The Historical Significance of the Myrtlewood Coin
The First Ever Oregon Coast Adventure Geocaching Challenge kicks off this weekend and we are celebrating 10 year’s of Geocaching by introducing a unique handcrafted Myrtlewood GeoCoin from our friends at Oregon Connection as the prize.
Myrtlewood has a rich history here on the South Coast, the town of North Bend was the first and only to actually use Myrtlewood coins as currency during the depression.
The story of Myrtlewood coins begins on February 11, 1933, when North Bend’s only banking facility locked its doors. This was more than a month before President Franklin Roosevelt ordered a nationwide bank closure to end depositors’ “runs” and to reorganize the banking system. According to bank officials, the sudden and unannounced local closure was to be temporary, giving the institution time to gather additional resources.
Among depositors of the locked bank was the city of North Bend. Lacking access to funds, officials were unable to pay employee salaries and other bills for the city of nearly 4,000. The city was by no means insolvent; it just could not get its municipal hands on the monies needed.
At the March meeting of the city council, Ordinance #653 was read and passed authorizing the issuance of $1,000 worth of myrtlewood discs to be used temporarily to pay salaries and bills. The tokens were to be redeemed by the city from June 15 through July 15 of that year.
For years, the Chase Manhattan Bank of New York displayed a complete set of these coins, which punctuated a unique occasion in the United States’ economic history. As part of the city of North Bend’s Celebration of Oregon’s Centennial in 1959, the Chamber of Commerce promoted souvenir tokens with a $.50 redeemable face value. The discs were sold to the public with the Chamber receiving the profit. Although easily confused due to the myrtlewood used, printed design and sponsor distinguish the 1959 issues. Only the 1933 coins are still redeemable and recognized currency within the city.
The Story of Myrtlewood
Myrtlewood can be found in Southwestern Oregon and parts of Northern California. This multi-trunked, broadleafed evergreen produces a dense, richly grained wood with sculpted patterns akin to flames and tiger stripes. The myrtle tree is so symmetrical it appears as a carefully pruned, cultivated tree. It is as beautiful in its natural form as in the finished artisan products.
As far back as the late 1800’s, a cottage industry of handcrafted gifts began along the South Coast. In the early 1900’s, The Oregon Connection (The House of Myrtlewood) opened its doors and to this day is considered one of the largest and oldest factories in Oregon producing Myrtlewood products.
Through the years, positive changes have continuously been made including expanded product lines, gourmet food items, the famous patented “wooden touch putter” and unique tasty fudge. In 2006, the Oregon Connection was purchased over a handshake by Star of Hope, a non-profit organization who’s mission is provide community support services to adults with developmental disabilities in a manner which encourages independence, productivity, and physical integrity.
