Praise for local currency
By Frank Touby

L-R Darlene Murray (CIBC), John Flanders, Joy Kogawa, James Page (CIBC), Prof. Abe Rotstein, David Walsh, Janice Chamberlain (CIBC) during the announcement last month.

Toronto Dollars are now on sale at both Neighbourhood King St. branches of Canadian Imperial Bank of Commerce (at Toronto Street and at Sherbourne).  "CIBC is proud to be a part of this excellent program," said James Page, community manager for CIBC.  It makes CIBC the first chartered bank to support the local currency which helps to support charitable works.

University of Toronto economics professor Abe Rotstein is a supporter of the local currency concept and says there is a sound foundation for such currencies.  He was especially high in his praise of the Toronto Dollar, because there is 100 per cent reserve held.  That means all the money required to redeem the dollars issued is held in trust.

January, 1999

Make Toronto Dollars work for you with a special bargain classified ad

Starting in February, The Community Bulletin will begin accepting classified ads from individuals who wish to offer services in exchange for payment in at least 50% Toronto Dollars.  CB will accept 100% Toronto Dollars in payment for these classified ads.

These services can be any legitimate activity from babysitting to window-cleaning and will be listed in alphabetical order starting with the type of service or product offered. Typical ads will read as follows, with 100% TO.  Dollars presumed in absence of another percentage: Bike, motorcycle repairs; Bert; 75%; 546-2094; M0311 gardening; Rita Chessman; 50%; 387-7074; G0003 Lawyer; Kelsey Muka; 564-3532, L0200 Motorcycle, bike repairs; Bert; 75%; 546-2094; M0312. Note that in examples 1 and 4, Bert is the advertiser who accepts up to 75% TO.  Dollars in exchange for his bicycle and/or motorcycle repair work. He lists his phone number and the final letter-number combination at the end of the line is the code number for that ad.  Ads cost $2 for the first insertion to cover typesetting, then $1 per month thereafter, in advance.

Bert’s two ads for the bike and motorcycle repair services will cost him $4 (cash or TO.  Dollars) for each month, and then $2 (cash or TO.  Dollars) each month thereafter that he wants his two ads to run.  He is doing two ads so that if someone is seeking bicycle repair, that person will likely look under the B’s, while someone who needs to fix a motorcycle would, more likely look under the M’s.

Rita Chessman, who offers gardening services in example 2, is listed under the G’s, accepts up to half Toronto Dollars and half cash, and pays $2 to start and then $1 per month.

Lawyer Kelsey Muka in example 3 accepts payment in full in TO.  Dollars and pays $2 per month for the first month, and $1 for each month thereafter.

Who can place a TO.  Dollar Classified Ad:

Any person offering a product or service from his or her home.  OR Any person or enterprise offering a product or, service from a non-residential business location, provided that business also has a display ad in each issue of The Community Bulletin where the Toronto Dollar Classified Ad appears.

How to place an ad:

Plan what the first word of your ad will be (the one that determines what classification it falls under), making sure it describes your service or product.  Write that on the form or a piece of paper.

Clearly write your name in full or in part.

Clearly write your phone number. (We presume the area code will be 416.)

(The reference number at the end in the printed classified ad will be placed there by The Community Bulletin and you will use that to refer to your ad in any discussions with us.)

Deposit the form or piece of paper with your classified ad information and cash (or TO.  Dollar) payment in full for the number of issues (monthly) you wish your ad to appear either at the Toronto Dollar office on the third floor of the Flat Iron Building at the juncture of Wellington and Front streets, or at Toronto’s First Post Office, 260 Adelaide St. E. For businesses not operated from home, T.O. Dollar Classified Ads must be placed when display ads are placed in The Community Bulletin.

October, 1998.

Buck up! More money is coming!

Toronto Dollars should boost local money supply

By Frank Touby

Our neighbourhood will soon grow in wealth.  The advent of Toronto Dollars, whose growth is spurred on by the residents/business group St. Lawrence Works, is aimed at bringing more spending power to the neighbourhood.

Already 41 merchants have agreed to accept the new local currency at par with the Canadian dollar, and there hasn't even been a push to sign up merchants yet.

Market manager Jorge Carvalho is a big supporter of the TO Buck concept and was quick to recruit Market merchants.  He still has some to present the idea to, and expects very few Market merchants will refuse to accept the colourful new bills when they are issued - it is hoped - in time for Christmas shopping.

John Flanders, a resident of 25 The Esplanade and new president of St. Lawrence Works, is one of the spark plugs behind the local currency, as is his partner, famed novelist Joy Kogawa, along with economist and businesswoman Susan Bellan, owner of Frida Crafts on Front St., and businessman David Walsh, owner of the Flatiron Building.

Flanders says his group is close to making a deal with a banknote printing firm, perhaps the one that prints the Canadian dollar, to mint between $50,000 and $70,000 of the TO Buck in four denominations $1, $5, $10 and $20.

Using such a currency printer would allay fears of counterfeiting because the TO Bucks would be printed on banknote paper which can't be obtained outside the minting industry and which has features that prevent photocopying.

Also, each Toronto Dollar will have a serial number.  There is a "void after" date printed on each bill, but that is only so they can be redeemed and replaced by newly minted and redesigned bills later.  It is a safeguard move in case some counterfeits do show up.

Counterfeiting is unlikely because of the relatively small total issue of currency and the fact that, although merchants will accept it at par, many merchants will limit their acceptance of TO Bucks to a percentage of each sale.

The currency designs were produced by graphic artist Stephen Yeates, 51, a former geography teacher in Ottawa who studied interior design at Ryerson 11 years ago and later got into graphic work.

"I had never designed a currency before, but few artists ever have," he said.  "St. Lawrence Works wanted to have the currency represent the neighbourhood.  They had images of the buildings that they wanted to have on it.  I thought it could be from very traditional to very clean and modem.  They had choices, but we all felt a traditional currency would have more legitimacy.  That's why banks had Greek columns in front of them."

The Toronto Dollars will be sold by St Lawrence Works to businesses and individuals.

To subscribe to the new currency, or for more information, phone 361 0466.

The Community Bulletin will inaugurate a special section for use by neighbourhood residents to advertise services they will perform in exchange for Toronto Dollars. Negotiations are underway with the Toronto Voice newspaper to publish that section.