American Rolling Mill   Boone County, WV

       Unique evidence of the destruction of script has been located. An approximate 5 inch diameter fused mass of scrip from American Rolling Mill Company of Nellis exists as a reminder of a fascinating era in WV and US history.

       The fused script is owned by a Anne Lewis, whose deceased husband acquired it from a farmer.  The farmer reportedly found it in a field.  This museum quality piece of history is tangible evidence of the efforts to destroy script when it was removed from service.

        Why was it removed from service?  Why did it exist in the first place?  Script and the coal companies that issued it have gotten a lot of bad press, some of which was deserved.  At the time its use was started in the coal mining communities, it made a lot of sense.  It was a way of providing miners with interest free loans.

        The coal companies hardly seem worse than the credit card companies of today.  Think of all who “owe their souls to the credit card companies.”  I have found no evidence that the coal company stores charged 20% interest or $25 late payment fees as some credit cards do.

       For a newcomer, the coal company would provide housing and a place to get supplies and food.  Script provided an easy way to advance funds to the employee until payday.  That the script could theoretically only be spent at the company store was not a major problem since in many communities no other stores existed.

        As time passed, other merchants accepted script for services such as haircuts.  But they accepted it at discounted rates, perhaps 75 cents on the dollar.  After the merchant had accumulated script, they would buy goods at the company store or exchange it for cash.

        In time, an individual insisted that the store redeem the script at face value, but the store refused.  Courts found in favor of the individual.  Recognizing that they had a major outstanding financial liability, the coal companies moved away from script.  It was gotten rid of in a variety of ways including melting, dumping in rivers and placing in mines and mine shafts and covering with ceiling or mine gob.  The fused Nellis pieces are among the last tangible evidence of this destruction.

David Bryant, submitted 2/06