Family Life

04.07.09 | FL News Team

Some American communities have found a great way to bolster the local economy, they are printing their own money. While the currency looks a lot like cash it is really more of a discount certificate. The certificate is offered for sale by a town at a discount, typically 95 cents on the dollar.  The city money can then be spent at participating local merchants at full face value.

"USA Today" says this idea is not new, it was widely used during the Great Depression. In Detroit the new local money is called Cheers. Ithaca Hours are being spent in New York while BerkShares are buying everything from groceries to furniture in Massachusetts. BerkShares creator Susan Witt says about a dozen towns are currently offering local money nationwide and more are expected to follow suit. 

BerkShares have actually been available since 2006. Local residents buy 100 dollars worth for 95 dollars at community banks. Those shares can be spent in 370 local businesses. In Detroit business owners have printed up Detroit Cheers which can be spent in a dozen shops.

The best deal on local loot can be found in Pittsboro, North Carolina where the Plenty is being printed in various denominations. Local banks will hand over ten bucks worth of Plenty for nine dollars in legal U.S. tender. A Pittsboro businessman says "the nice thing about the Plenty is that it can't leave here." When it comes to community coin, that is the whole point.