Great Barrington, MA is using a local currency in hopes of helping small businesses by rewarding consumers who shop locally. The currency called “BerkShares” is worth .90 US Dollars. Customers buying a $1 cup of coffee with 1 “BerkShare” get an automatic 10% discount.
As the article states, because big national chains won’t take the currency, accepting the currency allows small businesses to compete and fosters local or regional pride.
There’s just one catch – businesses can’t survive taking JUST these local currencies. Taxes and vendors all want to be paid in US Dollars!
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