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Chiemgauer
The Chiemgauer is a regional currency in Prien am Chiemsee, Bavaria, Germany. It was created by Christian Gelleri in 2003 and named after the Chiemgau, a region around the Chiemsee lake. Gelleri was inspired by the economist Silvio Gesell. The Chiemgauer is intended to increase local employment, support local culture, promote sustainability, and stimulate the local economy. It is one of the longest sustained and most successful implementations of demurrage currency since 1900.
Bills of 1, 2, 5, 10, 20, and 50 Chiemgauer are issued. In 2006, an electronic form of the Chiemgauer, the "eChiemgauer", was established through cooperation with cooperative and local banks. Between 2003 and 2015, the demurrage rate was 2% per quarter, or 8% per year. As of 2021, the demurrage rate is 3% every six months, or 6% per year for the paper money form. In the digital form of the Chiemgauer, the demurrage rate is calculated daily (6% divided by 365 days = 0.016% per day). The demurrage rate does not start until after holding the currency for the first 90 days.
Consumers and businesses can purchase Chiemgauer at a fixed exchange rate, tied to the value of the euro: 1 Chiemgauer = €1. Businesses have the option to exchange 100 Chiemgauer for €95 minus VAT, which incentivizes them to work within the system. Nonprofits benefit from optional donations from consumers when euros are converted to Chiemgauer, as well as when businesses convert Chiemgauer into euros. The rules for the distribution, circulation, demurrage rate, and usage of the Chiemgauer can be changed through the democratic assembly process within its issuing authority, Chiemgauer e. V.
As of 2025, the Chiemgauer has an estimated 500,000 users (including eChiemgauer and the paper Chiemgauer) who live within 50 kilometers of Prien, with an annual turnover of 7 million euros. Tax laws and wage laws have prevented the Chiemgauer from increasing its userbase.
In 2002, Christian Gelleri, a high school teacher, started this project with six of his students, who were in charge of designing and printing vouchers and take care of administration, accounting, advertising, and other tasks. The students wanted to raise money for a sports hall for the Waldorf school of Prien. At the time, Germany was in a recession with an output gap of ~2%. Gelleri was inspired by the Silvio Gesell's Freigeld and credit systems going back to Robert Owen and Rudolf Steiner.
The Chiemgauer is intended for:
In 2006, an electronic form of the Chiemgauer, the "eChiemgauer", was established through cooperation with cooperative and local banks. Bank accounts are used for operations. Only businesses and nonprofits need additional electronic accounts, while consumers have the possibility to use electronic cards called "Regiocard". Two-thirds of Chiemgauer turnover is electronic.
Between 2003 and 2015, the demurrage rate was 2% per quarter, or 8% per year. After a democratic resolution was held, the demurrage rate did not start until after holding the currency for the first 90 days. As of 2021, the demurrage rate is 6% per year, or 3% every six months for paper bills.
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Chiemgauer
The Chiemgauer is a regional currency in Prien am Chiemsee, Bavaria, Germany. It was created by Christian Gelleri in 2003 and named after the Chiemgau, a region around the Chiemsee lake. Gelleri was inspired by the economist Silvio Gesell. The Chiemgauer is intended to increase local employment, support local culture, promote sustainability, and stimulate the local economy. It is one of the longest sustained and most successful implementations of demurrage currency since 1900.
Bills of 1, 2, 5, 10, 20, and 50 Chiemgauer are issued. In 2006, an electronic form of the Chiemgauer, the "eChiemgauer", was established through cooperation with cooperative and local banks. Between 2003 and 2015, the demurrage rate was 2% per quarter, or 8% per year. As of 2021, the demurrage rate is 3% every six months, or 6% per year for the paper money form. In the digital form of the Chiemgauer, the demurrage rate is calculated daily (6% divided by 365 days = 0.016% per day). The demurrage rate does not start until after holding the currency for the first 90 days.
Consumers and businesses can purchase Chiemgauer at a fixed exchange rate, tied to the value of the euro: 1 Chiemgauer = €1. Businesses have the option to exchange 100 Chiemgauer for €95 minus VAT, which incentivizes them to work within the system. Nonprofits benefit from optional donations from consumers when euros are converted to Chiemgauer, as well as when businesses convert Chiemgauer into euros. The rules for the distribution, circulation, demurrage rate, and usage of the Chiemgauer can be changed through the democratic assembly process within its issuing authority, Chiemgauer e. V.
As of 2025, the Chiemgauer has an estimated 500,000 users (including eChiemgauer and the paper Chiemgauer) who live within 50 kilometers of Prien, with an annual turnover of 7 million euros. Tax laws and wage laws have prevented the Chiemgauer from increasing its userbase.
In 2002, Christian Gelleri, a high school teacher, started this project with six of his students, who were in charge of designing and printing vouchers and take care of administration, accounting, advertising, and other tasks. The students wanted to raise money for a sports hall for the Waldorf school of Prien. At the time, Germany was in a recession with an output gap of ~2%. Gelleri was inspired by the Silvio Gesell's Freigeld and credit systems going back to Robert Owen and Rudolf Steiner.
The Chiemgauer is intended for:
In 2006, an electronic form of the Chiemgauer, the "eChiemgauer", was established through cooperation with cooperative and local banks. Bank accounts are used for operations. Only businesses and nonprofits need additional electronic accounts, while consumers have the possibility to use electronic cards called "Regiocard". Two-thirds of Chiemgauer turnover is electronic.
Between 2003 and 2015, the demurrage rate was 2% per quarter, or 8% per year. After a democratic resolution was held, the demurrage rate did not start until after holding the currency for the first 90 days. As of 2021, the demurrage rate is 6% per year, or 3% every six months for paper bills.
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