Local Currencies: Theory, History and Practices
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Local Currencies: Theory, History and Practices was presented in 2008 in Abingdon, VA by Derek Douglas at the Appalachian Community Economics Conference. Douglas introduced a community currency called "Woodland Hours" into the Roses Creek, TN neighborhood for a course he taught in Local Sustainable Economics (LSE) for the Living Learning Center at Woodland Community Land Trust in 1993-1994..
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Local Currencies: Theory, History and Practices
- 1. Local Currencies: Theory, History, and Practice Local Currencies Theory, History, and Practice
- 2. What is Money? What is Money?
- 6. Theory of Classical Economists The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes, and which consists always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.
- 9. Colonial Farms Self Sufficient
- 10. Country Pay Hides Pork Corn Tar Hemp Wheat Pitch Flax Bullets Pork Fish Hemp Tobac Cotton Corn T.Note Maize Tobac Rye Tobac Tobac Tobac Peas Flour Wheat Ga. N.C. Va. Del. Md. Pa.
- 12. β Not worth a Continentalβ
- 14. Β
- 15. The Practice of Local Currencies
- 20. Β
Editor's Notes
- Over time Colonial Governments, merchants and private citizens began to mint their own coins.
- In 1775 the Continental Congress authorized the issuance of paper money to finance the American War for Independence. Congress did not have the authority to levy taxes, and it had difficulty borrowing since the 13 loosely knit colonies were not a sound financial risk. These notes, known as "Continentals," would be redeemable only after the colonies won their independence. Overprinted and distrusted by the public, they declined rapidly in value, giving rise to the popular expression "not worth a Continental." Jonathan Carver in Travels in America (1778) comically stated, "The Congress paper dollars are now used for papering rooms, lighting pipes and other conveniences.
- 1865 1/3 half of all money was counterfeit. The secret service was started to investigate.
- As many people already know, Barter Theatre got its name through the practice of bartering. Robert Porterfield brought a team of actors to Abingdon during the Great Depression. These actors were starving in New York while the farming people of Southwestern Virginia had an abundance of food they could not sell. So, Porterfield gave these Virginians something valuable to spend their spoiling vegetables onβa good laugh. Now you can experience part of the rich history of Barter Theatre by bartering your own admission. More importantly, you can help your community.