The city of Detroit has unveiled a local currency, according to Model D media.
We’ve written about Toledo’s buy local movement. Printing a local currency takes the buy-local economic development notion to its highest level.
The exchange of local currency requires a commitment from buyers to spend their money at local merchants.
Many communities from Ithaca, New York to Pittsboro, N.C., have resorted to this Depression-era concept to stimulate the local economy, USA Today reports.
Local greenbacks are called Hours in Ithaca and Plenty in North Carolina. Detroit has elected to call its currency Cheers.
“This is the Detroit economic stimulus package,” said Greg Gedda, owner of Uniontown, a Detroit restaurant.
$4,500 worth of Cheers are currently in circulation.