Skip to Content

Local public currencies

Local public currencies such as the Wörgl in Austria during the 1930s, or more recently, the Patacón in Argentina. The key feature of these currencies is that the municipality or state not only pays labour through these notes, but accepts them for payment of taxes. In July 2009 the state of California, facing a severe budget deficit, agreed to accept IOUs issued to its creditors in payment of taxes, thereby creating the largest public secondary currency, of a kind previously vetoed by President Roosevelt in 1933.