Time Dollars and Bone Money

by Michael E. Marotta
© Copyright 2001 by Michael E. Marotta

During economic depressions, people invent new forms of money to fill the gaps. Two of the newest paper notes are Time Dollars and Bone Money.

Following the Panic of 1929, many small towns created their own local currency. The town of Howell, Michigan, led the way with so-called "Prosperity Scrip" that had to be spent every three days. Today's economic slowdown may not be as severe. But towns still rely on new forms of money.

Ithaca, New York, has developed a local currency called "Time Dollars." People there trade services in units of an hour with an hour being worth about $10 more or less. The idea of Time Dollars has been copied by other communities in both the United States and England.

During the Autumn of 1993, people in Berlin saw the arrival of so-called Bone Money. The paper notes originated in the Prenzlauer Berg district. This neighborhood is popular with young artists and writers, similar to New York City's Greenwich Village or the Left Bank of Paris.

They called it "bone money" because the numbers were designed in the form of bones. Neighborhood retailers and restaurants accepted these notes. The experiment ran for three months. Then, the remaining notes were sold at an auction to raise money for charity.

Time dollars and bone money may not take the place of the coins and bills you carry, but they have certainly earned their place in history along with wooden nickels, prosperity scrip and Hard Times tokens which were invented during other economic recessions.