Sign of the Times: Numerous Communities Printing Their Own Currency
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USA Today is running a very interesting piece today on the steadily growing number of communities who are printing their own currency in an attempt to support local businesses, certainly indicating a sign of these turbulent times.
By offering the local currency at a discount to real dollars, say, 1 unit of the made-up currency for $0.95, for example, the local communities are promoting spending while at the same time keeping money earned locally in the area. Citizens can then use the local currency at participating stores throughout the region.
The article mentions communities in Detroit, Ithaca, New York, Pittsboro, North Carolina and Massachusetts. The currency from Detroit is known as "Cheers". The community in the Berkshires region of Massachusetts has circulated about $2.3 million worth of "BerkShares" since the currency's inception in 2006.
By offering the local currency at a discount to real dollars, say, 1 unit of the made-up currency for $0.95, for example, the local communities are promoting spending while at the same time keeping money earned locally in the area. Citizens can then use the local currency at participating stores throughout the region.
The article mentions communities in Detroit, Ithaca, New York, Pittsboro, North Carolina and Massachusetts. The currency from Detroit is known as "Cheers". The community in the Berkshires region of Massachusetts has circulated about $2.3 million worth of "BerkShares" since the currency's inception in 2006.
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