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The BerkShares

Written by Michelle Haimoff

Thursday, 21 June 2007

I love currency.

I think currency is one of those things, like wristwatches, that will get phased out in time, but for now serve as a reminder that attention to detail is an end in itself. It is with empathy, then, that I read about the town in western Massachusetts that adopted its own currency, "BerkShares," to promote local businesses.

There are roughly 844,000 BerkShares in circulation, in denominations of one, five, 10, 20 and 50. The bills are worth $759,600 at the fixed exchange rate of 1 BerkShare to 90 U.S. cents, providing locals with a 10% discount. The 280 business owners are the ones that take the hit, but it still beats losing customers to chain stores.

Of course, the BerkShare is not as practical as the American dollar and everything cannot be bought with it, but the currency alternative (which looks a little like updated Canadian cash) is a creative lifeline for businesses that might not otherwise survive.

Disclosure: Commemorative state quarters are the best thing that ever happened to me. I have the cardboard map with slots for all the quarters (a gift from Lauren) and I hope to hang it prominently on my wall someday.

PS - Legally, states are not allowed to print their own currency, but private groups may print paper scrip only (no coins), as long as the paper bears no resemblance to the U.S. dollar.

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Michelle Haimoff

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written by David Neubert , June 25, 2007

I was at the Berkshire Co-Op yesterday and they will only accept Berkshares for 50% of purchases now. I hope this isn't a sign the currency is failing.

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written by David Neubert , July 05, 2007

Barrons had a pretty negative commentary on Berkshires this past weekend. While Barrons correctly pointed out that alternative currencies create waste and make commerce more difficult in the presence of a functioning currency what they fail to credit is the community building something like this currency creates.

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written by Michelle Haimoff , November 15, 2007

The Wyoming quarter is weak. It looks like it was designed on the last five minutes of a lunch break. Disappointing showing, Wyoming.

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Michelle Haimoff
		About the author:
		Michelle Haimoff is a native New Yorker living and writing in Greenwich Village. She has written for Profile Magazine, L Magazine and Eyewitness Travel Guides.
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