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:
“Johnny Clay: You like money. You got a great big dollar sign there where most women have a heart. So play it smart. Stay in character and you’ll have money. Plenty of it. George’ll have it and he’ll blow it on you. Probably buy himself a five-cent cigar.
Sherry Peatty: You don’t know me very well, Johnny. I wouldn’t think of letting George throw his money away on cigars.”
—Stanley Kubrick (b. 1928)