A group of Brooklyn artists is taking back the idea of community by creating their own currency. Artist Mary Jey came with the idea of The Torch after seeing local currencies being successfully used in other New York towns like Ithaca. The currency would work as a barter system and unite the community by encouraging residents to shop local. Each Torch would be equivalent to one dollar.
The Torch would be available for Brooklyn residents by an exchange program. The initial exchange rate between dollars and Torches will be one to one. Businesses might provide incentives for shoppers to spend money locally, ultimately raising the Torch’s value.