2016-08-08 Mon

The Ithaca HOUR is a local currency used in Ithaca, New York. Ithaca is a small community in upstate New York that has been using the “Ithaca Hours” to stimulate the town's economy since 1991.

Ithaca Hours were started by Paul Glover in November 1991. Though not a legal currency, over 900 businesses accept the Ithaca bills, and some employers even issue them as part of their employees' wages. Each "hour" is equal to $10, since the average hourly wage in Tompkins County at the time was $10 an hour.

The Ithaca Hours were produced in six denominations: 2 HRS, 1 HR, 1/2 HR, 1/4 HR, 1/8 HR, 1/10 HR. These HOUR notes are used by the locals to buy their daily services like plumbing, carpentry, electrical work, roofing, nursing, chiropractic, child care, car and bike repair, food, eyeglasses, firewood, gifts, and thousands of other goods and services.

Today the Ithaca Hours are being replaced by the Ithaca Dollars. These local dollars are exclusively in digital forms but a plan to print paper money is proposed. The Ithacan Dollars are at par with the US Dollar.

The locals support this local currency as according to them it promotes investment in local businesses and brings the community together.