Cochranites will soon be able to get their hands on Cochrane Dollars.

Cochrane is developing it's own currency not to replace Canadian dollars but to be used in conjunction with.

The unique project will definitely make Cochrane stand out as very few communities across Canada have anything comparable. 

Robert Kalinovich, Town of Cochrane, Economic Development Officer, says Cochrane dollars will circulate just as Canadian dollars do, and will not only help keep Cochranites shopping local but a great tourism ploy.

"If you are a visitor coming to Cochrane you might come across Cochrane dollars in a store. They may be offered to you in your change, for example, if you buy something. You could just buy them from a retailer if they have them in their till. You could also go to the Visitor Centre and purchase your Cochrane dollars that way; there are other ways too potentially that visitors might end up with them."

Kalinovich is hopeful the Cochrane Dollars will pull other dollars with it so consumers will be apt to spend more; the bills could run for approximately three years dependent on their success.

"After about two years that will be the time to assess if they have been well accepted, if they have been well used by tourism and the community then there's no reason why the program couldn't be accepted indefinitely if it is well received."

Businesses are not being forced to accept Cochrane Dollars but instead encouraged; Kalinovich, adds Cochrane Dollars could be used as a great marketing tool to promote repeat business.

"We're opening up the project to any Cochrane business that would like to participate, they are more than welcome to even at a minimum just accept them in their business on purchases but we would really like to encourage them to get a little more involved and to use the Cochrane Dollars as a tool to encourage the first sale and subsequent sales. If you used the Cochrane Dollars in promotion, for example this weekend purchases over $50 or $100 will receive 10% back in Cochrane dollars."

The project is geared towards retail or service industry businesses whether commercial or home based.

Cochrane businesses are excited to see this project launch and have nothing but positive things to say. Kalinovich, adds their true success will be defined by how businesses choose to use them.

"Every business owner tends to come up with their own way on how they're going to use it, and how they might incorporate it into their business. Really the Cochrane Dollar is a tool, just by having the Cochrane Dollars in the community on its own doesn't necessarily do anything to encourage the local economy but the way they are used; the way the businesses accept them, help keep them in circulation, distribute them in the community and outside the community that is what will have the impact.

Cochrane Dollars will be circulation as of May 19; for starters the currency will be available in $1, $5, $10, $20 and possibly $50 denominations with an initial print run of $100,000.

 

The public will be able to provide their feedback for two weeks beginning January 30 as to who or what they would like to see pictured on the bills, Kalinovich says business owners will also be able to go online and register as a participating business.

There was minimal cost to the town to implement this project with low to no risk of fraudery.

For more details on the Cochrane Dollar, you will find them here.