A local currency system is being planned for the Roanoke area that will trade in a currency called Nokies. Lead organizer Rick Cook will lead a discussion on Saturday, January 16 from 10:30am to 12 noon at the Roanoke Natural Food Co-op on Grandin Road in Roanoke.

What are your thoughts about a local currency in Roanoke?

Here’s the proposal so far…

Blue Ridge Mountain Exchange
A Proposed Complementary Currency System for the Roanoke Area

The proposed Blue Ridge Mountain Exchange (BRME) would be a non-profit membership cooperative with the purpose of implementing a producer-owned complementary currency for the Roanoke, Virginia, area. Such currencies are legal and are used in dozens of communities. The most well-known U.S. system is Ithaca Hours in Ithaca, New York, where over $120,000 has been issued, fueling several million dollars in commerce. The Swiss WIR system has over 70,000 members, with annual trade in the hundreds of millions of Swiss francs.

The purposes of complementary currency are to build community, promote economic independence, support local business and trade, encourage entrepreneurship, reduce unemployment, and enhance the minimum wage.

• BRME would trade in a regional currency we propose be called “Nokies,” named after Roanoke. “Roanoke” was an Indian word meaning “shell money.” One Nokie would be equivalent to ten U.S. dollars. ½ Nokie would equal $5, 1/10th would equal $1, and so on. Nokies would be an attractive paper currency. Like the Ithaca Hours currency, Nokies would be printed on quality paper, have serial numbers, and have counterfeit protection superior to U.S. currency.
• While anyone could buy and sell with Nokies, BRME would be a membership organization. Businesses, organizations, and individuals who accept Nokies in trade would be eligible for membership. Members would enter into a contract with BRME to have an account, for BRME to keep records of their transactions, and to be able to transfer payments to other members on-line. In order to join, a member would pay a small annual membership fee in U.S. currency and would receive Nokies at a discount to begin trading. BRME would not be a bank.
• Members would be eligible to qualify for a line of credit and would be able to withdraw or pay funds using paper checks. BRME would also spend Nokies into circulation for administrative costs and could make grants to worthy charities. Members could make loans or grants in Nokies. The amount of Nokies in circulation would be carefully monitored.
• A BRME membership directory would be posted on-line through its website at www.OurNokies.com which is under development. The website would be the portal for members to access their accounts. A print directory would also be produced quarterly and distributed throughout the Roanoke area.
• 500 members within a year of the start date would be the immediate goal. Recruitment would focus on individuals offering services, professionals like lawyers and healing practitioners, businesses such as grocery and hardware stores, trades like plumbing and heating, as well as farmers, landlords, gardeners, restaurants, and local manufacturers. Member businesses could also supplement employee wages with Nokies.
• The use of Nokies would keep currency within the local and regional trading systems, taking advantage of monetary “velocity” and “turnover.” A single Nokie could fuel hundreds of dollars in trade over its lifetime, while most of the U.S. currency spent in chain stores or paid to a bank through interest exits the region almost immediately. Nokies would have the potential to transform the regional economy.
• Money earned in Nokies would be taxable only when one or more parties is professional; otherwise not. For professionals, net earnings would far outweigh any added tax liability. BRME, with other exchanges around the country, would work to persuade local and state governments to accept Nokies for payment of taxes and utility bills. Eventually the federal government could do the same.

For more information, visit ournokies.org or the facebook group.