posted by Joe Polk at 1:06 AM /
USA Today had an article yesterday titled "Communities print their own currency to keep cash flowing" which reports on communities creating their own currency which is purchased at a discount and can only be used in that specific community. Could something like this fly in Mt. Lebanon?
Labels: currency, local businesses
2 Comments:
It's not consitutional for states, or "Home Rule Municipal Corporations" for that matter, to coin money:
Article 1, Section 10 - Powers prohibited of States
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money...
Actually, it is legal, provided certain requirements are met. For instance, it cannot look like federal dollars, it must be tied to a dollar value exchange rate, and must be considered taxable income. There are over 60 regions currently using community currency.
A few of the more famous examples are Ithaca Hours, started in 1991-http://www.ithacahours.com/;Berkshares- http://www.berkshares.org/; and
Fourth Corner Exchange in the Pacific Northwest-
http://www.fourthcornerexchange.com/.
It is certainly possible here, if the community is interested and willing.
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