Ithaca Hours - Origin

Origin

Ithaca Hours were started by Paul Glover in November 1991. The system has historical roots in scrip and alternative and local currencies that proliferated in America during the great depression.

While doing research into local economics during 1989, Glover had seen an "Hour" note 19th century British industrialist Robert Owen issued to his workers for spending at his company store. After Ithaca Hours began, he discovered that Owen's Hours were based on Josiah Warren's "Time Store" notes of 1827.

In May 1991, local student Patrice Jennings interviewed Glover about the Ithaca LETS enterprise. This conversation strongly reinforced his interest in trade systems. Jennings's research on the Ithaca LETS and its failure was integral to the development of the HOUR currency; conversations between Jennings and Glover helped to ensure that HOURS used knowledge of what had not worked with the LETS system.

Within a few days, he had designs for the HOUR and Half HOUR notes. He established that each HOUR would be worth the equivalent of $10, which was about the average hourly amount that workers earned in surrounding Tompkins County, although the exact rate of exchange for any given transaction was to be decided by the parties themselves. At GreenStar Cooperative Market, a local food co-op, Glover approached Gary Fine, a local massage therapist, with photocopied samples. Fine became the first person to sign a list formally agreeing to accept HOURS in exchange for services. Soon after, Jim Rohrrsen, the proprietor of a local toy store, became the first retailer to sign-up to accept Ithaca HOURS in exchange for merchandise.

When the system was first started, 90 people agreed to accept HOURS as pay for their services. They all agreed to accept HOURS despite the lack of a business plan or guarantee. Glover then began to ask for small donations to help pay for printing HOURS.

Fine Line Printing completed the first run of 1,500 HOURS and 1,500 Half HOURS in October 1991. These notes, the first modern local currency, were nearly twice as large as the current Ithaca HOURS. Because they didn't fit well in people's wallets, almost all of the original notes have been removed from circulation.

The first issue of Ithaca Money was printed at Our Press, a printing shop in Chenango Bridge, New York, on October 16, 1991. The next day Glover issued 10 HOURS to Ithaca Hours, the organization he founded to run the system, as the first of four reimbursements for the cost of printing HOURS. The day after that, October 18, 1991, 382 HOURS were disbursed and prepared for mailing to the first 93 pioneers.

On October 19, 1991, Glover bought a samosa from Catherine Martinez at the Farmers' Market with Half HOUR #751—the first use of an HOUR. Several other Market vendors enrolled that day.

Stacks of the Ithaca Money newspaper were distributed all over town with an invitation to "join the fun."

A Barter Potluck was held at GIAC on November 12, 1991, the first of many monthly gatherings where food and skills were exchanged, acquaintances made, and friendships renewed.