Local Currency

Sample note


1. To encourage the circulation of money that does not leave the community.

This helps protect the economic welfare of our local community: we buy and sell from each other rather than from anonymous corporations.

2. Local currencies have the capacity to build a greater sense of community and engagement. Local currencies can stimulate a functional local economy closing the cycle of wealth, rather than letting capital flow out of our community. Local currencies also depend on a functional local economy and a commitment to nurture a local economy at all levels, including the ability to pay for a wide range of goods and services.

3. A local currency tends to encourage activities that are environmentally friendly, such as supporting local farms. Such activity decreases the need for obtaining food and goods from far away places.

4. Our currency will feature the work of local artists and local landmarks. Art nourishes the soul, provides a sense of place, local involvement and pride.

5. To create a communication tool for the empowerment and enlightenment of our ever-growing sustainable community.

6. One of the main goals for our local currency, as a part of Transition Putney’s local investing initiative is to help finance a renewable energy future.

More details

We will be using a durable paper stock made from recycled (75% post consumer & 25% Hemp) material, since these are renewable resources. Hemp makes a very resilient paper, and is a renewable resource. Our ink will be waterproof and the bills will have a raised seal.

Our currency will be equal to the US dollar in value. Denominations will match US dollars from ones to hundreds; initially in ones, fives and tens. The currency will be similar in size to regular dollars for ease of handling. The currency will be backed by US dollars, in a local bank account. It may be redeemed for dollars at participating institutions.

We are looking at designs, printing options, anti-counterfeiting, and distribution logistics, as well as partnering with local vendors, businesses and farmers to increase usage and acceptance

Sample bill reverse

What is a Local Currency?
A local currency is paper scrip similar to US dollars. It can only be used only within our local region. The goal of any local currency is to keep money circulating in the community. Using local currency helps us to be creative, self-reliant and more aware of the money flowing out of our community.

Why support a Local Currency?
When your business accepts local currency it shows your clients that you have a commitment to strengthening our local economy. Local currencies encourage businesses to source products locally and can give them a competitive advantage against national companies that will not accept local currency.

How can this benefit my business?
You can generate more business by accepting local currency, offering “local currency specials” or having days when you accept LC at a discount.  This can help even out your business income during slow parts of the week. People that have local currency in-pocket will be looking for places to spend it.

Businesses that accept local currency will be listed on the new Putney.net online directory, with a printable local map.

How will it work, what is it worth?
Our local currency will be issued in the same denominations as US dollars (ones, fives, and tens…) and will be identical in value and shape. Putney Transition Dollars, will feature local artwork, and may be collected, traded or spent at any participating business, or exchanged for US dollars at participating financial institutions.

Your business is not required to participate – it is completely voluntary – however we suggest that you show support for the project by accepting at least 10% of any transaction. Local currency is backed by US dollars, so there is no risk to your business. You will be able to spend the money as if it were cash, or redeem it for full cash value, with no penalty.

Why is our local currency different?
Putney’s community currency is made of 100% non-tree paper: 25% hemp and 75% post consumer materials; this is a renewable resource, no trees will be consumed to create our dollars.

US Dollars from the sales of local currency will be placed into a special account; this will “back” the currency so you can redeem it, while providing collateral for renewable energy and weatherization project funding in the greater Putney area.

Transition Currency will have one or more of the following anti-counterfeiting features:

  1. Raised seal
  2. Serial numbers
  3. Micro-printing
  4. Local artwork

Thanks in advance for your support, for more information please contact:
Daniel Hoviss at 802 387 4141

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