Local currency celebrates 3rd anniversay

Amid an atmosphere of fiddling violins, a washtub bass and a vegetarian potluck that included vegan chili and tofu chocolate pie, NC Plenty Inc. kicked off its third anniversary celebration Sunday at Spence's Farm in Chapel Hill.

The Plenty is a local currency that supports local businesses in Alamance, Orange, Durham and Chatham counties.

"I found the general community wanting more information about the local economy before investing in a local currency," said Robert Andrew Smith, an NC Plenty board member. "Local currency is as much a financial investment as a community investment."

Co-founder Annissa Clarke had read about other local currencies such as the Hours in Ithaca, N.Y., and thought it would be a good idea for the area.

"It's in its third year, which is a major milestone. Each new year seems like a success, but there's no easy way to measure this," she said. "It's picked up new momentum. People are beginning to turn back and focus on their communities again."

Shannon Jordan, co-founder and former board member, said the Plenty is significant to the community but is still trying to find its place.

"Has the Plenty made a big difference? I would say no," she said. "It takes many years for a currency to become popular, but I think it has great potential."

The ideas behind the NC Plenty are in line with those of Weaver Street Market in Carrboro, said Christy Raleigh of the store's marketing department.

The purchasing of local food and products supports local growers and makes for a stronger local community, she said.

"The idea behind the local currency is that you are intentionally limiting its scope," said Matt Kalb of NC Plenty. "It's only traded among businesses that agree to keep it local."

Unlike dollars, local currency has the potential to circulate through infinite hands, he said.

Kalb said that about 200 customers use the local currency and that he hopes to expand its reach. Some stores where customers can spend the Plenty are Weaver Street Market, located at 101 E. Weaver St. in Carrboro and 716 Market St. in Southern Village; Hell Bar, located at 157 1/2 E. Rosemary St.; and the Skylight Exchange, located at 405 1/2 W. Rosemary St.

"I think the NC Plenty is amazing," said Susannah Lach, a customer who uses the Plenty. "It's an example of having a closed system. It allows us to participate in our community, though it's difficult for small-time users."

"In Each Other We Trust" is printed on each bill, encapsulating the fundamental idea behind a local currency - that it fosters neighborliness and harmony, she said.

A quarter Plenty is the equivalent of $2.50 and is slightly smaller than a standard bill. Each is printed with an image of a great blue heron and a building showing mill architecture.

All Plenty bills are printed on bamboo paper.

Currency exchanges can be made anywhere the Plenty is accepted.

"Businesses who accept the Plenty show that they are committed to the local community," Jordan said.

Contact the City Editor at citydesk@unc.edu.