>>> AS THE ECONOMY OPENS BACK UP, THERE'S BEEN A COIN SHORTAGE
THROUGHOUT THE COUNTRY.
IN A WORLD THAT INCREASINGLY USES BANK CARDS, VENMO, APPLE
PAY AND OTHER ONLINE FINANCIAL EXCHANGES, CLEARLY, THERE'S
STILL A PLACE FOR PHYSICAL MONEY.
BUT DID YOU KNOW THAT THERE'S A PART OF WESTERN MASSACHUSETTS
THAT HAS ITS OWN CURRENCY?
CREATED IN 2006, BERKSHIRES ARE A LOCAL CURRENCY ACCEPTED IN 400
BUSINESSES IN BERKSHIRE COUNTY.
ITS GOAL IS TO KEEP CAPITAL IN THE REGION AND STRENGTHEN THE
RELATIONSHIP BETWEEN CITIZENS AND BUYERS.
PRIOR TO THE COVID-19 PANDEMIC, I SAT DOWN WITH BERKSHIRES
COORDINATOR RACHEL MORIARTY AND BOARD CHAIR WENDY HEELEY TO FIND
OUT MORE.
>> BERKSHIRES ARE A LOCAL CURRENCY FOR THE BERKSHIRE
REGION IN WESTERN MASSACHUSETTS.
IT'S A PHYSICAL PAPER CURRENCY THAT PEOPLE EXCHANGE AT FREE,
PARTICIPATING BANKS.
WE HAVE WE PANIC, PITOKOA BANK AND SALISBURY BANK AND TRUST IN
OUR REGION AND CONSUMERS EXCHANGE BERKSHIRES FOR 95 CENTS
PER PER BERKSHIRE AND IT'S AT FE VALUE.
SO SOMETHING COSTS 10 BERKSHIRES OR 10 U.S. DOLLARS, THEY CAN USE
10 BERKSHIRES.
>> EXCELLENT AND THERE'S A VARIETY OF PLACES IN THE
BERKSHIRES WHERE THEY CAN BE USED.
THE PROGRAM HAS EXPANDED A BIT.
CONNECTICUT LOCATIONS, A FEW NEW YORK LOCATIONS ALL OVER THE
BORDER IN THAT SOUTH COUNTY REGION.
SO EXPANDING BERKSHIRES.
IT'S NICE.
WENDY, YOU'RE A RELATIVELY NEW COCHAIR TO THE ORGANIZATION.
WHY WERE YOU INTERESTED IN GETTING INVOLVED?
>> WELL, THE BERKSHIRE PROGRAM IS A REALLY GREAT WAY TO PROMOTE
LOCAL BUSINESS.
IT'S A GREAT WAY FOR CONSUMERS AND BUSINESSES TO ENSURE THAT
THE LOCAL ECONOMY IS THRIVING.
AND IT'S JUST A REALLY WONDERFUL WAY TO SHOW THAT WE ARE BEHIND
OUR LOCAL ECONOMY.
>> WHEN YOU APPROACH BUSINESS OWNERS AND YOU SAY OKAY WE HAVE
THIS LOCAL CURRENCY, WOULD YOU BE INTERESTED IN TAKING IT IN
ADDITION TO DOLLARS AND CREDIT CARDS THAT YOU ALREADY TAKE,
WHAT'S THAT CONVERSATION LIKE?
WHAT'S THAT EXCHANGE LIKE?
>> SO RIGHT NOW THERE ARE ABOUT 400 PARTICIPATING BUSINESSES
WITHIN MOSTLY THE SOUTHERN BERKSHIRE REGION.
AND BECAUSE WE AREN'T REALLY LIMITED BY NECESSARILY THE
GEOGRAPHIC CONFINEMENT OF THE BERKSHIRE REGION, THERE ARE
THOSE NEW YORK AND CONNECTICUT BUSINESSES, IT REALLY COMES DOWN
TO FOLKS THAT IDENTIFY REALLY STRONGLY AS LOCALLY OWNED
BUSINESSES TO WHAT WENDY WAS SAYING.
YOU KNOW, THESE ARE THE PEOPLE THAT MAKE UP THE FABRIC OF THE
LOCAL SOUTHERN BERKSHIRES ECONOMY.
IT'S NOT A DIFFICULT CONVERSATION.
THEY SAY WE LIKE TO KEEP MONEY LOCAL.
