Alternative BNote Currency Unveiled in Hampden

No, the federal government hasn’t started issuing Baltimore-specific currency.

But starting April 16 several Hampden merchants will begin accepting an alternative to dollars called BNotes.

The notes, which were developed by the Baltimore Green Currency Association and Hampden business owners, were unveiled at on Friday.

Jeff Dicken, executive director of the currency association, said BNotes are intended to keep people buying from local businesses.

“In the wake of the economic downturn we were really looking for options, and we felt one of the most important things we could do for the city was to offer a real economic alternative to the dollar that would support local businesses and really make people think about where they spend their money,” Dicken said.

Customers are able to spend the notes on goods and services from participating businesses, just like they would use cash. Because the notes aren’t legal currency, they will be recycled through participating businesses and not leave the community.

For instance, a customer could purchase a meal from a participating restaurant with a BNote. The restaurant could turn around and use the BNote to purchase local vegetables from an area farmer who is also participating.

“It’s really meant to just keep circulating among the area businesses and residents,” Dicken said.

BNotes can be pre-exchanged at the Baltimore Green Currency Association’s website.

Currently, the association and the merchants are trying to raise a minimum of $8,000, with a goal of $12,000, to pay for the initial circulation of BNotes through KickStart.

The BNotes, when exchanged for dollars, also yield 10 percent more buying power. For example, someone could exchange $10 and receive 11 BNotes.

Although the Baltimore Green Currency Association wants to see the program expand to neighborhoods throughout the city, Dicken said Hampden is a great spot to launch the experiment.  

“Hampden has a lot of the conditions that are very conducive to the strong adoption of local currency including relative geographic isolation, a strong independent business community, a strong history of community pride and a lot of young people are moving in,“ he said.

Susan Weis-Bohlen, owner of Breathe Books, said the BNote concept is something the local business community could use.

She said she believes this is the method independent business communities are moving towards to sustain themselves.

“It kind of moves my heart,” Weis-Bohlen said.