If you live in Brooklyn and you’re sick of looking at George Washington‘s face every time you buy coffee, things may be looking up. Inspired by cities like Madison, Wisc., and Ithaca, N.Y., a group of artists in Brooklyn is developing an alternative currency, the Brooklyn Torch, for the borough. The group hopes the currency will improve neighborhood unity and encourage citizens to shop locally. Mary Jeys, who initiated the effort, says “This medium of exchange has more to do with meeting people and feeling that you’re connected to a community versus a monetary system.” (HT: Daily Intel) [%comments]
Cash, Credit, or Torches?
TAGS: currency
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And what will back the value of the “brooklyn torch?”. What will the exchange rate be to the dollar? How will they prevent counterfeiting? Who will actually accept this as a form of payment?
Artists they are, economists they are not.
How is this currency backed up? To me it seems very much like the fiat USD which has no real value either.
If you want to use alternative money I’d recommend the Liberty Dollar which is either backed by or consists of its value in gold and silver: http://en.wikipedia.org/wiki/Liberty_Dollar
Interesting. However, if my change is ever in “Torches”, I’m going to be mad…
Oh that pesky Article I, Section 8…..
Why don’t they call Europe and ask them how that local currency thing worked out for them. There’s a reason they shifted to the Euro.
I didn’t realize you could buy a cup of coffee in New York for Washington’s picture. I figured it would take a Lincoln.
Not the first group to do this. Interesting to see whether the Fed comes after them too
I once used Jeffrey dollars (Toys R Us) to repay a loan to a family friend. They were fine with it as they often went to Toys R Us to purchase toys, etc.
That’s awesome for Brooklyn, I can’t wait to see the notes!
Mark