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Any photos not otherwise credited are from the personal collection of Frank Passic, Albion Historian.
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Morning Star, November 12, 2023, pg. 6 From 1911 to 1970 in the United States, one of the ways to save money was to purchase Postal Savings Stamps. Stamps were sold at local post offices in denominations of ten cents, twenty five cents, fifty cents, $1 or $5. They were affixed to cards of a same denomination, and then turned in for deposit at the Post Office. Deposits earned 2% annual interest. In the early 20th century, the Albion State Bank issued their own savings stamp booklets which encouraged Albion Public School children to save money and to open an account at that bank. Unfortunately, the children (and adults, too) learned the hard way, because when the bank failed at Christmastime, 1931, their funds were "frozen." After liquidation, they only received about two-thirds of their deposits back over a long ten-year receivership period. That was the time before there was FDIC insurance on accounts. The U.S. Postal Savings Stamp program however, was a much more secure and reliable way to save. You had to be at least ten years old to open an account. It was designed to allow people to save in small increments as they purchased the stamps. This went on for many years. As modern banking regulations and practices became established and more utilized by our population, the U.S. Post Office began to wind down the Postal Savings Stamp program starting in 1966. Sales were allowed to continue however, until the end of June, 1970. Redemption ended in 1985. Here in Albion, our local public elementary school children were encouraged to participate in the Postal Savings Stamp program. From our Historical Notebook this week we present a June 11, 1966 photograph of the Postal Savings Stamp results at Harrington Elementary School, showing promoters with stamps-in-hands. The caption reads, "Saving Stamp Salesmen. These two mothers and daughters this week ended a school year's successful selling of U.S. Savings Stamps at Harrington School. The stamps were sold each Tuesday noon. Up until last Tuesday over $1,200 worth had been sold since last September to Harrington School children, with the fourth grade being the biggest customers." Pictured left to right: Virginia Bricker and her daughter Nancy, and then Ellen Sweeney and her daughter Linda. How many of our readers participated in the Postal Savings Stamp program at your school while you were growing up? I didn't. In fact, I don't even remember these. Did you redeem your deposits when the program ended?  Virginia Bricker and her daughter Nancy, with Ellen Sweeney and her daughter Linda
All text copyright, 2024 © all rights reserved Frank Passic
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