Interesting Ithaca local currency

[Shelly21]

link

At work we were talking about currencies and someone mention that Ithaca local currency that they're allowed to print and use. Is this legal tender (for local use)?

 

[StageLeft]

I think it is. Afterall I can sell you a chicken and use it as tender to buy some cheese.

Of course these people are just bored and idiotic for trying to make their own easily forged tender, but that's beside the point.

 

[Ogg]

I almost moved to Ithaca for a job offer......Didnt take it, I think I made a mistake! 🙁

 

[Jzero]

Originally posted by: Shelly21
link

At work we were talking about currencies and someone mention that Ithaca local currency that they're allowed to print and use. Is this legal tender (for local use)?

It's "legal tender" in that local merchants in the area have agreed to exchange the fake notes for goods and services.

BTW, I thought it was sort of on the "honor system" that you won't just print your own willy-nilly. I think you're supposed to exchange real dollars for them, and the dollars are donated to a charitable cause.

It's been awhile, though, and all my friends at Ithaca and Cornell have long graduated 🙂

 

[Shelly21]

Wow, even works with some banks

"The world's largest local currency loan to date has been made by the Ithaca HOUR system, in Ithaca, New York. Alternatives Federal Credit Union/CUSO received $30,000 in the form of 3,000 Ithaca HOURS. The HOURS will be spent to pay 5% of contract work for building the credit union's new headquarters at State and Fulton Streets."

 

[Jzero]

I found it; here's how the money is "issued":
Everyone who agrees to accept HOURS is paid one HOUR ($10.00) or two HOURS ($20.00) for being listed in the HOUR Town directory. Every eight months they may apply to be paid an additional HOUR, as reward for continuing participation. This is how we gradually and carefully increase the per capita supply of our money. Once issued, anyone may earn and spend HOURS, whether signed up or not, and hundreds have done so.

It's an interesting concept. Capitalism with a generous helping of socialism and a sprinkling of good old fashioned hippie feel-good.

 

[DrPizza]

Ithaca's a wonderful community, not too far from here. I read a bit about it on their webpage - sounded like a pretty good idea to me.

 

[theNEOone]

i was at cornell for four years and never once saw this used. (i actually never heard of it until now.)


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