HOURS is the local currency used in Corvallis, Oregon. Local currency is money which is created and controlled locally. The value of the currency is based on the network of people who participate in our currency program creating a pool of resources available for the “HOUR” currency. In essence, the offers of goods, skills, and services bring value to the local money. We call our currency an “HOUR” because it reminds us that the real source of money’s value is created by people: from their time, skills, and resources.
The nature of local currency makes it valuable only within its geographic area. The advantage of this is that the wealth of the currency stays in this region adding to the local spending supply.
The local currency is managed by the HOUR Exchange, a membership run non profit organization. A member-elected Board of Trustees oversees all of the program operations.