Official re-launch of PLENTY
By Bill Willcox
Pittsboro is in the land of PLENTY…again. The town’s local PLENTY currency was re-launched Tuesday, May 12 with secure backing from Capital Bank. New denominations are now available during business hours at the Pittsboro branch, at 37 Hillsboro Street.
The exchange rate is $.90 for one PLENTY, providing consumers a 10 percent discount on purchases from local businesses.
The public may also exchange “old” PLENTYs for the newly denominated PLENTYs at Capital Bank in Pittsboro. The new denominations correspond directly with US dollars ($1, $5, $10, etc.) and are taxed the same as dollars.
Originally launched in 2002, the PLENTY (an acronym for Piedmont Local EcoNomy Tender) is a local currency supported by a grassroots effort to promote local spending in the heart of North Carolina’s Piedmont region; including Chatham, Orange, Durham and parts of Alamance, Wake and Lee counties.
“Capital Bank’s backing of the PLENTY is the notable difference in this re-launch of our local currency,” said Lyle Estill, president of Piedmont Biofuels and member of the PlLENTY Board of Trustees. “Now that the note is exchangeable, redeemable for something else of value, we should see wider use in the region.”
Jennifer Benefield, chief administration officer for Capital Bank and member of the PLENTY Board of Trustees, said the bank’s decision to back the currency is based on a commitment to local commerce. “Capital Bank stepped up to propel this community effort,” she said. “Our focus stays on the communities we serve and since local currencies are generated within a specific area, they help promote cooperation, bolster local commercial channels and foster a sense of civic pride that only makes a community stronger.”
More information about the PLENTY, including how to become a member of the PLENTY Currency Cooperative, is available at www.theplenty.org.
So far, about 24 businesses, including one in Wilmington, are now members of the PLENTY Currency Cooperative. They are listed on the website.