![]() Glover had seen an ‘Hour’ note issued in the 19 th century during his research on local economics in 1989. The specific idea for Ithaca HOURS, though, as mentioned earlier, can be traced directly to Paul Glover. The idea of local currencies like Ithaca HOURS seems to have taken root in America during the Great Depression. The History and Origin of the Ithaca HOURS However, the primary factors have been identified as, first, the exit of the currency’s founder from the area and, second, the general shift away from cash transactions to electronic banking. A number of factors potentially contributed to the currency’s demise. The notes also had serial numbers on them to help prevent counterfeiting.Įventually, the Ithaca HOURS fell into disuse. The Ithaca HOURS were printed on high-quality paper and used faint graphics to make it difficult to reproduce. Thanks to the founder’s persistence and heavy involvement, this number grew into hundreds in the following years, and at its peak, there was over $100,000 worth of Ithaca HOURS in circulation. In essence, the Ithaca HOURS was a time-based currency that sought to align with the value of an hour of work in the city.Īt the end of 1991, about 20 local businesses had pledged to accept Ithaca HOURS. This was generally recommended to be used as payment for one hour of work. On its launch, Glover pegged the value of one Ithaca Hour at $10. Glover would go on to prove instrumental to the uptake in the adoption of the local currency in later years, as well as its partial success. The Ithaca HOURS were launched as the new Ithaca currency in 1991 by a man known as Paul Glover. This was also one of the aims of Ithaca HOURS – to facilitate the economic development of Ithaca and protect its economy from the social and economic costs of the increasingly global financial system. Such currencies are typically issued to try and keep money within a particular local community and to spur economic development. Local currencies like Ithaca HOURS are legal in the US, even though they are not backed or guaranteed by the federal or state government. First, unlike the US dollar that is universally accepted in every part of the US (and many parts of the world, for that matter), Ithaca HOURS was a local currency system only designed for the use of one local community which, in this case, was Ithaca in New York, US. Quite simply, Ithaca HOURS were a currency just like the US dollar, except with a few important differences. ![]() In this article, we’ll take a comprehensive look at this former local currency system, how it worked, why it’s no longer used, and the impact it had. Not only did Ithaca HOURS offer community members an alternative to national currencies, but it also helped them create meaningful relationships with nearby businesses and neighbors, giving them the opportunity to form lasting ties within their own towns and cities. Sometimes more challenging economic environments have led to a resurgence of interest in local currencies like Ithaca HOURS, igniting a new wave of appreciation for this unique form of currency from days gone by. ![]() Representing one of the longest-running local currency systems in the US, Ithaca HOURS emerged in the 1990s and inspired similar local currencies in places like Madison, WI and Santa Barbara, CA. Have you ever heard of Ithaca HOURS? If not, don’t worry – for many this type of currency has become something of an antiquated concept hidden away in the depths of local history.
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