Potomac (currency)
Encyclopedia
The Potomac is a local currency
that circulates in the National Capital region of the United States
. It was introduced informally in early 2009 at a series of community swap meets called Potomac Potlatches and launched May 3, 2009 by EcolocityDC at the Forum on Faith, Economy & Ecology organized by the Maryknoll Office for Global Concerns. The Ecolocity website lists eight businesses in the Greater Washington area that accept the currency, as do vendors at the Petworth Community Market. To date, 1145 Potomacs have been issued. The bills were designed and printed by Larry Chang, Ecolocity founder and graphic designer.
The currency system was based on the BerkShares
model with an added feature derived from the German Chiemgauer
whereby non-profit organizations with brick-and-mortar offices are invited to act as cambios for a commission.
and an engraving of George Washington
over his signature. The reverse shows a panorama of Washington viewed from Virginia across the Tidal Basin of the Potomac River
.
The project seeks to assure that a high percentage of each dollar spent will remain circulating in the community. This increase in community capital creates a positive environment for new entrepreneurial ventures. It is hoped that new businesses sprouting from the resulting local generation of wealth will replace imported goods with locally produced items, which are more environmentally sustainable in that they do not need to be shipped over vast distances by the use of fossil fuels.
, and RT (TV network)
have carried stories on Potomacs.
Local currency
In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...
that circulates in the National Capital region of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. It was introduced informally in early 2009 at a series of community swap meets called Potomac Potlatches and launched May 3, 2009 by EcolocityDC at the Forum on Faith, Economy & Ecology organized by the Maryknoll Office for Global Concerns. The Ecolocity website lists eight businesses in the Greater Washington area that accept the currency, as do vendors at the Petworth Community Market. To date, 1145 Potomacs have been issued. The bills were designed and printed by Larry Chang, Ecolocity founder and graphic designer.
How it works
Potomacs are a local currency designed and issued for the National Capital Area of Washington DC and its suburbs in Northern Virginia and Maryland. Residents purchase Potomacs at 95 cents on the dollar from a central cambio operated by Greater Washington Exchange. Businesses then accept Potomacs at full dollar value, differentiating the business as one supporting the Potomac's values of local economy, ecology, sustainability, and community, and creating a five percent discount incentive for those using the currency. Potomacs can then be used by accepting businesses to purchase goods and services from other participating businesses, make change, pay salaries, or support local non-profits, increasing the local economic multiplier effect and keeping value recirculating in the region. If businesses have an excess of Potomacs, they may also be returned to the cambio for an equivalent of 95 cents per Potomac.The currency system was based on the BerkShares
BerkShares
BerkShares is a local currency that circulates in The Berkshires region of Massachusetts. It was launched September 29, 2006 by BerkShares Inc., with research and development assistance from the New Economics Institute. The BerkShares website lists over 370 businesses in Berkshire County that...
model with an added feature derived from the German Chiemgauer
Chiemgauer
Chiemgauer is the name of a regional local currency started in 2003 in Prien am Chiemsee, Bavaria, Germany. It is named after the Chiemgau, a region around the Chiemsee. The Chiemgauer program is intended to promote local commerce...
whereby non-profit organizations with brick-and-mortar offices are invited to act as cambios for a commission.
Denominations
Potomacs are printed in 1, 5, 10, and 20 Potomac denominations, and feature differentiating images of people connected to the Washington area, with a common design showing the United States CapitolUnited States Capitol
The United States Capitol is the meeting place of the United States Congress, the legislature of the federal government of the United States. Located in Washington, D.C., it sits atop Capitol Hill at the eastern end of the National Mall...
and an engraving of George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...
over his signature. The reverse shows a panorama of Washington viewed from Virginia across the Tidal Basin of the Potomac River
Potomac River
The Potomac River flows into the Chesapeake Bay, located along the mid-Atlantic coast of the United States. The river is approximately long, with a drainage area of about 14,700 square miles...
.
- The 1 Potomac note uses a portrait of Marvin GayeMarvin GayeMarvin Pentz Gay, Jr. , better known by his stage name Marvin Gaye, was an American singer-songwriter and musician with a three-octave vocal range....
, DC's best-known native singer, songwriter and instrumentalist. - The 5 Potomac note uses a portrait of Frederick DouglassFrederick DouglassFrederick Douglass was an American social reformer, orator, writer and statesman. After escaping from slavery, he became a leader of the abolitionist movement, gaining note for his dazzling oratory and incisive antislavery writing...
, abolitionist, women's suffragist, editor, orator, author, statesman and reformer born in Talbot County, MarylandTalbot County, Maryland-2010:Whereas according to the 2010 U.S. Census Bureau:*81.4% White*12.8% Black*0.2% Native American*1.2% Asian*0.1% Native Hawaiian or Pacific Islander*1.6% Two or more races*2.7% Other races*5.5% Hispanic or Latino -2000:...
who spent the latter part of his life in DC. - The 10 Potomac note uses a portrait of Pierre L'Enfant, French-born architect and civil engineer who designed the city of Washington.
- The 20 Potomac note uses a portrait of Harriet TubmanHarriet TubmanHarriet Tubman Harriet Tubman Harriet Tubman (born Araminta Harriet Ross; (1820 – 1913) was an African-American abolitionist, humanitarian, and Union spy during the American Civil War. After escaping from slavery, into which she was born, she made thirteen missions to rescue more than 70 slaves...
, abolitionist, humanitarian, and Union spy during the American Civil War, born in Dorchester County, MarylandDorchester County, MarylandDorchester County is a county located in the U.S. state of Maryland on its Eastern Shore. It is bordered by the Choptank River to the north, Talbot County to the northwest, Caroline County to the northeast, Wicomico County to the southeast, Sussex County, Delaware, to the east, and the Chesapeake...
.
Purpose
The Potomacs program seeks to foster collaboration among producers, retail businesses, non-profit organizations, service providers and consumers. It is an attempt to strengthen the local economy. The program also seeks to increase public awareness of the importance of local economies and to foster optimism for the prospect of gaining local economic self-sufficiency.The project seeks to assure that a high percentage of each dollar spent will remain circulating in the community. This increase in community capital creates a positive environment for new entrepreneurial ventures. It is hoped that new businesses sprouting from the resulting local generation of wealth will replace imported goods with locally produced items, which are more environmentally sustainable in that they do not need to be shipped over vast distances by the use of fossil fuels.
Media attention
The Northwest Current , NPR affiliate WAMUWAMU
WAMU is a public radio station that services the greater Washington, D.C. metropolitan area. The station broadcasts on 88.5 FM, online at wamu.org, and on HD Radio at 88.5-HD1, 2 and 3. WAMU is on-air 24 hours a day. It is licensed to American University, and its studios are located near the campus...
, and RT (TV network)
RT (TV network)
RT, previously known as Russia Today, is a global multilingual television news network based in the Russian Federation run by the state-owned state-run RIA Novosti....
have carried stories on Potomacs.