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.