The effort to establish a Squamish currency to promote "shop local" initiatives and generate cash to support local initiatives is alive and kicking, in spite of the fact that the effort's organizers have encountered a couple of hiccups over the past several months.
Graham Fuller, one of three people who make up the Squamish Monetary Foundation (SMF) board, on Friday (Feb. 10) admitted that the Squamish dollar initiative has languished a bit over the past 20 months, but not at all because of a lack of support. Every group that has heard the presentation - from Squamish council to the Chamber of Commerce to the Squamish Arts Council - has provided either written or verbal endorsements for the concept, he said.
The initiative would see Squamish issue its own locally designed bank notes featuring local themes - First Nations art, local landmarks such as the Stawamus Chief, logging, sports-related themes, etc. The notes would be accepted as currency at local businesses, who could then exchange them at a bank for Canadian currency.
The notes would also serve as attractive souvenirs for tourists, with money from notes that are taken out of Squamish accumulating in an account that could be used to support charitable or recreational initiatives.
Fuller said two hurdles remain: Securing the full co-operation of a banking institution that would hold the account and accept the Squamish dollar (Sq$) bank notes for Canadian dollars, and finding the estimated $25,000 needed to design and print the currency.
Both are surmountable, but may take a bit of time to overcome, Fuller said. He said that while representatives of all the local financial institutions have been approached and have expressed a desire to keep talking, none have yet decided to jump on board.
Fuller said he understands their hesitation.
"Essentially you're asking banks to accept something that's not truly currency," he said. "It has to be regarded as a separate currency but treated with the same care and security measures as Canadian dollars."
Fuller said that as with similar currencies on Salt Spring Island, Chemainus and elsewhere, the three-member board - which also includes Quest University economics tutor Jonathan Warner and Squamish CAN's Ana Santos - is aiming to issue bank notes that would include either a metal strip, a watermark or both to make them difficult to counterfeit.
As for the other main institutional concern, Fuller said the SMF would do most of the legwork.
"What we really need is some kind of corporate or institutional backing to make this work. To be clear, we're not dumping it in their laps - we would still be the legs for this, but we need their support," he said.
"We're still very enthusiastic about this, but I think that initially we didn't fully realize all the complexities."
In late 2010, the SMF announced a tentative plan to launch the Squamish dollar in late summer 2011, but have now put the project "on hold pending our development of a new plan of action," the group said in a statement issued last week.
Fuller, though, said that with the community having already expressed almost universal support to date, the "plan" could well come together quickly once the institutional backing is secured. A launch date to coincide with the launch of the Sea to Sky Gondola - the proponents of which have set a target date of summer 2013 - is one possibility, he said.
"It's an idea that I think is begging to happen," he said.
Those with questions about the initiative may direct them to [email protected]
