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As we found in last issue’s FAQ, Community Currency is not a new idea, but it is not obsolete either. Quite the contrary, people the world over are creating currencies of different sorts to serve their needs. As a small economy, Humboldt County is in good company, part of a world-wide movement intent on creating healthy communities. Some of the different types of community currencies in use today around the world include the hours model, Local Exchange Trading Systems, and barter systems. | As we found in last issue’s FAQ, Community Currency is not a new idea, but it is not obsolete either. Quite the contrary, people the world over are creating currencies of different sorts to serve their needs. As a small economy, Humboldt County is in good company, part of a world-wide movement intent on creating healthy communities. Some of the different types of community currencies in use today around the world include the hours model, Local Exchange Trading Systems, and barter systems. | ||
There are over sixty regions in the United States using their own monetary systems—the most well-known being | There are over sixty regions in the United States using their own monetary systems—the most well-known being Ithica Hours. Started in 1991, this New York currency works on the hours model, which means that an hour’s work is used as the unit by which the value of goods and services are compared. Paper money is printed and used, which has the advantage of feeling “real,” highlighting local artists or landmarks. Ithaca Hours are issued by fiat, which refers to a type of currency whose value is guaranteed by the authority issuing it rather than by any external reference or backing. | ||
Green Dollars in Peterborough Ontario has been one of the fastest-growing and most successful Local (Energy /) Exchange Trading Systems ([[LETS]]) Canada. There are more than 40 [[LETS]] systems across Canada and more than 250 in the U.K., nearly every EU country, as well as some in Australia and New Zealand. LETS operate by mutual credit system, a system in which the currency necessary to mediate a transaction is created at the time of the transaction as a corresponding credit and debit in the balances of the two parties. These systems, unlike fiat currencies, do not require any centralized money supply management. | Green Dollars in Peterborough Ontario has been one of the fastest-growing and most successful Local (Energy /) Exchange Trading Systems ([[LETS]]) Canada. There are more than 40 [[LETS]] systems across Canada and more than 250 in the U.K., nearly every EU country, as well as some in Australia and New Zealand. LETS operate by mutual credit system, a system in which the currency necessary to mediate a transaction is created at the time of the transaction as a corresponding credit and debit in the balances of the two parties. These systems, unlike fiat currencies, do not require any centralized money supply management. |