BerkShares

BerkShares are a local currency designed and issued for the Berkshire region of Massachusetts. As of 2013 according to the BerkShares website,{{cite web|author= |url=http://www.berkshares.org |title=Local Currency for the Berkshire Region |publisher=BerkShares |date= |access-date=2013-09-06}} residents purchased BerkShares at 95 cents (USD) per BerkShare from one of sixteen branches of four local participating banks. Businesses then accept BerkShares at full dollar value, differentiating the business as one supporting the BerkShares values of local economy, ecology, sustainability, and community, and creating a five percent discount incentive for those using the currency. BerkShares can then be used by accepting businesses to purchase goods and services from other participating businesses, make change, pay salaries, or support local non-profits, increasing the local economic multiplier effect and keeping value recirculating in the region. If businesses have an excess of BerkShares, they may also be returned to a participating bank at the equivalent rate of 95 cents per BerkShare (i.e., charging no exchange fee).

Over 400 locally-owned businesses currently accept BerkShares for donations. Four participating banks provide BerkShares with 16 brick-and-mortar offices where residents can exchange dollars for BerkShares and receive more information on the project.

Number of exchange points and businesses involved is steadily decreasing. As of 2024 there is six offices of two banks and just over 300 businesses accepting payments in BerkShares.{{cite web |title=BerkShares {{!}} Currency of the Berkshires Region |url=https://berkshares.org/ |website=berkshares.org |access-date=29 July 2024}} The six bank offices exchange US Dollars for BerkShares at 1:1 rate. Businesses can convert BerkShares back to US Dollars at the same rate with 1,5 % fee.{{cite web |title=Using BerkShares – BerkShares {{!}} Currency of the Berkshires Region |url=https://berkshares.org/using-berkshares/ |website=berkshares.org |access-date=29 July 2024}} Individuals can convert maximum of $5 equivalent with $0.5 fee.{{cite web |title=Terms and Conditions – BerkShares {{!}} Currency of the Berkshires Region |url=https://berkshares.org/about/terms-and-conditions/ |website=berkshares.org |access-date=29 July 2024}} Membership in BerkShares costs 25 BerkShares or $25 annually.{{cite web |title=Get Involved – BerkShares {{!}} Currency of the Berkshires Region |url=https://berkshares.org/get-involved/ |website=berkshares.org |access-date=29 July 2024}}

BerkShares are printed in 1, 5, 10, 20, and 50 BerkShare denominations, and feature images of local people.

• The 1 BerkShare note uses a portrait of a Mahican, the original inhabitants of the area.
• The 5 BerkShare note uses a portrait of W. E. B. Du Bois, a civil rights leader born in Great Barrington.
• The 10 BerkShare note uses a portrait of Robyn Van En, co-founder of the community supported agriculture movement at Indian Line Farm in South Egremont, Massachusetts, died in 1997.
• The 20 BerkShare note uses a portrait of Herman Melville, the author of Moby-Dick, written in Pittsfield, Massachusetts.
• The 50 BerkShare note uses a portrait of Norman Rockwell, a painter who lived in Stockbridge, Massachusetts

The BerkShares program seeks to foster collaboration among producers, retail businesses, non-profit organizations, service providers and consumers. It is an attempt to strengthen the local economy. The program also seeks to increase public awareness of the importance of local economies and to foster optimism for the prospect of gaining local economic self-sufficiency.

A number of other local currency initiatives, such as the [http://newguinea-gov.com/ng-store.php Dáanaa], Totnes pound, and Lewes pound, have been developed and built upon the BerkShares model.{{citation needed|date=March 2021}}

The BerkShares currency has attracted international media attention.

