The E-Sylum:  Volume 10, Number 25, June 24, 2007, Article 28

ARTICLE HIGHLIGHTS BERKSHARES ALTERNATE CURRENCY

Stephen Pradier and Susie Nulty forwarded the latest article (this time
from  Reuters) about Berkshares, an alternative currency in use in
Massachusetts.

"A walk down Main Street in this New England town calls to mind the
pictures of Norman Rockwell, who lived nearby and chronicled small-town
American life in the mid-20th Century.

"So it is fitting that the artist's face adorns the 50 BerkShares note,
one of five denominations in a currency adopted by towns in western
Massachusetts to support locally owned businesses over national chains.

"'I just love the feel of using a local currency,' said Trice Atchison,
43, a teacher who used BerkShares to buy a snack at a cafe in Great
Barrington, a town of about 7,400 people. 'It keeps the profit within
the community.'

"There are about 844,000 BerkShares in circulation, worth $759,600 at
the fixed exchange rate of 1 BerkShare to 90 U.S. cents, according to
program organizers. The paper scrip is available in denominations of
one, five, 10, 20 and 50.

"In their 10 months of circulation, they've become a regular feature of
the local economy. Businesses that accept BerkShares treat them
interchangeably with dollars: a $1 cup of coffee sells for 1 BerkShare,
a 10 percent discount for people paying in BerkShares.

"Named for the local Berkshire Hills, BerkShares are accepted in about
280 cafes, coffee shops, grocery stores and other businesses in Great
Barrington and neighboring towns, including Stockbridge, the town where
Rockwell lived for a quarter century.

"Meanwhile, Berkshire Hills Bancorp Inc., a western Massachusetts bank
that exchanges BerkShares for dollars, is considering BerkShares-denominated
checks and debit cards.

"'Businesses aren't comfortable walking around with wads of BerkShares to
pay for their supplies or their advertising,' said Melissa Joyce, a branch
officer with the bank, which has 25 branches, six of which exchange
BerkShares. 'I do hope that we're able to develop the checking account
and debit card, because it will make it easier for everyone.'"

To read the complete article, see: Full Story

[Stephen Pradier also forwarded a link to a CBS news article and video
on the topic. He notes that "The video is on the same page as the CBS
news article. The link is to the right hand side of the web page and the
title is Local Money Stays Local." -Editor]

To view a CBS News article on BerkShares, see: Full Story

To visit the Berkshares web site, see: berkshares.org/images/gallery

  Wayne Homren, Editor

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