The first prototypes were designed in 1991 by Ithaca resident Paul Glover, now notable as a figure in the Green Party of the United States and a potential 2004 Presidential candidate for that party.
Ithaca Hours has spawned, inspired, and helped many copycat local currency programs.
Grants and microloans of HOURS are made to community members, who have traded millions of dollars value of their own paper money.
See also; Time-based currency, LETS.