New England Town Prints up it's own currency

New England Town Prints up it's own currency

Source Link: abcnews.go.com

"The Berkshares are pretty simple to operate," she said. "You walk into a local bank, put down $90 federal and get 100 Berkshares, and then those Berkshares are spent at full value at regional stores."


$835,000-worth of notes were printed on fine-grain paper and distributed to banks that agreed to participate. The notes are now accepted at 225 businesses in the area, and the program continues to grow.

Berkshares were created to stimulate the local economy by giving people incentive to shop in their own neighborhood, rather than drive the distance to large chain stores.

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Ithaca NY has had something like this since I believe the 70's as has Berkley CA. as have quite a few other more progressive cities and towns. It is built around a type of barter system and is really cool.

[edit on 26-2-2007 by grover]

Business do this all the time, and yet people don't realize it. Gift cards, gift vouchers, and "E-Bucks" are all self made money by the business/company.

Gift cards, gift vouchers, and "E-Bucks" are all self made money by the business/company.

but when the incentive is a higher conversion rate, that is a good idea. If there was something like that in my part of New England, I would definitely go for it. I wonder how one would look into such a thing?

As much as I hate mentioning this, considering it's been violated for so
long by the government as it is.

Is'nt this technically against the constiution, as the constiution states
that only the congress can make and issue money.

Lots of towns have experimented with money like this.

Its not illegal, because its not really currency, you can't force someone to accept them as payment, anyone can refuse them.

It's not against the law, and another benefit is that it keeps the money within the local economy.

Originally posted by jsobecky
It's not against the law, and another benefit is that it keeps the money within the local economy.

What do you think the Federal Reserve thinks about it? I know that they didn't like the Liberty dollar.

Originally posted by deessell

Originally posted by jsobecky
It's not against the law, and another benefit is that it keeps the money within the local economy.

What do you think the Federal Reserve thinks about it? I know that they didn't like the Liberty dollar.

Didnt I read a few months back that the FED was going after the makers and users of the Liberty Dollar?
How come its O.K. for this town, but not for the liberty dollar?

Man I wish this ATS search function was easier

Because 11bravo this is technically a form of barter or services exchange as opposed to an actual coinage.

Joshua Norton the 1st, Emperor of the United States and Protector of Mexico issued his own currency which was actually honored in and around San Francisco in the mid 19th century.