April, 1999.

East Toronto Communities - ETC News.
By JULIE GRECO

Merchants, community organizations, residents and entertainers came together for the first Toronto Dollar Party, hosted by the St. Lawrence Market. Thousands gathered at the, market on April 8, to get a taste of what the St. Lawrence Market and the Toronto Dollar had to offer. 

David Walsh, Treasurer of Toronto Dollar Inc., said the evening was a success. "We're trying to build bridges in the community between small business and institutions in the community - like St. Michael's School - and residents," Walsh said. "People were enjoying themselves and the community groups were happy to let a lot of people know about, what they're doing." 

Toronto Dollar Community Projects Inc., a non-profit group, introduced the community paper money in December 1998.

Businesses in and around the St. Lawrence Market have agreed to accept Toronto Dollars at par. When residents, local businesses, community organizations and shoppers spend their money with each other, they generate businesses in their area, receive the goods they want, and benefit community groups at the same time.

Every time federal dollars are exchanged at par with Toronto Dollars, 10 per cent goes directly to a fund of Toronto Dollar Community Trust Fund, supporting community groups. 

The highlight of the evening was the presentation of Toronto Dollar grants to three community organizations. The Yonge St. Mission, a new retail store opening in Regent Park during the next few months, was awarded a $500 grant and St. Michael's School and The Community Worker Program of George Brown College, were also granted $500 each. 

Silent auctions were also held to raise money for The Toronto Dollar and several other community groups, including The Toronto Disaster Relief Committee, Oxfam Toronto, CPAR  (Canadian Physicians Aid Relief), Sanctuary and Mothers Against Poverty. 

The Toronto Dollar auction alone raised $3,340. A variety of international flavours were offered by the merchants and costumed servers throughout the market. Several musical groups performed at the event, including Toronto's Darbazi choir, Isshin Taiko. traditional Japanese drummers Johannes Linstead, The Hot Five Jazzmakers, Njacko Backo and North American folk music from Classic Folk. Toronto's E.T., the Mime also made a special appearance. 

Councillor Kyle Rae and journalist Michael Valpy hosted the evening festivities. Kyle Rae thanked all the guests for supporting the St. Lawrence Market. "The St Lawrence neighbourhood has become one of the most celebrated inner-city neighbourhoods in North America," Rae said. "It is your support, your living in the neighbourhood and your shopping  in the neighbourhood, that has made it such a success." 

Michael Valpy said the beauty of Toronto Dollars is that they keep the money within the community. "They strengthen the Toronto economy," he said. "Most of the merchants in the St. Lawrence market accept them and a number of merchants around the area accept them just, as good as the stuff with the Queen on it!,

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February, 1999.

The Anglican

New dollar helps needy

The $1 bill is back - in a new form.

St Lawrence Works, a coalition of business, tenant and heritage groups in downtown Toronto, has created a local currency called Toronto Dollars, which come in $1, $5, $10 and $20 bills. St. James' Cathedral is pictured on the $1 certificate.

Among the objectives of the Toronto Dollar is to assist local service agencies and churches to create part-time jobs while supporting area businesses.

The concept is catching on with merchants in the St. Lawrence Market area, and organizers hope people in other parts of the city might pick up on it. Customers buy Toronto Dollars on a par with Canadian dollars and can spend them at participating stores, like a gift certificate. When businesses redeem the Toronto Dollar they collect, they receive only 90 cents Canadian. The remaining 10 per cent goes to community projects. Organizers see this as a way of helping people without increasing taxes.

“Anything that strengthens the downtown community is a good thing" says the Very Rev. Douglas Stoute, dean of St. James’ Cathedral. The cathedral will sell Toronto Dollars at its gift shop and use 10 percent of the income at its two drop in centres, or supporting outreach programs at nearby parishes.

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December, 1998.

CANADIAN  FUNDRAISER

Toronto's St Lawrence Market merchants tap into worldwide trend to use local currencies to build community.

By PAT PORTH

A DOLLAR CAN BUY MORE than a dollar when it's only worth 90 cents. Sound impossible? Not to participants in the Toronto Dollar Community Projects Inc., which is exchanging Canadian dollars for Toronto Dollars, which can then be spent with participating businesses at par and help "buy" a stronger, healthier community. The impetus for the program comes from the city's historic heart the St. Lawrence Market on Front Street.  It was sparked by St Lawrence Works, a not-for-profit coalition of community, business and cultural groups devoted to community economic development.

Here's how it works:

A person or business exchanges Canadian dollars for Toronto Dollars at Toronto’s First Post Office Museum, 260 Adelaide St E., Frida Craft Stores at 39 Front St. E. the Flatiron building at 49 Wellington St E. or (on Saturdays) at the Toronto Dollar Information Booth in the market. Under the management of the museum, 90 cents of every exchanged dollar is vested in a reserve fund; participating merchants who feel their stock of Toronto Dollars is getting larger than their ability to spend them locally can cash them out at 90% of their face value - (Only registered merchants and businesses can undertake this "reverse exchange", but David Walsh, of St Lawrence Works, says that the organization would 'cash in' reasonable amounts of Toronto dollars at par for any legitimately unhappy member of the public who had concluded that they would never be able to use up their supply.)

The other 10 cents is placed in a community fund trust account, which is immediately available for distribution to local persons for job creation or simply to supply their wants. For example in the first months of operation, approximately $500 was donated to the local Out of  the Cold program. Distribution of funds will be determined by a committee comprising representatives from St Lawrence Works and Toronto Dollar

Community Projects, which will invite applications from local charities and service organizations. In addition, St Lawrence Works is developing a relationship with an active local charity, the Phoenix Community Works Foundation, through which members of the general public who wish to donate their Toronto Dollars and know they will be used for local purposes can receive a receipt for income tax purposes.

The 55-plus merchants in the area who accept Toronto Dollars can choose to accept only a portion of the sale price in the local currency, asking for the rest in Canadian dollars. (Most, however, are accepting full payment in Toronto Dollars.)  They may also offer Toronto Dollars in change in a transaction. Having sold goods valued in Toronto Dollars, they can them themselves spend the "currency" with their fellow supporters of the program.

There are also a growing number of small independents in the area offering to work part-time or sell homemade goods in return for Toronto Dollars. The concept is to use local resources to build and strengthen local community. The volunteers who are directing it, however, hope their idea will be copied not only by other Toronto neighbourhoods, but also in other cities. 

The dollars themselves -an initial total estimated one-year supply of $300,000 - have been printed in denominations of $1, $5. $10 and $20, by the Canadian Bank Note Company (which also prints Canadian dollars) on special paper and with a line, which cannot be duplicated, to prevent counterfeiting. Each also has a serial number to allow the notes to be tracked, again protecting against forgery, and each has an expiry date - this first batch being set for December 31, 2000. When the date has passed without the dollar's being redeemed, it will be assumed it has been removed from circulation by a collector or simply someone has left it at the bottom of a drawer. At that time, the post office will transfer to the community fund the 90 cents originally deposited in the reserve fund to cover that dollar.

Every cent deposited in the Toronto Dollar Community Fund supports community projects. Operating costs are paid by private donation and the post office covers its overhead through interest earned on the reserve trust fund.

"The Toronto Dollar program is part of a worldwide unstoppable trend toward local currencies." explains the project's Web site.  "It is based on a belief that local citizens and local businesses have the will, the energy, and the reliance to solve local problems and to bridge the increasing gap between the rich and the poor".