The Currency
Ithaca HOURS are not backed by national currency and cannot be freely converted to national currency, although some businesses may agree to buy them.
HOURS are printed on high-quality paper and use faint graphics that would be difficult to reproduce, and each bill is stamped with a serial number, in order to discourage counterfeiting.
In 2002, a one-tenth hour bill was introduced, partly due to the encouragement and funding from Alternatives Federal Credit Union and feedback from retailers who complained about the awkwardness of only having larger denominations to work with; the bills bear the signatures of both HOURS President Steve Burke and the president of AFCU.
While the Ithaca Hour continues to exist, in recent years it has fallen into disuse. Media accounts from the year 2011 indicate that the number of businesses accepting Hours has declined. Several reasons are attributed to this. First has been the founder, Paul Glover, moving out of town. While in Ithaca, Glover had acted as an evangelist and networker for Hours, helping to spread their use and helping businesses find ways to spend Hours they had received. Secondly, a general shift away from cash transactions towards electronic transfers with debit or credit cards.
Read more about this topic: Ithaca Hours
Famous quotes containing the word currency:
“Money is the worst currency that ever grew among mankind. This sacks cities, this drives men from their homes, this teaches and corrupts the worthiest minds to turn base deeds.”
—Sophocles (497–406/5 B.C.)
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)