The Ultimate Barter

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We accept Ithaca HOURS based on certain designated, fee-based services. Our credit union starts out by saying that some people are dollars rich and other people are time rich. Time-rich people have accessed Ithaca HOURS through the use of their skills and time. These people may have overdressed their checking account because they don't have the cash there. So we've allowed Ithaca HOURS to cover transaction fees that time-rich people wouldn't necessarily have the dollars to pay for. These include fees for mortgage applications, business loans, overdrafts, and membership.

As for the the HOURS we take in, we use them to pay for services at the bank. The printer accepts them and so do the people who do repairs on the building and who mow the lawn. We also use them to register for advertising events and we try to encourage others to accept them. One of the most popular uses for HOURS is offering them as bonuses. There's something different about giving an employee a $50 bill versus a 1 HOUR note. When you put an extra $50 in someone's paycheck, they often use it to pay off a bill. When you give someone extra HOURS, they do something special with it.

The best thing I can say about the HOURS is that they really empower people. My little daughter saw me using an Ithaca HOUR and said "Daddy, didn't you just print this thing out? How can it work?" The fact is, somebody simply prints out federal dollars too, but nobody ever thinks about that. Dollars are so much a part of our psyche that we don't ever question it. What could be more empowering than printing your own money?

Anna Steinkraus, Littletree Orchards

I've been bartering since Paul started up the HOURS system in 1991, and I accept HOURS for my apples and cider down at the Farmer's Market every weekend. The clientele who use HOURS is small right now—about 2% of my customersc—but it's definitely building.

At first I was skeptical of both accepting them and using HOURS. I didn't know how others would respond to them, but it's definitely been positive for us and a good promotion for our business. I also think the more ways we make our goods available to people at the market, the better. I've gotten to know a whole bunch of nice people I never would have met if it hadn't been for HOURS.

The only problem that I see with the HOURS is that there is still some confusion right now. For instance the HOURS are based on certain increments. So sometimes you have to give change back but there's nothing small enough in HOURS. If they don't have dollars or change, it can get confusing. Also, too many people right now are nervous that the bottom will just fall from under the system and they'll be left with nothing. At this point, people just need to be shown that they can trust HOURS—they must have faith in the currency. I would like to believe that it'll grow and have a strong local impact.

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