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16
Salt Spring Island Dollars
Salt Spring Island lies off Vancouver Island and has a resident population of 10,000,
whose numbers are boosted in the summer by the arrival of 250,000 visitors. Since 2001,
the
Salt Spring Island Monetary Fund (Salt Spring IMF) has sold Salt Spring Island dollars in
several denominations dollar for dollar.
The $$1, $$2 and $$5 notes (the $$ sign stands for the SS of Salt Spring) were issued
first in September 2001, while the superb $$50 and $$100 notes, designed by well­known
artists, were put into circulation in September 2002. The $$10 and $$20 notes feature
patented, state­of­the­art anti­counterfeiting measures, making the Salt Spring currency
the most secure in the world, far outdistancing the Canadian, US and euro bills in this
respect. Some of the security features include embedded, invisible images such as maple
leaves, orcas, birds and hearts that can be viewed only with an anti­counterfeiting
detector. Originally, the notes were also given the expiry date of 31 December 2003.
The Salt Spring IMF, a non­profit society, is registered with the Province of British
Columbia and was set up with the following mission in mind:
‘The purposes of the Society are to design, issue and maintain a local currency for Salt
Spring Island with the goal of raising funds for worthwhile community projects while
promoting local commerce and goodwill.’ 38
Legally, Salt Spring Island dollars are considered ‘gift certificates’, as they meet all four of
Revenue Canada’s requirements in this respect. In effect, the notes promote Salt Spring
Island and are similar to a business card. Additionally, they encourage on­island
spending because they cannot be spent anywhere else.
The acceptance level by the business community stands at more than 95 per cent,
and as an added incentive to buy local using the local currency, several island merchants
have agreed to treat $$1 as CAN$1.10 when goods are purchased. The local Chamber of
Commerce, whose website is printed on the notes and whose support the scheme’s
committee first sought in the early planning stage, is also a keen supporter of the scheme.
As Eric Booth, coordinator of the scheme, says:
Next we approached the local Credit Union, and said the Chamber is in full support. They liked
the idea and came on board. Next we approached the Canadian Imperial Bank of Commerce – hey,
the Chamber and the Credit Union are on board. Next the Bank of Montreal, then the largest
grocery store, followed by the second largest, and so on, building support all along the way. 39