Toronto dollar facts for kids
The Toronto dollar was a special kind of paper money used in Toronto, Ontario. It was used from 1998 to 2013. It worked like a local currency, which means it was only used in a specific area.
The Toronto dollar had a set value compared to the Canadian dollar. When people exchanged Toronto dollars for Canadian dollars, they got a slightly lower amount back. The money made from this difference helped fund programs that supported the community.
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What Was the Toronto Dollar?
The Toronto dollar started in December 1998. It was a paper currency used in Toronto, Ontario. It had a fixed value against the Canadian dollar. This means its value didn't change much compared to the Canadian dollar.
The Family Life Foundation of Willowdale helped start the Toronto dollar system. This group is a registered Canadian charity. The Mayor of Toronto at the time, Mel Lastman, bought the very first Toronto dollar.
How Did It Work?
A group called Toronto Dollar Community Projects Inc. managed the currency. This group is a not-for-profit community group. It was part of a bigger project called St. Lawrence Works.
Anyone could buy Toronto dollars at different places. You could buy them at a 1-for-1 rate, meaning one Toronto dollar cost one Canadian dollar. Local businesses could choose to accept the Toronto dollar. They accepted it at the same value as the Canadian dollar.
Businesses could exchange their Toronto dollars for Canadian dollars twice a month. When they did this, they would get 90 cents for every Toronto dollar. This difference helped fund community programs.
By 2008, almost 150 businesses accepted the Toronto dollar. Most of these businesses were in the St. Lawrence Market area and at Gerrard Square.
Helping the Community
The Toronto dollar was special because it helped the community. When people bought or exchanged the currency, 10% of the money went to help local groups. These groups focused on community development. They especially helped people with low incomes, people who were unemployed, or people who were homeless.
By 2008, the Toronto dollar program had raised and given over $110,000 to local charities. It had given money to at least 35 different organizations.
The Toronto dollar also encouraged people to volunteer. People who received welfare could get Toronto dollars as gifts if they volunteered for charities. These gifts did not affect their welfare benefits. This was a way to reward people for helping their community.
Why Did It Stop?
In 2012 and 2013, the group that ran the Toronto dollar announced a change. They said they had to stop selling Toronto dollars. This was because they didn't have enough volunteers. They also lacked the support needed to keep the program going.
Today, there isn't much information about the Toronto dollar online. This suggests that the currency is not likely to start up again. Several articles from that time confirm that the program ended. There are no recent updates about the currency or its program available on the internet.
See also
- List of Canadian community currencies