.

http://www.oocities.org/erik_mccrea/linksA1.html


Peace In,

 

[$$RICH$$]

I kinda remember this and how it took a bad turn but never knew why ....thankz Clyde !