BerkShares

Summary:

BerkShares are a local currency designed for use in the Berkshire region of Massachusetts with issue by BerkShares, Inc., a non-profit organization working in collaboration with participating local banks, local businesses, and local non-profit organizations. BerkShares do not operate on an HOURS system, but instead use an exchange rate system for the local currency. The information on this page is mainly gathered from their website.

At a Glance:

History:

BerkShares are a local currency for the Berkshire region. Dubbed a “great economic experiment” by the New York Times, BerkShares are a tool for community empowerment, enabling merchants and consumers to plant the seeds for an alternative economic future for their communities. Launched in the fall of 2006, BerkShares had a robust initiation, with over one million BerkShares having been circulated in the first nine months and over two million to date. Currently, more than three hundred and sixty businesses have signed up to accept the currency. Five different banks have partnered with BerkShares, with a total of thirteen branch offices now serving as exchange stations. For BerkShares, this is only the beginning. Future plans could involve BerkShare checking accounts, electronic transfer of funds, ATM machines, and even a loan program to facilitate the creation of new, local businesses manufacturing more of the goods that are used locally.

Benefits:

The currency distinguishes the local businesses that accept the currency from those that do not, building stronger relationships and a greater affinity between the business community and the citizens of a particular place.

The people who choose to use the currency make a conscious commitment to buy local first. They are taking personal responsibility for the health and well-being of their community by laying the foundation of a truly vibrant, thriving local economy.

Future Outlook:

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Reflections:

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