Seguache Credit Union Sponsors Mountain Money Community Currency
After doing some digging, I found an article on the Seguache Credit Union’s web site which explains the adaptation of a community currency sponsored by the credit union. From the newsletter:
NEW TO SAGUACHE COUNTY!!
MOUNTAIN MONEY
Mountain Money (MoMo) is Saguache County’s forthcoming local currency. I t will be a means of exchange that will only be accepted at participating businesses within Saguache County. It aims to strengthen the local economy by keeping trade and “money” local. Mountain Money will be launched on January 31, 2010 in conjunction with the annual Ranching Celebration at the Saguache Community Center. A local goods market will be included at this fun event to introduce our new MoMo.
What is local currency?
Local currencies are a means of exchange created by a community to facilitate the local flow of goods and services. They are not meant to replace the US Dollar. Instead, they aim to compliment the US Dollar by increasing circulation within a region.
Why do we need a local currency?
Local currencies work to strengthen the local economy by keeping money within the community. By encouraging the local flow of goods and services, they support local businesses. A local currency, thus, has the potential to create more local employment opportunities. This not only strengthens our local economy, but also helps us create economic resiliency, which protects us from being affected by stressors in the national economy.
What will our currency look like?
The Mountain Money Currency will be 5.5 inch long by 2.8 inch wide printed bills. They will be printed by the Saguache Crescent. They have been designed by two local artists, Janet Woodman, and James Roderick.
Where will I be able to get the currency?
The currency will be available to purchase at a 5% discount at any of the three Saguache County Credit Union locations (Center, Crestone, and Moffat). It will be tradable for the US Dollar.
Where can I spend the currency?
Once the currency is in circulation, you will be able to use it as full or partial payment for goods and services at participating local businesses.
Who is organizing this project?
The Saguache County Credit Union and ScSEED.
Where can I get more information?
Check the ScSEED website (www.scseed.org) for updates regarding the currency. If you are a business owner with questions or if you are interested in getting involved, contact Ali Rosenblatt at ali@scseed.org.
See the full story at http://www.sccu4u.net/news.html
Jct: Good for them. Credit unions can operate a cash-buy-in community currency. Now if only they could add an Ithaca Hours component too.