Frequently Asked Questions
1. Is it really legal to print your own currency?
It certainly is. It's a common misconception that only national governments are allowed to print money, but this just isn't the case. Every government, community, organization, and individual has the right to produce their own money. In fact, when you write a check that's exactly what you're doing. The difficult part is getting people to accept that your money is valuable.
2. What makes your money valuable? Isn't it just paper?
The important value of any currency is that you can trade it for goods and services. Salt Spring Dollars are accepted by all three banks on the island and almost every single business. That makes them valuable.
3. So you just print pretty slips of paper and they're automatically money?
Not quite. Salt Spring Dollars are backed by a combination of Canadian Dollars and precious silver and gold. When we issue new bills we make a deposit in the trust fund so you know your Salt Spring Dollars can always be redeemed for something of equal value. Nations used to do the same thing which made their currencies strong and safe but they don't do that any more.
4. What does the symbol "$$" mean?
$$ is a symbol combining two Ss and two Is, which stands for "Salt Spring Island Issued", just like "CA$" means Canadian dollar and "US$" means United States dollar.
5. How much are Salt Spring Dollars worth?
$$1.00 = CA$1.00 which means the Salt Spring Dollar is pegged to the Canadian dollar. Many countries peg their currencies to other, larger countries such as the United States dollar. Since the Canadian dollar has been stronger than the US dollar in recent years, and since Salt Spring Island exists within the Canadian economy, it's been a good choice for us.
6. How long have Salt Spring Dollars been available?
We initially launched the currency program in 2001. It's been astoundingly successful!
7. Why doesn't everyone do this?
It's pretty complicated to set up this process. While we operated at light speed from conception to our first issue (four months), we had to establish the SS IMF, raise funds, design and print the bills, then convince skeptical financial institutions and businesses. Even so, we're very big fans of local currency and encourage other communities to create their own!
8. Is Salt Spring the only community with a local currency?
No, in fact many communities throughout Canada, the United States, and the world have similar programs. Salt Spring Dollars are unique to the extent that our currency is accepted by all the banks and nearly every business in the community. Salt Spring Dollars are known the world around as an unusually successful local currency.
9. Where do I get Salt Spring Dollars?
See our page on Purchasing Salt Spring Dollars.
10. What do I do when I have them?
Spend them! They're money and you can use them to buy groceries, meals, books, gas, clothes, lodging, accounting, housewares, massage, building supplies, electronics, haircuts, wine, insurance, dry cleaning, jewelry, and basically anything else available on the island.
If you have some left you can either exchange them for Canadian dollars before you leave the island or you can keep them for your next trip back. Think of it like bringing home a few Euros or Yen or Pesos – you can always use them later. And if you take some Salt Spring Dollars home you help the island's economy by strengthening our currency, just as you help any nation when you take home some of their currency.
11. How does this help the community?
Salt Spring Dollars help in two ways: Community pride and direct economic impact. Having a local currency is prestigious and attracts world-wide attention to our island and its artists. Locals enjoy keeping their business local and this is one way to focus our attentions on our neighbors' businesses. Tourists also love participating in our economy in this way.
In addition, Salt Spring Dollars have a direct impact. The SS IMF trust fund earns interest on the Canadian dollars and and enjoys increases in the market value of both gold and silver holdings. The interest helps to offset operating costs. This interest is also used to fund deserving local projects. Also sales of Collectors' sets help build the reserve fund even further
12. Do Salt Spring Dollars ever expire?
No. The original printing in 2001 had expiration dates but because of community response we changed that policy. Salt Spring Dollars keep their value perpetually, pegged to the Canadian dollar.
13. Can Salt Spring Dollars be counterfeited?
Without being too overconfident, Salt Spring Dollars are among the most secure documents printed anywhere in the world. We have arranged hidden security features that even the Canadian and United States government don't include, and counterfeiters would have much more reason to try to fake those currencies than ours. Nonetheless we're always vigilent and take continuous active measures to protect the security and trust of our bills.
14. How can my business arrange to accept Salt Spring Dollars?
Just start accepting them. If your business banks with any of the financial institutions on Salt Spring Island, you can deposit Salt Spring Dollars directly right into your Canadian Dollar accounts. If you'd like our "We Accept Salt Spring Dollars" cards for your counter top, please Contact Us.
15. How can I buy keepsake specimens?
We sell circulating and collectors' sets of Salt Spring Dollars here on this website. You can also buy circulating currency at face value from almost any business on the island.
16. I have a question you didn't answer here on the website. How can I get an answer?
Please Contact Us.
17. What is your refund and return policy?
We refund 100%, no questions asked, upon receipt of the returned product.
The SS IMF even has its own armoured vehicle