[2][5] In 2002, a one-tenth hour bill was introduced, partly due to the encouragement and funding from Alternatives Federal Credit Union and feedback from retailers who complained about the awkwardness of only having larger denominations with which to work; the bills bear the signatures of both HOURS president Steve Burke and the president of AFCU.
Secondly, the use of HOURS declined as a result of the general shift away from cash transactions towards electronic transfers with debit or credit cards.
[6] While doing research into local economics during 1989, Glover had seen an "Hour" note issued by 19th century British industrialist Robert Owen to his workers for spending at his company store.
Soon after, Jim Rohrrsen, the proprietor of a local toy store, became the first retailer to sign-up to accept Ithaca HOURS in exchange for merchandise.
A Barter Potluck was held at GIAC on November 12, 1991, the first of many monthly gatherings where food and skills were exchanged, acquaintances made, and friendships renewed.
In one interview, Glover stated that "There's a growing movement called "ecological economics" and Ithaca HOURS is part of that cosmos.
Last year I wrote an article which discusses moving us toward the provision of food, fuel, clothing, housing, transportation, [and other] necessities in ways which are healing of nature, or which are less depleting at least and which bring people together on the basis of their shared pride, not arrogance."
Thus one underlying principle of the local currency movement is to create "fair trade" with a minimum of conflict or exploitation of either people or natural resources.
The first Board of Directors included Monica Hargraves, Dan Cogan, Margaret McCasland, Erica Van Etten, Greg Spence Wolf, Bob LeRoy, LeGrace Benson, Wally Woods, Jennifer Elges, and Donald Stephenson.
Several million dollars value of HOURS have been traded since 1991 among thousands of residents and over 500 area businesses, including the Cayuga Medical Center, Alternatives Federal Credit Union, the public library, many local farmers, movie theatres, restaurants, healers, plumbers, carpenters, electricians, and landlords.