The New York Times,{{cite web|last=Barry |first=Dan |url=https://www.nytimes.com/2007/02/25/us/25land.html |title=THIS LAND - Would You Like That in Tens, Twenties or Normans? |location= |work=New York Times |date=2007-02-25 |access-date=2013-09-06}} The Times, [http://berkshares.org/media_coverage/reward_in_local_currency PBS News Hour], ABC World News,{{cite web|url=https://www.youtube.com/watch?v=ZTvsfpAnDzE |title=BerkShares on ABC News (2007) |publisher=YouTube |date= |access-date=2013-09-06}} CBS,{{cite web|url=https://www.youtube.com/watch?v=KoVCozG84mY |archive-url=https://web.archive.org/web/20110321082116/http://www.youtube.com/watch?v=KoVCozG84mY |archive-date=2011-03-21 |url-status=dead|title=BerkShares Local Currency on CBS (2007) |publisher=YouTube |date=2011-10-05 |access-date=2013-09-06}} BBC,{{cite web|url=https://www.youtube.com/watch?v=rYc1u8eqhiM |title=BerkShares Local Currency on BBC (2007) |publisher=YouTube |date=2012-02-29 |access-date=2013-09-06}} CNN,{{cite news|author= Jen Haley CNN |url=http://www.cnn.com/2009/LIVING/wayoflife/04/22/printing.own.currency/index.html?iref=werecommend |title=Some communities are printing their own currency |publisher=CNN.com |date=2009-04-22 |access-date=2013-09-06}} NBC, CNBC, Reuters,[https://www.reuters.com/article/domesticNews/idUSN0530157720070619/ New age town in U.S. embraces dollar alternative] French Television TF1,{{cite web|url=https://www.youtube.com/watch?v=tP-69wzY2mQ |title=YouTube |publisher=YouTube |date= |access-date=2013-09-06}} NTV Russia,{{cite web|url=https://www.youtube.com/watch?v=jPoYpZ75z8Q |title=BerkShares on NTV Moscow (2007) |publisher=YouTube |date= |access-date=2013-09-06}} Business Week,{{cite web|last=|first=|date=2007-07-18|title=Buy Local—With Town Currency|url=http://www.businessweek.com/smallbiz/content/jul2007/sb20070717_097103.htm?chan=smallbiz_smallbiz+index+page_top+stories|url-status=dead|archive-url=https://web.archive.org/web/20090416055456/http://www.businessweek.com/smallbiz/content/jul2007/sb20070717_097103.htm?chan=smallbiz_smallbiz+index+page_top+stories|archive-date=2009-04-16|access-date=2008-04-03|website=BusinessWeek}} Associated Press,{{cite web|url=https://www.google.com/hostednews/ap/article/ALeqM5iheOyI-EE_UMYu1FiKnpEbqzBcPAD95NOVE82 |access-date=February 7, 2009 |url-status=dead |archive-url=https://archive.today/20090205232250/http://www.google.com/hostednews/ap/article/ALeqM5iheOyI-EE_UMYu1FiKnpEbqzBcPAD95NOVE82 |archive-date=February 5, 2009 }} and Yahoo News have all carried prominent stories on BerkShares.

BerkShares were featured on the History Channel program Ten things you didn't know {{Citation needed |date=August 2020}}, in addition to a 2016 episode of the podcast Stuff You Should Know entitled Can you live without a bank account?{{cite web|url= https://www.iheart.com/podcast/105-stuff-you-should-know-26940277/episode/can-you-live-without-a-bank-29467390/ |date=December 26, 2016 |website=I Heart Radio |title=Stuff You Should Know |access-date=August 11, 2020}}

When someone pays for goods or services with local money, the income to the business is taxable. Similar to gift cards, the applicable tax is taken at the time of purchase and paid to the IRS at the time of redemption by the merchant.{{citation needed|date=July 2012}}

{{Portal|Money|Numismatics}}

• List of community currencies in the United States

{{reflist|2}}

• {{Cite news |url=http://www.ktre.com/Global/story.asp?S=6142671&nav=2FH5 |title=Making Money: Town Prints Up Its Own Currency |first=Stephanie |last=Sy |work=ABC News |date=February 26, 2007 |access-date=September 6, 2013 |archive-url=https://web.archive.org/web/20160119043047/http://www.ktre.com/Global/story.asp?S=6142671&nav=2FH5 |archive-date=January 19, 2016 |url-status=dead }}
• {{Cite news|url=http://usatoday30.usatoday.com/money/economy/2009-04-05-scrip_N.htm |archive-url=https://web.archive.org/web/20141016201015/http://usatoday30.usatoday.com/money/economy/2009-04-05-scrip_N.htm |work=USA Today |title=Communities print their own currency to keep cash flowing |first=Marisol |last=Bello |date=April 5, 2009 |archive-date=October 16, 2014 |access-date=September 6, 2013}}
• {{Cite magazine|url=http://content.time.com/time/magazine/article/0,9171,1908421,00.html |magazine=Time |title=Tough Times Lead to Local Currencies |first=Judith D. |last=Schwartz |date=July 13, 2009 |access-date=September 6, 2013}}
• {{Cite news |url=https://www.pbs.org/newshour/businessdesk/2013/09/how-to-print-dollars-in-your-own-backyard-and-keep-them-away-from-wal-mart.html |publisher=PBS |title=How to Print Dollars in Your Own Backyard and Keep Them Away from Wal-Mart |first=Paul |last=Solman |date=September 5, 2013 |access-date=September 6, 2013 |archive-date=January 22, 2014 |archive-url=https://web.archive.org/web/20140122005243/http://www.pbs.org/newshour/businessdesk/2013/09/how-to-print-dollars-in-your-own-backyard-and-keep-them-away-from-wal-mart.html |url-status=dead }}

• [http://www.berkshares.org The website of the Berkshares, Inc. the issuing organization of Berkshares]

Category:Local currencies of the United States

Category:Berkshire County, Massachusetts

Category:Economy of Massachusetts

Category:Currencies introduced in 2006