In 1932, in the midst of the Great Depression, the small town of Wörgl in Austria successfully experimented with its own local currency (in the form of a stamp scrip) ... They not only re-paved the streets and rebuilt the water system and all of the other projects on Mayor Unterguggenberger’s long list, they even built new houses, a ski jump and a bridge ... every one of the schillings in stamp scrip created between 12 and 14 times more employment than the normal schillings circulating in parallel. (Source)
I would like to understand better what made the currency successful. The article offers this short explanation:
Because a stamp needed to be applied each month (at 1% of face value), everybody who was paid with the stamp scrip made sure he or she was spending it quickly, automatically providing work for others.
What does it mean to "apply a stamp each month"? Does the scrip lose 1% of its face value every month? Is that the incentive for spending? Isn't that economically the equivalent of a normal currency with high inflation? Why was this experiment so successful, and if it truely was, why haven't we seen more experiments like it?