NATIONAL POST

Toronto dollars trades to support local shops

52 business sign up in downtown neighbourhood

By PHILIP DEMONT

Americans have their greenback. Canadians have the 64-cent loonie.  And Torontonians soon could have the “Mel buck”.

A Toronto group is setting up their own dollar to be traded among shops in the St. Lawrence Market and the adjacent downtown area.  Walk into one of the market's meat or cheese stalls next week and you can use nifty-looking $1, $5, $10 or $20 notes as tender.

The idea is to keep the money within the businesses in that area, according to Joy Kogawa, award-winning author and one of the T.O. buck's prime architects.

The Toronto currency will be redeemable at 90cents, with the other dime funding social groups in the St. Lawrence area.

“It's trying to help the local businesses and people in the communities that are under threat from government cutbacks,” said Ms. Kogawa, president of Toronto Dollar Community Projects Inc., the group responsible for the new businesses to accept the new dollar and printed $300,000 worth of new bills.

Not surprisingly, Toronto Mayor Mel Lastman supports the dollar, an effort he sees as helping the downtown core.

It’s the second time this month that the mayor has promoted an unusual initiative to boost the city.

Earlier this month, Mr. Lastman helped unveil Toronto's Own, a Molson brewed beer with part of the proceeds going to public water parks.

Ms. Kogawa and, her group have their sights set a bit lower - mainly getting their Toronto loonie up and running.

"We're dealing with a changing economy that is not providing enough jobs," said David Walsh, president of Realco Property Ltd. and Toronto Dollar's treasurer.