Take the Wooden Money
During the darkest days of the Great Depression, the logging city of Tenino, Washington, created a complimentary wooden currency to help locals survive the economic crisis. Now, almost 90 years later, the town is once again “printing money” on postcard-sized sheets of maple to help locals suffering from financial hardship. Pegged at the rate of real U.S. dollars, the currency can be spent everywhere from grocery stores to gas stations and child care centers, whose owners can later exchange them.
“It worked perfectly,” says Tenino’s mayor Wayne Fournier, who offers residents who demonstrate they are experiencing economic difficulties caused by the pandemic a stipend of up to $300 a month in wooden dollars. These currencies aren’t actual replacements of real money. They are complementary currencies — a broad term for a galaxy of local alternatives to national currencies.
According to research published in Papers in Political Economy in 2018, 3,500 – 4,500 such systems have been recorded in more than 50 countries across the world. Typically they are a localized currency that can only be exchanged among people and businesses within a region, town, or even a single neighborhood. Many are membership programs limited to those who have signed up; they typically work in conjunction with, rather than replacing, the official national currency.
They take many different forms. Relatively few are based on paper money; many are purely digital or exchanged via smart cards. Their goals can span multiple economic, social, and environmental objectives. Some aim to protect local independent businesses. Some promote more equal and sustainable visions of society. Others have been founded in response to economic crises when traditional financial systems have ground to a halt. As the coronavirus pandemic brings on a wave of social and economic tumult, all three challenges appear to be in play at once.
In Tenino, which has a population of less than 2,000, the wooden money is printed using an antique 1890 Chandler & Price letterpress. Since the launch in May, cities from Arizona to Montana and California have been in contact with Tenino for advice about starting their own local currencies.
“We have no idea what is going to happen next in 2020,” adds Fournier. “But cities like ours need to come up with niche ways to be sustainable without relying on the larger world.”
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“sharing money is what gives it its value.”
-elvis presley
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credits: story – Bloomberg City Lab, Peter Young. photo – Jason Redmons, AFP
Great piece to share!!
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thank you –
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Fascinating!
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i thought so too, what a simple and powerful solution
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Who knew? What a wonderful and informative post, Beth! I think this is a great way to care for your community. The solutions to get us all through this pandemic are not the obvious ones and this is a clear moment of ingenuity!
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What a wonderful share Beth! It’s encouraging to know communities can do amazing things and think “outside” the box to help one another. 💚
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i agree –
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A brilliant idea.
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i agree!
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👍👍👍
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It appears to be a new approach to the old barter system, Beth. Will you take my goat for your pig?
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yes!
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Fascinating! I like this.
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a great idea
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We need to do this and make it replace money printed by the government so people aren’t always being jerked around and controlled by the elite.
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Chocolate coins.
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Yes!
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I had no idea, great share, thank you!
🌟😊🌟
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My pleasure
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This is a fantastic idea! Not only that, but it also made me happy 🙂
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Great!
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Creativity and community are powerful together.
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A win win
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I have come across other examples of loacl money but never wooden money!
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Such an interesting choice, sounds like they went back to what they used before
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Well that is something. Thanks, Beth. Tenino is off I-5, I may have to visit sometime. Lots of small towns are coming up with innovating ways to support local business here.
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That’s so great. Let me know if you go, and what it’s like
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I’ve never heard of anything like this, but it’s clever. People need help right now.
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I agree!
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clever idea; and the Elvis quote goes with it so well…
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Brilliant
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Interesting idea!
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Yes!
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Fascinating Beth! I grew up in Washington but never knew of this – wooden money! Loved this!
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Always something to discover!
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So fascinating, I never heard of anything like that!
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such a simple solution
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I like the idea of this. It seems to take life back to a different time. A you for me and me for you kind of system.
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Yes, that’s it
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Informative post Beth!
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thanks –
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That is so cool!
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a great initiative, isn’t it?
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Heartwarming. How money works is inherently problematic, but unfortunately necessary given the structures in place. Till such a time when we can do away with these claustrophobic structures, initiatives like these, with caring at its heart, should help us bide our time to lessen the burden on the most hardly hit.
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i loved their idea
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its great ….. 🙂 🙂
Spiritulity Awakening
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It sure is
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Wow! That’s fascinating, inspiring, and so brilliant… I wish more places would take this approach!
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I do too
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What a great idea! And better yet, it works!!
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Exactly!
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🙂
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I’m pretty certain it’s always going to be grass roots innovation that solves problems rather than the monster machine of government. Loved reading this. Those will be collectors items one day.
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I agree with you, this is the way things get done
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Isn’t this clever?! So fascinating.
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such a simple and helpful idea
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Brilliant! Made me smile.
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i’m glad, it’s such and simple and helpful idea
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Yes! So many people need it more than ever.
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