BerkShares

AAA

DEFINITION of 'BerkShares'

A local currency used in the Berkshires, a region in western Massachusetts. Only local businesses accept BerkShares, which are part of an initiative to encourage consumers to shop locally. Consumers can exchange U.S. dollars for BerkShares at community banks, and hundreds of local merchants accept the local currency. BerkShares are paper bills that come in denominations of 1, 5, 10, 20 and 50.

INVESTOPEDIA EXPLAINS 'BerkShares'

One way that BerkShares encourage consumers to shop locally is by providing an effective discount of 5% on purchases. A consumer only needs to exchange 95 cents at the bank to receive $1 in BerkShares. Stores accept BerkShares at full face value, so a customer who wanted to by a $10 item would effectively pay $9.50 if they paid in BerkShares. A nonprofit corporation, BerkShares Inc., issues the currency.

RELATED TERMS
  1. Fiat Money

    Currency that a government has declared to be legal tender, but ...
  2. Stroud Pound

    A local, private currency launched in the British town of Stroud, ...
  3. Silver Certificate

    Former legal tender (paper currency) issued by the U.S. government ...
  4. Currency

    A generally accepted form of money, including coins and paper ...
  5. Monetary Policy

    The actions of a central bank, currency board or other regulatory ...
  6. Reserve Currency

    A foreign currency held by central banks and other major financial ...
Related Articles
  1. Forex Education

    The Impact Of Currency Conversions

    Will a rising or falling dollar hurt you or your company? In this article we explore the impact of currency converisons on consumers, comanies, and countries.
  2. Economics

    What You Should Know About Inflation

    Find out how this figure relates to your investment portfolio.
  3. Forex Education

    Dollarization Explained

    Find out how fledgling economies can find some stability in their currency and attract foreign investment.
  4. Forex Education

    History Of Coinage In The U.S.

    From the barter system to commemorative coins, we look at the history of U.S. money.
  5. Forex Education

    The U.S. Dollar's Unofficial Status as World Currency

    Discover how and why the U.S. dollar emerged as official currency in many foreign countries.
  6. Investing Basics

    The Most Popular Bitcoin Mining Software

    Success at mining bitcoins depends on the combination of time, knowledge, computer hardware and the complementary software.
  7. Forex Education

    Who are cambrists and how do I become one?

    Discover what a cambrist is, why they are important to exchange markets and what skills you should possess if you are interested in becoming one.
  8. Trading Strategies

    Can forex currency pairs exhibit consolidation patterns?

    Learn how forex currency pairs exhibit recognizable consolidation patterns. These patterns offer traders the opportunity to place low-risk, high-reward trades.
  9. Forex

    Ways To Earn Bitcoins

    There are many ways to earn and own Bitcoins other than just buying them on a Bitcoin exchange.
  10. Investing Basics

    A Look At The Most Popular Bitcoin Exchanges

    The Bitcoin exchanges today claim to have learned from Mt. Gox and present themselves as advanced models with better security mechanisms in place.

You May Also Like

Hot Definitions
  1. Christmas Island Dollar

    The former currency of Christmas Island, an Australian island in the Indian Ocean that was discovered on December 25, 1643. ...
  2. Santa Claus Rally

    A surge in the price of stocks that often occurs in the week between Christmas and New Year's Day. There are numerous explanations ...
  3. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  4. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  5. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  6. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
Trading Center