JerseyBucks™ are a form of local currency, expanded to the level of a state. The purpose of a local currency is to increase the recirculation of the money spent within the community; when members accept the currency, the same money is typically used more than four times before leaving the community, whereas using conventional currency the local circulation is only about one-and-a-half times. JerseyBucks™ are essentially credits, which we think of as Commons Credits, roughly equivalent to a credit facility in US dollars, though the exchange rate may ultimately differ depending on the evolution of the New Economy.
The purpose of JerseyBucks™ is to enable the funding of transformational initiatives that will enable New Jersey to become a more sustainable and more profitable place to live for everyone, serving the public interest, and providing solutions to the challenges the world is facing today.
Grants and loans are initially awarded in JerseyBucks™, and may subsequently be supplemented by equivalent amounts of conventional currency when and if these become available.