The Toronto Dollar, founded in December 1998, is a paper local currency used in Toronto, Ontario and backed by the Canadian dollar. The Family Life Foundation of Willowdale--a registered Canadian Charity--then chaired by the Rev. Lindsay G. King (Minister of Willowdale United Church) was one of the sponsors of the Toronto Dollar system. The Rev. King was present at the founding of the TD, at which the Toronto Mayor, Mel Lastman, bought the first Toronto Dollars.
The currency is administered by Toronto Dollar Community Projects Inc., a not-for-profit community group, and is a project of St. Lawrence Works.
The currency can be purchased by anyone at a number of locations at a 1-for-1 rate. Local businesses can agree to accept the currency at par with the Canadian dollar. Merchants are free to exchange Toronto dollars for Canadian dollars twice a month, at the rate of 90 cents to the dollar.
As of 2008, a little under 150 businesses accepted the Toronto dollar; most of these were in the St. Lawrence Market and at Gerrard Square.
Read more about Toronto Dollar: Charity and Poverty Reduction
Famous quotes containing the word dollar:
“How can a man be satisfied to entertain an opinion merely, and enjoy it? Is there any enjoyment in it, if his opinion is that he is aggrieved? If you are cheated out of a single dollar by your neighbor, you do not rest satisfied with knowing that you are cheated, or with saying that you are cheated, or even with petitioning him to pay you your due; but you take effectual steps at once to obtain the full amount, and see that you are never cheated again.”
—Henry David Thoreau (1817–1862)