Roundtable discussions of the Sustainable Salt Spring Island Coalition examined the possible establishment of a local currency in the fall of 2000.
In July 2001, the Salt Spring Island Monetary Foundation was established and registered with the Province of British Columbia.
In 2006, the Spring Island Monetary Foundation began planning their first silver coin edition.
The reverse of the bills feature paintings from local artists including Robert Bateman.
The Salt Spring Island Monetary Foundation backs the currency with Canadian dollars.