Residents Plan for Local Currency

Anissa and Tim Clarke led a meeting of area residents Thursday at the Chapel Hill Public Library to discuss the North Carolina Piedmont Local Economy Tender, a proposed currency that would be used in Durham, Chapel Hill and Carrboro.

Organizers say the purpose of N.C. PLENTY would be to strengthen the local economy by keeping money in the area. Because the new currency would not carry interest rates, it could increase consumers' spending power, the Clarkes said.

"N.C. PLENTY has huge potential to increase community ties," said Anissa. "N.C. PLENTY will keep our money in the community and can be beneficial for all members of society."

She explained that the new currency, if implemented successfully, would appeal to area residents because it lessens the effects of inflation.

"N.C. PLENTY will have zero interest for all purchases," Anissa said. "The currency will be anti-inflationary, and all loans will be flat loans, paid back at face value."

Johanna King, a Durham resident who attended the interest meeting, said N.C. PLENTY would appeal to local businesses because consumers will be encouraged to spend their money in the area.

"Having PLENTY will remind me how important it is to support local businesses," King said. "It also can help start-up businesses prosper in the community."

A similar currency system, dubbed Ithaca HOURS, is used in Ithaca, N.Y.

According to the HOURS Web site, more than $85,000 of the currency has been issued, and an estimated $5 million in transactions have taken place since 1991 when the system began.

"The Ithaca HOURS are in many ways our model," Anissa said. "The HOURS are generating local wealth and supporting the local economy in Ithaca."

One PLENTY bill has already been designed by Emma Skurnick, a local resident who attended the meeting. The proposed bill features the line "In Each Other We Trust."

If fund raising and volunteer drives go as planned, the PLENTY could be available to the public next spring.

"We are right on schedule," Tim said.

"This is where we wanted to be at this point, and we are incredibly optimistic about having PLENTY on the market this spring."

Tim said the group is currently signing up barterers and businesses that will agree to accept the PLENTY.

He said they are also hoping to secure a loan to cover the cost of printing the bills.

"There's a lot of things that need to happen," he said.

"The first test will be seeing if we can get commitments from individual people."

The City Editor can be reached

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