After Ithaca HOURS began, he discovered that Owen's Hours were based on Josiah Warren's "Time Store" notes of 1827. In May 1991, local student Patrice Jennings interviewed Glover about the Ithaca LETS enterprise.
The system has historical roots in scrip and alternative and local currencies that proliferated in America during the Great Depression. While doing research into local economics during 1989, Glover had seen an "Hour" note 19th century British industrialist Robert Owen issued to his workers for spending at his company store.
Glover has emphasized that every local currency needs at least one full-time networker to "promote, facilitate and troubleshoot" currency circulation. ==Origin== Ithaca HOURS were started by Paul Glover in November 1991.
After Ithaca HOURS began, he discovered that Owen's Hours were based on Josiah Warren's "Time Store" notes of 1827. In May 1991, local student Patrice Jennings interviewed Glover about the Ithaca LETS enterprise.
Glover then began to ask for small donations to help pay for printing HOURS. Fine Line Printing completed the first run of 1,500 HOURS and 1,500 Half HOURS in October 1991.
Because they didn't fit well in people's wallets, almost all of the original notes have been removed from circulation. The first issue of Ithaca Money was printed at Our Press, a printing shop in Chenango Bridge, New York, on October 16, 1991.
The day after that, October 18, 1991, 382 HOURS were disbursed and prepared for mailing to the first 93 pioneers. On October 19, 1991, Glover bought a samosa from Catherine Martinez at the Farmers' Market with Half HOUR #751—the first use of an HOUR.
in October 1998, and hosted the first elections for Board of Directors in March 1999.
in October 1998, and hosted the first elections for Board of Directors in March 1999.
In May 1999 Glover turned the administration of Ithaca HOURS over to the newly elected Board of Directors.
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