A fascinating initiative out of Denmark is working to forge a new international currency out of art (not a metaphorical currency, but an actual tradable commodity). Art Money can be used to buy goods and services (admittedly, not in very many places), and each unit of the money has a defined cash value. According to the web site:
Art money is an original art object measuring 12×18 cm, issued by an artist registered in BIAM [the Bank of International Art Money], showing serial number, year of production, artist name and original signature. Each bill represents a purchasing power equal to 20 Euro, increasing in value to 50 Euro over seven years.
The project is a more ambitious and structured version of something many artists have done in the past — like J.S.G. Boggs, who got into some trouble with the U.S. Mint for his creations, or Alec Thibodeau’s Noney which intentionally has a face value of zero, since the actual value is negotiated at the point of sale. It’s a wonderful reminder that currency is among our most persistent and invisible cultural objects — valuable only because both sides in a transaction believe it to be.
If nonprofit arts organizations embraced this idea, perhaps someday banks and affluent individuals would be coming to us for cash.
This sounds a bit like Ithaca Hours (http://www.ithacahours.com/).
I tried to get a project going on a city scale which would involve an Interac Bank card allowing anyone interested in supporting the arts, to agree to 1 cent being added to every purchase/withdrawl and dedicated to an “Arts” account. From there the local Arts Council would divide it in an agreeable way amoung the needs of the local arts scene.