Frequently Asked Questions
IS THIS LEGAL?
Yes. There are over 4,000 local exchange systems functioning worldwide. The largest system is the WIR, located in Switzerland, which began in 1935, and supports over $2 Billion in sales each year. In the United States, the two most well-known systems are the Ithaca Hours (begun in 1990) and the Berkshares (2006).
HOW DO I ACCOUNT FOR LOCAL DOLLARS?
The same way you account for Federal Dollars. Uncle Sam insists you send him a share of your profits in the form of Federal Reserve Notes.
DO I NEED TO LIVE IN UTAH COUNTY TO BE A MEMBER?
No. Membership is open to anyone who desires to participate. However, we will be focusing, at least initially, upon the needs of residents in Utah County.
CAN I EXCHANGE MY LOCAL DOLLARS FOR FEDERAL DOLLARS AND VICE-VERSA?
Yes. The Exchange will establish a buy and sell rate for Local Dollars. This rate will vary with market conditions. The Exchange believes in voluntary, free market exchange, so any member may "make a market" in the Local Dollars. For example, if the Exchange is buying Local Dollars at 90% of face value, and selling them at 95% of face value, members are free to trade in Local Dollars by offering better rates than offered by the Exchange.
WILL I BE ABLE TO SPEND LOCAL DOLLARS AT FULL FACE VALUE?
Yes. The Membership Agreement obligates all members to accept Local Dollars at the same price as Federal Dollars. If the price of an item is 100 Federal Dollars, they must accept 100 Local Dollars as well. In addition to this requirement, the Exchange will sponsor promotions to businesses, which will give you the opportunity to spend Local Dollars in preference to Federal Dollars. This will be similar to the "cash back" feature of a credit card.
ARE YOU TRYING TO COMPETE WITH THE U.S. GOVERNMENT?
No. The Local Dollar is complementary to the Federal Dollar, not competitive. The U.S. Government does not actually "own" a single dollar in the "money" system. A small group of private bankers, named the "Federal Reserve System," controls the entire supply of "money" in the U.S. (and much of the world as well). The Anderson Local Dollar is NOT money nor a money substitute. It is NOT a barter instrument, nor a currency, nor a security. Rather, it is a private credit obligation of Anderson Stamp & Coin. The Exchange is politically neutral and has no opinion in regard to governments or private bankers.
SOUNDS GREAT! HOW DO I JOIN?
Becoming a member is easy. Read the Membership Agreement, fill out the online form, and send in your initial payment. Or, come in during our business hours and sign-up in person. JOIN TODAY, AND HELP US IN THE EFFORT TO BUILD OUR SUSTAINABLE FUTURE HERE IN UTAH COUNTY!
214 North University Avenue, Provo, Utah 84601 (801) 375-7645