Ithaca Hours

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Ithaca Hours - A local currency in Ithaca, USA, considered to be the first contemporary local currency, modeled for many similar systems around the world. History

While researching local economies in 1989, Paul Glover encountered a nineteenth-century banknote called the "Hour" of the British industrialist Robert Owen, issued to his workers. Employees could use this form of payment in their store.

In May 1991, after an interview with Ithaca, Paul Glover made 1 and half hour banknote designs. He decided that every hour would be the equivalent of US $ 10, which was, in his opinion, the right value of the working hour. The exact exchange rate was to be determined each time by the parties to the transaction. The first person to join the system was a local masseuse, and soon afterwards the first store joined the system.

The first banknotes were printed on October 16, 1991, and the first transaction was made by the system creator 3 days later.

In March 1999, a system maintenance company was transformed into Ithaca Hours, Inc. Since 1991 the system turnover has reached many millions of dollars in system notes. One of the main functions of Ithaca is to promote local economic development. Companies that receive currency in exchange for selling goods and services must spend it on the local market.

wiki

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