A small Australian city named Castlemaine in the state of Victoria is famous for the gold that was dug up around the region in the mid-1800s. At one point, the city was home to the richest goldfield in the world.
But with its recent initiative, the city might now be known for a far less exotic source of wealth - clay!
A group of artists recently launched the city's own clay currency to be used as part of an economic experiment, as per a report by Australia¡¯s ABC news.?
Named the ¡®silver wattle¡¯ after the native plant, about $10,000 worth of clay currency has been created in two denominations.
One version of the currency is printed with the number 1, which is equivalent in value to $10, and the other bears the number five, worth $50.
An exhibition based around the idea of (clay) currency is being run for the next two weeks in Castlemaine, as per ABC news.
Artist Dale Cox reportedly said that the idea was to keep money being spent locally instead of being siphoned off by corporations or heading into foreign bank accounts.
"We'd like to re-imagine where we find wealth and value," the artist Cox said, adding "The project is such a small scale and it's really just an art experiment, that no huge amounts of revenue will be lost to the tax department and it's really just a trial," Mr Cox said.
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Eight businesses have reportedly joined the economic experiment, including The Taproom, Cabosse and Feve Chocolates and Tortoise Espresso, to recognize the coins as legitimate currency, as per the ABC news report.
Ms Newcombe, an environmental economist by trade, said she was excited to be involved in a project which sparked a lot of conversation around the idea of money.
"It really brings together the idea of ecology and economics, in the poetic sense of the coins being made of clay, but the idea we need (is to have) a diversity in our system," she said.
"Because currently we have a money monopoly and that's a dangerous thing.
Johnny Baker, who runs a bakery in the city of Castlemaine where the coins can be used, reportedly said he loved the concept and wanted to support the project.
He said, "Castlemaine is a very creative town, we have lots of artists and this is going to further establish the town¡¯s creative reputation.¡±?
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(h/t: abc.net.au)