PLENTY (currency)
Encyclopedia
The PLENTY is a local currency
used and accepted in Pittsboro
, North Carolina
by a growing number of businesses for goods and services. The currency is managed by the PLENTY Currency Cooperative Corporation and is backed by Capital Bank at with United States dollar
s, 10 Plentys may be purchased for $10.00 US. PLENTYs can be traded for goods or services or exchanged for United States Dollars at businesses that accept them.
PLENTY are offered in 50, 20, 10, 5 and 1 denomination bills and feature the phrase "In Each Other We Trust". The logo and currency were designed by artist Emma Skurnick and feature illustrations of native plants and animals. Bills are printed locally on bamboo based paper and include anti-counterfeiting features.
Like other local currencies, the PLENTY is legal as they don't too closely resemble United States currency. Transactions conducted with Plenties are taxed just as transactions in United States Dollars.
to keep commerce flowing locally when United States Dollars were scarce. The PLENTY was created by Annissa Clarke in Carrboro in 2002. The goal of the relaunch of the currency in 2009 is to encourage local spending. The relaunch was inspired in part by the book, Small is Possible; Life in a Local Economy, which was written by Lyle Estill
. In a chapter entitled "Financing Ourselves," Estill introduces Capital Bank as a locally owned institution, and recounts his version of the PLENTY. The book attracted the attention of BJ Lawson who was running for congress, and interested in monetary theory, and who now serves as the chairman of the PLENTY board.
Local currency
In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...
used and accepted in Pittsboro
Pittsboro, North Carolina
Pittsboro, North Carolina is a town located in Chatham County, 34 miles southwest of Raleigh, 47 miles southeast of Greensboro, and 17 miles south of Chapel Hill. The population was 3,743 at the 2010 census. It is the county seat of Chatham County....
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
by a growing number of businesses for goods and services. The currency is managed by the PLENTY Currency Cooperative Corporation and is backed by Capital Bank at with United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
s, 10 Plentys may be purchased for $10.00 US. PLENTYs can be traded for goods or services or exchanged for United States Dollars at businesses that accept them.
PLENTY are offered in 50, 20, 10, 5 and 1 denomination bills and feature the phrase "In Each Other We Trust". The logo and currency were designed by artist Emma Skurnick and feature illustrations of native plants and animals. Bills are printed locally on bamboo based paper and include anti-counterfeiting features.
Like other local currencies, the PLENTY is legal as they don't too closely resemble United States currency. Transactions conducted with Plenties are taxed just as transactions in United States Dollars.
History
Local currency was commonly used during the Great DepressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
to keep commerce flowing locally when United States Dollars were scarce. The PLENTY was created by Annissa Clarke in Carrboro in 2002. The goal of the relaunch of the currency in 2009 is to encourage local spending. The relaunch was inspired in part by the book, Small is Possible; Life in a Local Economy, which was written by Lyle Estill
Lyle Estill
Lyle Estill is the author of Small is Possible; life in a local economy, and Biodiesel Power; the passion, the people, and the politics of the next renewable fuel....
. In a chapter entitled "Financing Ourselves," Estill introduces Capital Bank as a locally owned institution, and recounts his version of the PLENTY. The book attracted the attention of BJ Lawson who was running for congress, and interested in monetary theory, and who now serves as the chairman of the PLENTY board.
See also
- BerkSharesBerkSharesBerkShares is a local currency that circulates in The Berkshires region of Massachusetts. It was launched September 29, 2006 by BerkShares Inc., with research and development assistance from the New Economics Institute. The BerkShares website lists over 370 businesses in Berkshire County that...
, a local currency in the Berkshires area of Massachusetts. - List of community currencies in the United States