| Time-based Currency |
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In Economics , a time-based currency is an Alternative Currency where the unit of exchange is the Hour . Time-based currencies value everyone’s contributions equally. One hour equals one service credit. In these systems, one person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. TIME DOLLARS Time Dollars are created via mutual credit: Each transaction is recorded as a corresponding Credit and Debit in the accounts of the participants. In a Time Dollars system, or Time Bank, each participant's time is valued equally, whether she/he is a novice or an extensively trained expert. Time Dollars thus recognize and encourage reciprocal community service, resist Inflation without encouraging hoarding, and are in sufficient supply, which enables trade and cooperation among participants. More importantly, the Time Bank is a tool for reweaving the very fabric of community. The tool has proven to be extremely flexible, working equally well across ethnic, socioeconomic, religious or racial groups. It has been implemented in a wide variety of settings - rural Appalachia, urban St. Louis, in Youth Court, and in retirement communities, to name a few. Time Dollars Comic Book In 2003, Dr. Edgar S. Cahn, founder of The Time Dollar Institute, and comics creator Patrick Strange aka "The Golden Child" of Temple Far East Entertainment collaborated to produce the comic book, ''Time Dollars''. ''Time Dollars'' # 1 featured the story "A History Lesson" written and created by Patrick Strange , illustrated by artists Jerry Gaylord and David Newbold and featured a cover by artist Pop Mhan . "Time Dollars" is no longer in production, and is not currently available. TIME BANKS In the United Kingdom the plans are called ''timebanking, time banks'' and ''hour banks.'' There are reported to be 75 plans running in the UK, with 30 operating in Greater London. They are promoted as a tool in community Regeneration . THE IOU OF LOVELY The Micronation of Lovely set up by Danny Wallace uses this type of currency known as the Interdependent Occupational Unit (IOU). These have been given out by posting on the country's site's message boards. However, no use of these IOUs have been announced. SEE ALSO
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