Local Currency will Launch at Summer Festival

North Country Notes (NCN) is a local currency project with the goal of fostering sustainable economic growth in our region. A locally-issued currency, like the federally-issued US Dollar, is a legal means of paying for goods and services. The advantage of local notes is that they can only be spent locally, whereas US Dollars can be spent outside our region. Local currencies remind people to support local businesses.

Money that is spent locally stays in our community and is eventually re-spent in our community---our local wealth can be recycled over and over, maintaining the economic vitality of our region. On the other hand, money that is spent outside our region effectively leaches our regional wealth.

Local currencies have been successful in other areas---the most notable example is the Ithaca Hours project, which has been active since 1991. NCN improves upon the Hours model by making the notes exchangeable for US Dollars in both directions. Thus, local businesses that accept NCN do not risk getting "stuck" with too much local currency when it comes time to pay inevitable, non-local expenses.

The NCN project keeps a full reserve of US Dollars to back all notes that are in circulation. The organization will buy back notes with US Dollars at any time. Exchange points, which will both buy and sell NCN in exchange for US Dollars, are currently being organized. Several businesses in downtown Potsdam under consideration for use as exchange points. Exchange in either direction is free.

Though the NCN project shares many goals with the Potsdam Chamber Gift Certificate program, there is no overlap in functionality. The Chamber certificates encourage local spending through gift instruments that are meant for one-time use. Gift certificates cannot be re-spent or otherwise recirculated in our economy. In contrast, NCN are general-purpose economic instruments and are not specifically designed to be given as gifts.

North Country Notes will be released for exchange to the public at the Potsdam Summer Festival in July. Businesses that wish to accept the local currency can create an account in the NCN online directory and post a listing for themselves. All listings are free. The directory can be found on the Web at [http://northcountrynotes.org]. Listed businesses will be included in the NCN brochure and other literature. Early adopters will also be mentioned in the press releases that will accompany the July release. Information packets for businesses, including a handbook and a "North Country Notes Accepted Here" window sign, will be available before the July release.

The NCN project is not-for-profit and has 501(c)3 tax-exempt status under the Seedcorn umbrella organization. The Seedcorn office is located at 6 Elm St. in Potsdam. For more information about NCN, contact Jason Rohrer by email [jcr13@users.sf.net] or phone [315-265-0585].