St Margaret’s Bay’s First Local Currency
This summer, Transition Bay launched its first local currency, called “Carats.” Three St Margarets Bay area farmers are already using the currency to pay their helpers with farm chores and harvesting.
Area vegetable gardeners and small farm operators can always use help, but often do not want to pay cash for the help. They may be willing to pay in vegetables, but veggies are mostly available towards the end of the season and most of the help is needed in the spring.
As a solution, gardeners and farmers can now print and issue their own currency! Their hired help gets paid with this local currency during the season, and the currency gets redeemed at any time during the season for the market value of vegetables. Hence – the “Carat” – a local garden currency!
Workers get paid first by gaining knowledge and experience in gardening. They also get paid in Carats at a pre-agreed rate per hour, and can exchange their Carats at any time with the gardener for the fair market value of the vegetables. Or, they can use them as currency to pay for any other goods and services, and the folks who received them in payment can come to the gardener for redemption. The gardener becomes the ‘Central Bank’ and is backing the currency in vegetables.
For any additional information and updates about Carats, visit Transition Bay’s Carat page, here.
To become an issuer of Carats or a worker at a local garden or farm, contact::