HOURS FAQs
HOURS FAQs
(FREQUENTLY ASKED QUESTIONS)
WHAT ARE HOURS?
HOURS are local currency, a legal form of paper money that can only be used in the Benton County area. This regional boundary helps keep local wealth recirculating within the community.
ARE HOURS REAL MONEY?
Yes, they are just as valid as U.S. dollars, or Mexican Pesos or any other currency. HOURS are issued by a local community organization, rather than by a national government. HOURS are a taxable form of income. Transactions that are ordinarily taxable when dollars are used are also taxable when HOURS are used. It is illegal to counterfeit HOURS.
WHAT IS AN HOUR WORTH?
Three denominations of HOURS have been issued:
One HOUR is worth one hour of basic labor or $10.00
1/2 HOUR = one half hour of basic labor or $5.00
1/4 HOUR = one quarter hour of basic labor or $2.50
1/8 HOUR = one eighth hour of basic labor or $1.25
WHY ARE THEY CALLED HOURS?
They are called HOURS to remind us that the real source of money's value is created by people -- our time, skills, and energy. The One-HOUR to $10 equivalence is based on the fair average hourly wage for Benton County. By encouraging people to think about the value of everyone's time, HOURS help bring equity to work.
DOES THIS MEAN THAT I SHOULD NEVER PAY MORE THAN ONE-HOUR PER HOUR OF LABOR?
Not at all. The COST of providing a service is not necessarily related to the TIME that it takes to provide a service. In addition to the service provider's time, considerable overhead and background costs may be involved. Exchanges involving HOURS are entirely voluntary, at whatever fee or price is agreeable to all people involved.
WHY DON'T ALL MEMBER BUSINESSES ACCEPT 100% HOURS FOR GOODS OR SERVICES?
We recommend that businesses have an acceptance policy which brings in HOURS at a rate they can reliably spend them. It is important for businesses and for the HOURS System as a whole that HOURS can be spent soon after they are received. Individual business circumstances differ, and all businesses always have the right to determine -- and change -- their own acceptance policy.
WHO CAN USE HOURS?
Anyone can use HOURS. Members of the HOUR Exchange have agreed to accept HOURS on a regular basis, and are published in our quarterly community resource directory, the HOUR Trader. Many people use HOURS without being official members.
HOW CAN I GET HOURS?
HOUR Exchange members receive 3 HOURS of equity for offering goods or services in the HOUR Trader Community Resource Directory. Members earn additional HOURS when people contact them about their offer(s).
Even if you're not listed, you can accept HOURS as payment at a yard sale, for doing chores, or for any other exchange you arrange. Making HOUR deals is a lot like old-fashioned barter -- only using local money!
You can also buy HOURS, or ask for them as change from a storefront businesses that receive a steady flow of HOURS. There is a list of participating businesses in the HOUR Trader.
Another way to get HOURS is by selling used books or DVDs in exchange for HOURS at Browsers Bookstore, across from the Benton County Courthouse on 4th Street in Corvallis.
HOW CAN I JOIN the HOUR Exchange?
To sign up, fill out and mail in the listing form found in the HOUR Trader or online here. The HOUR Trader is a free publication is found at many locations in Corvallis and is regularly stocked at the Corvallis Public Library, at First Alternative Cooperative Grocery, or at the Philomath Public Library.
HOW DO I NEGOTIATE A TRADE USING HOURS?
Exchanges are always made on a person-to-person basis and the individuals involved negotiate the terms of trade. By signing up you agree to accept HOURS but you always decide under what circumstances you will trade. You are always in control of how many HOURS you accept and you can change the rate at any time.
HOW DO NEW HOURS GET OUT INTO CIRCULATION?
When new members place a listings in the HOUR Directory and join the HOUR Exchange they are issued three HOURS. Members are also eligible for an additional two-HOUR annual payment when they renew their membership.
The HOUR Exchange issues HOURS through our grants program that allocates grants of HOURS to local community organizations.
The HOUR Exchange also issues a limited number of HOURS to itself to help cover basic system expenses such as printing new currency, supplies, etc.
HOW MANY HOURS ARE IN CIRCULATION?
At the beginning of the spring quarter 2005, three years after the initiation of the HOUR Exchange, 986 HOURS had been issued--that's $9,860 worth! Each time an HOUR circulate, its value is compounded adding wealth to the local economy.
WHO CONTROLS THE SUPPLY OF HOURS?
The membership governs the HOUR Exchange by means of an elected Board of Trustees. The Board of Trustees annually evaluates and sets the rate for HOURS disbursement.
WHAT DO I DO IF SOME OF MY HOURS GET WORN OUT OR TORN?
You may exchange your notes at our quarterly potlucks. If you can't get to a potluck, you can mail your old notes to the HOUR Exchange, with a self-addressed stamped envelope. We'll return the same value of notes in good condition.
HOW CAN I REACH THE HOURS OFFICE?
We don't have an office! The HOUR Exchange is entirely run by a volunteer staff. Most regular tasks are done by HOUR Exchange members serving on the Board of Trustees. Both the HOUR Trader and the HOURS system depend on volunteer help from the community. Our phone number currently rings in the home office of our program coordinator Christina Calkins.
We'd love to hear from you! Call us at 753-0595, 9 am-5 pm.
Write us at: PO Box 1534, Corvallis, OR, 97339, or email us at: hourexchange@peak.org