Question based on local currencies

Reference no: EM1374415

About thirty United States localities circulate their own currency with names like "Ithaca Hours" and Dillo Hours." Doing so is perfectly legal (although through law they are subject to a 10% federal tax, which currently the government is not collecting). These currencies are used as payment for rent, wages, goods, and so on. Are these currencies money? Describe.

Reference no: EM1374415

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