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TeachMeFinance.com - explain Scrip historic definition...
Scrip -- Usually the term is applied to a certificate for a fraction
of a share of stock and usually, also, scrip is convertible
into shares when presented in amounts equal to the face value
of a full share. It has no voting or dividend rights until converted
into full shares of stock, although sometimes interest is
paid on it.
Scrip was also the name given to United States paper currency
of denominations less than $1 which is no longer issued ;
such money was commonly called shinplasters.
In Great Britain it is the practise to issue scrip to represent
instalments paid on subscriptions for stock ; when all instalments
are paid the scrip is exchanged for stock certificates.
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