Over 250 businesses in Ithaca, New York (approximately the same size and economic/ geographical breakdown as Calderdale) now accept local currency. For many businesses, Local Currency (known as HOURS) promotes the 'shop locally' theme or inspires customer loyalty, while others have earned and spent thousands of $ HOURS.
The local currency group has made a loan of $30,000 HOURS to the local credit union (to help them build new headquarters), and granted about $10,000 of HOURS to over 54 community organisations.
One question arising about local currencies is about 'new' trade. How do you distinguish between trades that ONLY took place because of the local currency system, and trades that would have taken place anyway, but which just happened to use local currencies?
This is hard to quantify. Lots of ‘new’ trades appear to have been made possible by the existence of Ithaca’s local currency system, but since the currency is paper rather than computer-based, there is no way to accurately track it.
Nevertheless, Jordan Yinn (a professor of economics) estimates that once fully established a local currency should increase local trade by between three and six hundred percent.To read their success story click on the link here.