BerkShares
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 Definitions
Articles Of Interest
-
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. -
What You Should Know About Inflation
Find out how this figure relates to your investment portfolio. -
Dollarization Explained
Find out how fledgling economies can find some stability in their currency and attract foreign investment. -
History Of Coinage In The U.S.
From the barter system to commemorative coins, we look at the history of U.S. money. -
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. -
How Bitcoin Works
Bitcoin is a digital currency that exists almost wholly in the virtual realm, unlike physical currencies like dollars and euros. A growing number of proponents support its use as an alternative ... -
How To Survive When Prices Double Every Day And A Half
Hyperinflation can destroy your life savings in a matter of months or less. We’ve seen again and again throughout history…Germany in the 1920s, Hungary in the 1940s, Yugoslavia in the 1990s and ... -
The Yen Is Setting Up To Be An Attractive Long-Term Investment
As Japan embarks on quantitative easing, the yen has come under pressure. Will it continue to be the source of big profits in the latter half of 2013? -
Five ETFs To Cash In On Japan’s Rise
With the election of Shinzo Abe and birth of “Abenomics”, things are looking up for Japan's exporting dependent nation. For investors, Japan may finally be awaking from its doldrums. -
3 Costly Spelling Errors
History has proved that some spelling errors can cost companies and governments millions of dollars.
Free Annual Reports