Burgess COMMENTARY

Peter Burgess

Q.When will Bridgetown Bucks start circulating in the Portland area?
Q.What's ahead for Bridgetown Bucks--- ATM cards, checks, cell phone accounts?
Q.How do I get some Bridgetown Bucks?
Q.Can Bridgetown Bucks replace the U.S. Dollar?
Q.Can I buy some Bucks today before they begin circulating?
Q.How do the Bridgetown Bucks make it into circulation?
Q.How does the 5% discount work? Where does that 5% go?

It is anticipated that the new polymer notes, Bridgetown Bucks, will be available for everyday use in the first quarter of 2013.

Update: Notes being printed in September and shooting now for a possible Novermber roll out!

It is anticipated that the new polymer notes, Bridgetown Bucks, will be available for everyday use in the first quarter of 2013. The company is still 4-5 months away from this launch. At present there are indications of interest from about two dozen local businesses and we expect that number to be several hundred businesses by 2013. While the company has not yet partnered with any local bank, negotiations and talks are now underway with local credit unions which will act as exchange agents between national currency and Bridgetown Bucks.

Home > The BucksFAQWhat's ahead for Bridgetown Bucks--- ATM cards, checks, cell phone accounts?

NO, the Bucks are a simple tool that can be used to help increase local business and support the local economy.

There are NO plans to change it, upgrade to digital or add any sort of a checkbook application.

Home > The BucksFAQ > How do I get some Pocono Doe

There are several easy ways to obtain Bridgetown Bucks.

Be a part of the local Portland economy by offering goods or services for sale and accept all or part of your price in Bridgetown Bucks.

Ask for Bucks in change when you make a cash purchase at any participating merchant.

Visit a participating credit union and convert U.S. dollars into Bridgetown Bucks

Home > The BucksFAQCan Bridgetown Bucks replace the U.S. Dollar?

NO, of course not. Many people will talk about the threat of local currency being a replacement for national money but in reality nothing is further from the truth. Local currency whether a paper currency, time dollar or Hour exchange, can never replace national currency. These products are all designed to circulate in small local areas alongside national money. Small systems compliment the national money system they do not compete with it. As was referenced previously, a local paper currency can be considered the close cousin of a coupon or gift certificate. The use of local currency is not a statement of indifference towards national money or government but a conscious decision to direct a portion of monthly spending towards locally owned and operated business.

Local currency is a tool to help people gain better control and more responsibility over their local economy and community. Local businesses that source their products and ingredients from local suppliers tend to be much more resilient that stores affected by global supply and demand. Ask yourself, when the next recession, currency crisis or global war begins do you want to be reliant on produce from China or goods from Eugene, Oregon? The Berkshares has shown us that using a local currency should also help strengthen the regional economy, favoring locally owned enterprises, local manufacturing, and local jobs, and reducing the region's dependence on an unpredictable global economy.

Bridgetown Bucks are not and never will be a replacement for national money. It is ignorant for anyone to make such a statement or allegation.

Home > The BucksFAQCan I buy some Bucks today before they begin circulating?

No, everyone must wait until the notes begin circulating in early 2013. However, interested parties may sign our pledge sheet which shows the world that you intend to particpate in this local program when it opens. Making the pledge means that you will participate and buy at least $50 face value of notes in the first week of circulation.

Home > The BucksFAQHow do the Bridgetown Bucks make it into circulation?

Each note starts in the local credit union. Anyone wishing to save 5% on their next Portland shopping trip will visit a participating credit union and exchange national money for local Bucks. $95 U.S. Dollars will exchange for 100 local Bucks. The exchange rate is always equal to ninety-five cents per one Bridgetown Buck. The local notes come in 4 denominations: One, Five, Ten and Twenty. All U.S. dollars exchanged for Bucks shall remain on deposit with the local credit union while the Bucks are in circulation.

Home > The BucksFAQ/How does the 5% discount work? Where does that 5% go?

The five percent discount is part of the exchange rate and is realized during the process of exchanging dollars and local currency. It is not a discount given at the point-of-sale. The 5% doesn't 'go' anywhere and no one is making a profit on a Bucks transaction. As incentive for consumers to use Bridgetown Bucks and place the notes into circulation, a 5% discount is offered to anyone exchanging dollars for local currency. $9.50 in U.S. currency will get you 10 Bridgetown Bucks. Anyone converting dollars will realize a small profit on the exchange and thus save 5% on all their purchases using Bridgetown Bucks. This happens everday of the year and there are no limitations on how much a person may convert.

The $9.50 in U.S. dollars that was exchanged is now on deposit at the credit union. If you are a someone that has accumulated an excess of local notes and would like to turn them back into U.S. currency, you will need to visit the credit union and make an exchange. However, converting back into U.S. dollars takes local currency out of circulation and to discourage this, there is a 5% fee for the exchange. 10 Bridgetown Bucks will net you $9.50 in U.S. currency. That is the same $9.50 in cash that was left on deposit at the credit union.

The 5% is used to encourage people to place the currency into circulation and discourage people from removing the local currency from circulation. The more times a local currency note can flow through transactions in the local economy, the better for local busines