WE LIKE TO EMPLOY LOCAL PEOPLE, PROCURE GOODS AND SERVICES FROM
OTHER LOCAL BUSINESS PROVIDERS, BUT ALSO, THEY ARE PEOPLE WHO
ARE REINVESTING IN THE COMMUNITY, SO THEY'RE MAKING
CONTRIBUTIONS TO SAY, THE BOY OR GIRL SCOUT TROOP CLUB OR THE
LOCAL SPORTS TEAM.
SO IT'S NOT A DIFFICULT SELL.
IT'S QUITE NATURAL IN OUR COMMUNITY.
>> WENDY, WHEN YOU TALK TO PEOPLE ABOUT THIS PROCESS WHO
MIGHT BE CONSUMERS AND THINKING LIKE ALL RIGHT WELL MOST OF THE
TIME I DON'T EVEN WANT TO USE CASH.
WHY WOULD I USE A DIFFERENT PAPER CURRENCY?
WHAT DO YOU SAY TO THEM?
>> YOU KNOW, I DON'T THINK THAT PEOPLE REALLY HESITATED TO USE
BERKSHARES.
FIRST OF ALL, IT'S A BEAUTIFUL CURRENCY.
IT'S GOT WONDERFUL ARTWORK ON IT AND I THINK WHEN PEOPLE JUST SEE
IT, THEY SAY WOW, THIS IS SOMETHING THAT I CAN ACTUALLY
USE AS CURRENCY IN BUSINESSES HERE IN THE BERKSHIRES?
I THINK IT'S GOT SUCH A WONDERFUL FEEL TO IT AND PEOPLE
ARE INTRIGUED BY IT WHEN THEY SEE IT.
SO I DON'T THINK IT HAS QUITE THE SAME NEGATIVITY AS, YOU
KNOW, A U.S. DOLLAR MIGHT HAVE, U.S. DOLLARS SEEM KIND OF BORING
BUT THE BERKSHARES ARE A GORGEOUS THING.
AND WHEN PEOPLE LEARN IT'S A WAY TO KEEP THAT CURRENCY FLOWING
WITHIN OUR -- OUR GEOGRAPHY, THEY UNDERSTAND.
I ACTUALLY -- WE EXCHANGE BERKSHARES AT THE LOCAL FARMERS
MARKETS, AND THERE WAS A YOUNG COUPLE THAT WAS FROM OUTSIDE OF
THE REGION, JUST STAYING FOR THE WEEKEND, AND THEY WERE LIKE WELL
WHY SHOULD I -- WHY SHOULD I GET BERKSHARES?
AND I SAID WELL THIS IS A GREAT WAY FOR YOU TO SHOW YOUR SUPPORT
OF THE ECONOMY IN THE REGION THAT YOU ARE ENJOYING AS
TOURISTS.
AND THEY SAID, YEAH, YOU KNOW YOU'RE RIGHT AND THIS IS A GREAT
SOUVENIR OF OUR TRIP TO THE BERKSHIRES.
SO THERE ARE A LOT OF PROS AND CONS TO IT, BUT I THINK THE MOST
IMPORTANT THING IS THAT IT'S A BEAUTIFUL CURRENCY AND THERE ARE
REASONS TO USE IT ABOVE AND BEYOND THE FACT THAT IT'S A
PHYSICAL CURRENCY.
>> WHEN YOU SAID THE SOUVENIR PIECE, OFTEN IF I'VE TRAVELED
ABROAD, I'LL KEEP A LITTLE BIT OF THE LOCAL CURRENCY AS A
REMINDER LIKE OH, THIS IS WHAT THE MONEY LOOKS LIKE AND IT
REMINDS YOU OF BEING THERE AND HAVING THAT TRIP.
TO WENDY'S POINT ABOUT WHAT IS ON THE CURRENCY, ARE THERE ANY
LOCAL CONNECTION DOLLARS TO THE ACTUAL IMAGES ON THE CURRENCY?
CAN YOU TALK A LITTLE BIT ABOUT THAT?
>> SO EACH BERKSHARE CELEBRATES A LOCAL HERO.
THERE'S ARTWORK ON THE BACK BY A LOCAL LIVING ARTIST.
WE HAVE THE STOCKERAGE MOHICAN.
ON THE FIVE, WE HAVE W.E.B.
DOUGHBOYS WHO WAS BORN IN GREAT BARRINGTON AND WHOSE 152nd
BIRTH ANNIVERSARY WE JUST CELEBRATED.
ON THE 10 IS ROBIN VAN ENN AND SHE STARTED THE
COMMUNITY-SUPPORTED AGRICULTURE MOVEMENT IN THE COUNTRY RIGHT
DOWN THE ROAD FROM OUR OFFICE AT INDIAN LINE FARM.
