Ithaca Hours
| Ithaca Hours | |
|---|---|
| Ithaca HOUR (English) | |
| Denominations | |
| Plural | hours |
| Banknotes | |
| Freq. used | 1⁄10, ⅛, ¼, ½, 1 & 2 Hours |
| Demographics | |
| Date of introduction | November 1991 |
| User(s) | Ithaca, NY, United States |
| Issuance | |
| Central bank | Ithaca Hours, Inc |
| Website | ithacahours |
| Valuation | |
| Pegged with | 1 hour = US$10 |
The Ithaca HOUR is a local currency used in Ithaca, New York and is the oldest and largest local currency system in the United States that is still operating. It has inspired other similar systems in Madison, Wisconsin; Corvallis, Oregon; and a proposed system in the Lehigh Valley, Pennsylvania. One Ithaca HOUR is valued at US$10 and is generally recommended to be used as payment for one hour's work, although the rate is negotiable.
Ithaca HOURS are not backed by national currency and cannot be freely converted to national currency, although some businesses may agree to buy them.
HOURS are printed on high-quality paper and use faint graphics that would be difficult to reproduce, and each bill is stamped with a serial number, in order to discourage counterfeiting.
In 2002, a one-tenth hour bill was introduced, partly due to the encouragement and funding from Alternatives Federal Credit Union and feedback from retailers who complained about the awkwardness of only having larger denominations to work with; the bills bear the signatures of both HOURS president Steve Burke and the president of AFCU.
While the Ithaca Hour continues to exist, in recent years it has fallen into disuse. Media accounts from the year 2011 indicate that the number of businesses accepting Hours has declined. Several reasons are attributed to this. First has been the founder, Paul Glover, moving out of town. While in Ithaca, Glover had acted as an evangelist and networker for Hours, helping spread their use and helping businesses find ways to spend Hours they had received. Secondly, a general shift away from cash transactions towards electronic transfers with debit or credit cards. Glover has emphasized that every local currency needs at least one full-time networker to "promote, facilitate and troubleshoot" currency circulation.
Ithaca Hours were started by Paul Glover in November 1991. The system has historical roots in scrip and alternative and local currencies that proliferated in America during the Great Depression.
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