What Is Alternative Currency?

It is a local currency. It is used to replace the currency issued by the government and is only used in circulation. Its purpose is mainly to promote local economic development.

Alternative currency

Substitute currency is a local currency used to replace

In the town of Great Barrington, Massachusetts, New England, USA, residents do nt pay for their daily necessities in dollars, but in a local currency called Berkshire. ^[1]

Although this local currency cannot completely replace the role of the dollar in the lives of residents, and its use is subject to many restrictions, local residents still have a crush on it and consider it to be a "local honor".

The EF Schumacher Society, a non-profit organization, drafted the local currency project on behalf of Greater Barrington in 2007, applied to federal authorities for a local currency license, and was eventually licensed, according to local Burke Hill Hills named the currency "Berkshire Berkshare".

face value

The face value of "Berkshire" is 1 yuan, 5 yuan, 10 yuan, 20 yuan and 50 yuan respectively, and the total issued in Great Barrington Town with a population of about 7,400 people is 844,000 yuan.

exchange rate

"Berkshire" and the US dollar have a fixed exchange rate of 1: 0.9. In the 10 months since its release, "Berkshire" can be used in about 280 local coffee shops, small supermarkets and other businesses, and has become one of the important characteristics of the local economy.

Regulations

Under U.S. law, states other than the federal government cannot issue local currencies without permission, but allow private organizations to print paper certificates of similar currencies if they are licensed, as long as it is not similar to a U.S. dollar bill and is only used locally Is legal.