The PLENTY And The Economy

How do PLENTYs enter our economy?

There are several ways. First, members are issued PLENTYs when they join and periodically thereafter. The initial issuance will be 5 PLENTYs per member, for a total issuance of about $5,000 (US cash equivalent). Second, NCPlenty can use an amount equal to 5% of member issuance for expenses such as printing the currency or producing outreach materials. This amounts to about a 25 PLENTY ($250) limit for the first issuance. Third, our bylaws authorize the Board of Trustees to use a maximum of 20% of issuance for purposes that support our mission. Such uses might include grants or zero-interest loans to community non-profit organizations or an exchange bank where community members can exchange dollars for PLENTYs. Our bylaws require that the Board of Trustees annually generate an issuance policy that sets member issuance and that specifies how much of the 20% will be used during any year and for what purpose. The NCPlenty Board of Trustees will determine this policy based on the needs of the community and its members for an optimal supply of PLENTYs. This policy must be approved by NCPlenty members at our annual meeting.

How much will they help our area?

PLENTYs function just like US cash except that they can only be spent in our local area. A PLENTY adds economic activity to our area each time it is spent and so will contribute many times its face value to our economy. For example, the HOUR, which is a local currency in Ithaca, New York, has generated over $5 million in economic activity with $85,000 worth of HOURS in circulation. Given the similarities in community standards and available services, including a large farmer's market and food co-op, a significant university presence, and an interest in social activism, a local currency should be at least as successful here as it has proven to be in Ithaca.

How many members are there?

There are currently over 100 members of NCPlenty. To see a currenty listing, please visit our member directory. We have members from all types of businesses, including people working from their homes, in stores and offices in our downtown areas, and on nearby farms. The Ithaca HOUR has grown at an annual average rate of 125% over the past eleven years, with a higher rate in the first several years. We expect to at least match that growth and recruit between 200 and 300 members each year over the next few years and to have in excess of 2000 members by 2012.

Who benefits from the PLENTY?

Everyone who has a stake in the local economy benefits from the PLENTY. These benefits come from the increased demand for local goods and services among members and from a heightened public awareness of the importance of our local economy. The PLENTY is an additional pool of money that adds wealth to our community. NCPlenty is strictly a volunteer organization so there is no direct financial benefit for any officers or other members from NCPlenty activities.

What are my risks?

Although we cannot anticipate every contingency, we believe the risk to any member is small. Just as with US currency, the value of the PLENTY is not guaranteed by NCPlenty or any other organization. The PLENTY's value is tied to the community of members who agree to its exchange.