AND THEN ON THE 20 WE HAVE HERMAN MELVILLE WHO DID A LOT OF
WRITING IN THE BERKSHIRES.
AND THEN ON THE 50, WE HAVE NORMAN ROCKWELL WHO, OF COURSE,
WE KNOW AS THE GREAT AMERICANA ARTIST.
>> INSPIRATION FROM THE BERKSHIRES, THAT'S WHEN HE WROTE
MOBY DICK THERE IN PITTSFIELD.
BERKSHARES HAS BEEN AROUND SINCE 2006.
SINCE THAT TIME, CURRENCY HAS CHANGED.
YOU OFTEN SEE CREDIT CARDS OR PIMPING WITH THEIR PHONES, BUT
THERE'S ALSO DIGITAL CURRENCY.
DO YOU SEE THOSE CURRENCY AS COMPETITION, HAVE THEY BEEN
PROBLEMATIC?
WHAT'S THE IMPACT BEEN?
>> I THINK THE WAY THAT WE TALK ABOUT BERKSHARES IN TERMS OF THE
COMPLEMENTARY CURRENCY WORLD IS THAT IT'S UNIQUE TO OUR PLACE,
THE CELEBRATION THAT WE HAVE THESE LOCAL PEOPLE ON THESE
BILLS AND IT BRINGS A KIND OF TANGIBLE ASPECT OF LOCAL
BUSINESS LIFE, OF LOCAL COMMUNITY LIFE.
SO WE DON'T SEE IT AS COMPETITION.
WE SEE IT AS ALMOST ENHANCING WHAT OUR CURRENCY IS, BECAUSE
YOU'LL HEAR ABOUT BITCOIN, YOU'LL HEAR ABOUT OTHER CRYPTO
CURRENCIES AND MAYBE SOME OF THE FLAWS, BUT WHEN YOU HAVE A PAPER
CURRENCY, IT'S SO TANGIBLE, IT'S SO REAL.
>> I WOULD ADD TO THAT, TOO, BERKSHARES, THE SECOND HALF OF
THE NAME IS "SHARE" AND THAT -- THAT WORD "SHARE" IS VERY EMBLEM
EMBLEMATIC TO WHAT IT IS WE WANT TO DO.
PART OF BUILDING OUR LOCAL ECONOMY IS BUILDING THAT SENSE
OF SHARING AND, YOU KNOW, IT'S NOT JUST ABOUT HAVING, YOU KNOW,
A LOCALLY THRIVING ECONOMY.
I MEAN, PART OF THE REASON THAT WE WANT TO DO THAT IS SO THAT WE
HAVE A LOVING COMMUNITY, YOU KNOW.
AND WE WANT TO LOOK PEOPLE IN THE EYE WHEN WE HAVE
TRANSACTIONS AND WE DON'T WANT IT TO BE IMPERSONAL, WE WANT IT
TO BE PERSONAL, WE WANT IT TO SHARE.
>> I WAS LOOKING AT SOME OTHER REGIONS.
PHILADELPHIA HAD A LOCAL CURRENCY THAT CAME AND WENT,
DIDN'T HAVE STAYING POWER IN THE LONG TERM.
ITHACA HAS NOT ONE, BUT TWO LOCAL CURRENCIES.
HAVE YOU EVER TALKED WITH OTHER COMMUNITIES THAT USE LOCAL
CURRENCIES AND KIND OF TRADE BEBEST PRACTICES OR JUST TALK
ABOUT THE INDUSTRY IN GENERAL?
>> YEAH, WE'RE IN REGULAR CONTACT WITH MANY LOCAL
CURRENCIES AND HAVE BECOME A RESOURCE FOR MANY BECAUSE THE
BERKSHARES MODEL IS SO SUCCESSFUL NOW 14 YEARS IN.
AND I THINK THAT SUCCESS REALLY COMES DOWN TO THE BUSINESS
COMMUNITY THAT PARTICIPATES, THE BANKING COMMUNITY THAT
PARTICIPATES AND ULTIMATELY, THE CONSUMERS BECAUSE THERE'S SUCH
COHESION AMONG THAT GROUP, AND SO PEOPLE COME AND ASK US WHAT
OUR BEST PRACTICES ARE USUALLY.
SO IT'S BEEN A GREAT WAY TO FURTHER THAT CONVERSATION AROUND
WHAT'S THE IMPORTANCE OF MONEY IN A COMMUNITY AND HOW DO WE
ACTUALLY HELP AND LEVERAGE THIS TOOL AS A WAY TO BUILD COMMUNITY
WEALTH? ♪
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