PLENTY (currency)

The PLENTY (Piedmont Local Economy Tender) is a local currency used and accepted by some businesses in Pittsboro, North Carolina. The currency is managed by the PLENTY Currency Cooperative Corporation and is backed by Capital Bank Financial with United States dollars. As of 2018, 10 PLENTYs may be purchased for USD $10. PLENTYs can be traded for goods or services, or exchanged for United States dollars at businesses that accept them.

PLENTY are offered in 50, 20, 10, 5 and 1 denomination bills and feature the phrase "In Each Other We Trust." The logo and currency were designed by artist Emma Skurnick and feature illustrations of native plants and animals. Bills are printed locally on bamboo-based paper and include anti-counterfeiting features.[1]

Like other local currencies, the PLENTY is legal as they do not closely resemble United States currency. Transactions conducted with PLENTY are taxed in the same way as transactions in United States dollars.[2]

History

Local currency was commonly used during the Great Depression to keep commerce flowing locally when U.S. dollars were scarce. The PLENTY was first created by Annissa Clarke in Carrboro in 2002. The goal of the relaunch of the currency in 2009 was to encourage local spending. The relaunch was inspired in part by the book, Small is Possible: Life in a Local Economy, which was written by Lyle Estill. In a chapter entitled "Financing Ourselves," Estill introduces Capital Bank as a locally owned institution, and recounts his version of the PLENTY. The book attracted the attention of BJ Lawson who was running for Congress, and interested in monetary theory, and who now serves as the chairman of the PLENTY board.[3][4]

See also

References

  1. ↑ "PLENTY". ncplenty.org. 2004-07-02. Archived from the original on 2012-07-23.
  2. ↑ Marisol Bello (2009-04-10). "Communities print their own currency to keep cash flowing". USA Today. Retrieved 2009-04-22.
  3. ↑ "Why Local Currency?". ncplenty.org. 2004-12-27. Archived from the original on 2013-01-15. Retrieved 2009-04-22.
  4. ↑ Stacy Davis (2009-04-08). "Old idea means 'Plenty' currency in Pittsboro". WRAL-TV.
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