Ithaca Hours
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Ithaca Hours is a local currency in Ithaca, New York. It is credited as the first modern local currency and has inspired similar systems throughout the world.
It is notable as one of three monetary reform measures named as viable alternatives to Bretton Woods system by United Nations conferences (the other two being UNILETS and the Global Resource Bank).
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How It Started
While doing research into local economics during 1989, Paul Glover had seen an "Hour" note 19th century British industrialist Robert Owen issued to his workers for spending at his company store. After Ithaca Hours began, he discovered that Owen's Hours were based on Josiah Warren's "Time Store" notes of 1827.
In May of 1991, local student Patrice Jennings interviewed Paul Glover about the Ithaca LETS system. This conversation strongly reinforced his interest in trade systems.
Within a few days, he had designs for the HOUR and Half HOUR notes. At GreenStar Cooperative Market, Paul Glover approached Gary Fine, a local massage therapist, with photocopied samples. He said "Sure," and put the first signature on a sign-up sheet of people willing to accept HOURS. Later Jim Rohrrsen of Papa Jim's toys became the first retailer to sign-up to accept Ithaca HOURS.
During the next four months, 90 people provided 262 offers and requests. They all agreed to accept HOURS, without waiting for a business plan or guarantee. Emboldened, Paul Glover began to ask for small donations to help pay for printing HOURS.
Fine Line Printing completed the first run of 1,500 HOURS and 1,500 Half HOURS in October, 1991. These notes, the first modern local currency, were nearly twice as large as the current Ithaca HOURS. Because they didn't fit well in people's wallets, almost all of the original notes have been removed from circulation.
The first issue of Ithaca Money was printed at Our Press in Chenango Bridge, NY, on October 16, 1991. The next day Paul Glover issued 10 HOURS to Ithaca Hours, the organization he founded to run the system, as the first of four reimbursements for the cost of printing HOURS. The day after that, October 18, 382 HOURS were disbursed and prepaired for mailing to the first 93 pioneers.
On October 19, 1991, Paul Glover bought a samoza from Catherine Martinez at the Farmers' Market with Half HOUR #751--the first use of an HOUR. Several other Market vendors enrolled that day.
Stacks of the Ithaca Money newspaper were distributed all over town with an invitation to "join the fun". Sign-up forms from Ithaca Money poured in, the first from fiddler Laurie Hart.
A Barter Potluck was held at GIAC on November 12, 1991, the first of many monthly gatherings where food and skills were exchanged, friendships made and acquaintances renewed.
The Ithaca Journal did a fine introductory article about HOURS, followed by a short interview with Casey Stevens on Radio WHCU and stories in the Syracuse Post-Standard, The Grapevine, the Cornell Daily Sun, and the Ithaca Times. Patrice Jennings, a founding member of the HOURS Advisory Board, was featured on a TV story done by WICB.
In January of 1992, ten days after the Farmers' Market closed for the season and only 46 days after the first Ithaca HOURS went into circulation, GreenStar Cooperative Market burned down. Local food vendors selling through GreenStar quickly organized a Mini-Market on Henry St. Johns school, and most of them decided to accept HOURS. This provided HOURS with a midwinter food base right from the beginning.
- TODO : briefly fill in history 1992 - 1998
Transition to a Board
The Advisory Board incorporated the Ithaca HOUR system as Ithaca Hours, Inc. in October 1998, and hosted the first elections for Board of Directors in March of 1999. The first Board of Directors included Monica Hargraves, Dan Cogan, Margaret McCasland, Greg Spence Wolf, Bob LeRoy, LeGrace Benson, Wally Woods, Jennifer Elges, and Donald Stephenson. In May of 1999 Paul Glover turned the administration of Ithaca HOURS over to the newly elected Board of Directors. Paul Glover has continued to support Ithaca Hours through community outreach to present, most notably through the Ithaca Health Fund and Ithaca Community News.
The current Board of Directors, as of October 20, 2004, includes LeGrace Benson, Steve Burke, Monica Hargraves, Bob LeRoy, Margaret McCasland, Arc Riley, and Rebecca Nellenback.
Economic Development
One of the primary functions of the Ithaca Hours system is to promote local economic development. Businesses who receive Hours must spend them on local goods and services, thus building a network of inter-supporting local businesses. While non-local businesses are welcome to accept Hours, those businesses need to spend them on local goods and services to be economically sustainable.
In their mission to promote local economic development, the Board of Directors also makes no-interest loans of Ithaca Hours to local businesses and grants to local non-profit organizations.
Alternatives Federal Credit Union accepts Ithaca Hours for fees. They have partnered with the Hours system to promote local economic development.
- TODO: This section needs major editing
See also
External links
- http://www.ithacahours.org/ - Main Website
- http://www.ithacahours.com/ - Founder's Website
- http://www.smallisbeautiful.org/ - E F Schumacher Society Local Currency website