I came across this today: http://www.usatoday.com/money/economy/2009-04-05-scrip_N.htm?loc=interstitialskip It is not only interesting from a political/economic point of view, but also for future collectors. Have any of you come across any new IOU's where you live?
Its very interesting... but there is a very thick line the IRS and BEP dontlike folsk to even come near, let alone cross when it comes to these alternative currencies'. i wonder how long before they rush in to shut it all down.
Well considering it has been going on for over twenty years in some areas (Ithica Hours was the first one in modern times and it began in 1989), they don't seem to be too worried about it. And as the article says, the income from sales made using the local currency is still taxable income. So the government still gets their share.
i know alot of 'local' communites have this type of thing... but i never know why the IRS goes after some, and leaves others alone. do they have a dartboard that they use?
I rather like the design of the one shown, still looking to get my 1st Lewes £1 (A similar venture) for the collection :kewl:
Nope, no IOUs or so-called "hard times" currency here in Austin, Texas. That's because we don't have hard times. The facts indicate an increase in number of home sales, median value of homes, number of employed, etc. so far this year. In fact, many key economic indicators are better right now than 2007*. Of the 50 largest metropolitan areas nationwide, 4 of the top 5 "lowest unemployment" are in Texas (and 5 of the top 8). * source : http://www.austin-chamber.org/DoBusiness/MediaCenter/reports/EconomicIndicators.pdf
It might be interesting from a "future collectors" point of view. Some old scripts from the 18th century are quite valuable. The problem is there are so few; they quote only four cases of this "small but growing" "Depression-era" idea. It's grown all the way to four ! Of the tens of thousands of communities nationwide, you got four ??!??!? Personally, I don't see that as newsworthy or relevant. Since it affects so few people, few in the future will be interested. These "currencies" are nothing more than coupons intended to keep money local.
I've been having problems trying to locate what communities have these scrip issues but I'm sure there are a fair number of others. Apparent there ARE thousands of such communities world wide but I've only been able to locate a small number of them. The depression scrip of the thirties used to be widely collected but I'm not sure if they are as collected today. This new local scrip may become collectible in the future, but not unless it gets more publicity. A few communities Ithica NY BayBucks in northwest Michigan BerkShares in Massachusetts Lehigh Valley Hours in eastern PA They have apparently been used in local areas in Miami, St Louis, Washington DC, San Francisco, Boston, and Brooklyn. I find references to programs in Philadelphia, New Orleans, Greenfield MA, Olympia WA, Pittsburo NC, Sonoma CA, Mendocino CA, Santa Barbara, Ukiah CA (This one never made it off the ground), Williston ND, Wheeling WV, and Ft Wayne IN. I'm sure there are more but trying to find them is a litle difficult.
i agree with Condor101. There are alot of communities that use this - which does surprise me. But beyond the very communities that use this forum of money, few know about it. I live just outside Detroit, been here 13 years, and other then hearing bits and pieces on Cointalk about whats called the Detroit 'Cheer', i never knew it existed. Never seen it advertised, never seen it in shops, never heard any local folks talk about it ... So unless there is more publicity, and more folks knopw and/or use it... who will be there to collect it? or even in the future?
Interesting... even though one of the most high-profile "scrips" is right next door, few know about it. Which suggests this "growing phenomenon" affects very few people. Maybe if they called it "Flair" instead of "Cheer", we could attract the "Office Space" cult ! It reminds me of something we have called "Passbooks". They're sold by various organizations as fundraisers (Boy Scouts, etc). They're little books of coupons intended to patronize local businesses ("buy one, get one free" type deals). Different, but some similarity.
I've seen similar type currencies, mostly in tourist areas. I mean, technically, Disney Dollars are the same thing. But you're right, the IRS does get it's share, as money isn't taxed, merchandise is, thus insuring a tax is still collected whether it be paid for in US legal tender, community money, or rocks. Guy~
Well there are quite a few local currency's world wide have a look at the wiki article on it http://en.wikipedia.org/wiki/Local_currency And best of all just after posting went on ebay and got myself a Lewes £1 LOL
