The PLENTY Board of Trustees voted to remove the 10% discount for PLENTY exchanges effective Monday, July 13th.

The discounted exchange rate was successful as a limited-time incentive to encourage consumer adoption, and resulted in approximately 15,000P in circulation since relaunching the local currency with Pittsboro’s Capital Bank on May 12. Starting today, the official exchange rate at Capital Bank will be 1P:$1 — thus eliminating the 10% penalty for exchanging PLENTYs for Federal Reserve Notes. As always, all PLENTY in circulation are backed by Federal Reserve Notes on deposit at Capital Bank.

The next phase of the PLENTY’s growth is broadening the network of local businesses who accept the PLENTY from consumers and spend it by growing their local supply chain.

One Response to “PLENTY Exchange Rate Moves to 1P:$1 Today”

  1. Drew says:

    What I don’t entirely understand is why the PLENTY is necessary for accomplishing the objectives it is supposed to help achieve. Couldn’t many of these objectives simply be accomplished without the additional transaction costs that are inherent in producing a local currency? After all, publicity campaigns and social pressure should be quite useful tools to promote a ‘buy local’ initiative. As for the PLENTY’s environmental goals, the program breaks down into internal incoherence. Because of the 1:1 exchange rate, the same number of dollars will be produced and circulated by the Fed regardless of whether or not the PLENTY is in circulation. As a result, the production of the PLENTY, in fact, will contribute more carbon emissions, effluent, and other forms of pollution to the environment. Finally, doesn’t using the PLENTY actually put local business at a distinct disadvantage? Those who choose to use the currency will have to incur additional transaction costs in order to transact in both the PLENTY and traditional Federal Reserve note economies.

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