Would it be illegal to print a coupon "money" for the trade of goods in your own town/city?

It is called Script. A local town here is doing it to premote the small town's core business's. You buy the script from City Hall, then spend it at the local business's for discounted prices, keeping Money flowing in the community.

As Oh Noooo pointed out, this is already happening. It's called "scrip." As long as the currency doesn't look like or isn't passed off as legal federal currency, it's legal. Communities are creating certificates that are sold at a discount (say, ninety cents on the dollar) and are used at local stores.

EDIT: I don't think this system could be used to circumvent the official currency system, though, since the majority of the country still uses federal dollars and anyone in the community who wants to buy things outside the scrip system would have to use dollars, not coupons.

Also, because the system is local, a small group of merchants could agree to charge more using the scrips than they would for dollars. There wouldn't be any legal recourse for price fixing, because the scrips aren't legal currency. It wouldn't be a perfect system.

Apparently not because there is a city in North Carolina that has issued the "Pittsboro Plenty" in an effort to keep money flowing within their own community. Apparently it's working well for them and the local bank has agreed to exchange Fed $ for "Plenty" and "Plenty" for Fed $.

-- North Carolina Town Prints Own Currency to Support Local Business

http://www.democracynow.org/2009/4/9/north_carolin...

A few months ago, an episode of 'European Journal' (Euro 'news magazine' program carried by PBS and LINK-TV) that featured a town in Germany that, at particular time, allowed people to pay in DM at the local markets/shops. Sorry... I don't have the time right now to run down a link for it, but if you want to track it down, it might be possible from the PBS or LINK TV home page search functions.

http://www.linktv.org/

http://www.pbs.org/

I am part of a LETS (Local Exchange Trading Scheme) which operates in Newcastle and many other cities in Australia.

It is a scheme which allows you to trade your skills,services, goods and foodstuffs between members of the association.

It works really well, has turned out to be a great social networking tool as well as an economic aid to many and is totally legal here.

I do not know about Canadian law, but as you have no intention of passing this off as actual legal tender I cannot see why it would be a problem

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The constitution. It gives the federal government the sole-power to create currency.

Also, the federal government taxes income. Meaning, if you gain wealth by any means it can be taxed if not gained through proper channels (tax shelters).

I'm not saying you have a bad idea, I'm just saying its been blocked.

Those cities are using a USD backed "dollar" its just designed to keep the money local. Its not the same as what he is suggesting, which is to kick the dollar to the curb.

And they'll still pay taxes on income/wealth earned/transfered.

matchsticks have no value, the moment you add value to them, they are taxable items.

Our government isn't stupid, they just act like that on TV.

From the CNN link

"The IRS gets its share. When someone pays for goods or services with local money, the income to the business is taxable, says Tom Ochsenschlager of the American Institute of Certified Public Accountants. "It's not a way to avoid income taxes, or we'd all be paying in Detroit dollars," he says."

There is no way around the taxes

Also, you are saying you would substitute it for federal currency

"The banks would have no leverage - the income tax laws would become null and void because that refers to federal issue currency payments "

Look, if I "trade you a house" for something you have gained wealth. That wealth is taxable.

Those "berkshares" are literally "sams club" type of things where you agree to do business with "company x, y and z" and they give you a discounted rate.

You still pay sales taxes. The companies will still pay state and federal taxes.

There is no way around the tax side of this.

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It is done all the time

There is nothing wrong with it at all.

What do you think casino tokens are if not a form of locally coined money?

If you look at a dollar bill you will see that it references public debts and private debts. Local money is not legal tender for public debts such as taxes. It is just fine for private debts.

No, it's perfectly legal. Scrip was used for years to pay workers in remote mining camps. Modern scrip such as gift certificates, gift cards, credit cards, coupons are essentially substitute currency.

This method of localities issuing currency has been used a various points throughout history when credit was tight.