Castlemaine in central Victoria, famous for the gold that was dug up around the region in the mid-1800s, might now be known for a far less exotic source of wealth: clay.
A group of the town's artists has launched its own clay currency to be used as part of an economic experiment.
Named the "silver wattle" after the native plant, about $10,000 worth of the currency has been created in two denominations.
One version is printed with the number 1, which is equivalent in value to $10, and the other bears a 5, which is worth $50.
Artist Dale Cox said the the idea was to keep money being spent locally instead of being siphoned off by corporations or heading into foreign bank accounts.
"Not from a top-down authority, like a Queen or from a state authority, but from the ground beneath our feet and from the environment we're embedded in, the place we're from."
Businesses back new currency
Eight businesses have joined the economic experiment — including The Taproom, Cabosse and Feve Chocolates and Tortoise Espresso — to recognise the coins as legitimate currency.
Johnny Baker, who runs a bakery in Castlemaine where the coins can be used, said he loved the concept and wanted to support the project.
Mr Cox said the artists were not concerned about any challenges they could face from Australia's economic authorities.
"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.
'Ecology and economics'
Castlemaine isn't the first place in the world to experiment with its own currency, however most places use digital currency or banknotes.
Artist Jodie Newcombe said the coins had been created from locally acquired clay.
"It's very durable, we have some of the old relics of human civilisation in clay," she said.
"So it might look fragile but it's actually really strong."
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 a diversity in our system," she said.
"Because currently we have a money monopoly and that's a dangerous thing.
She said any kind of monoculture would be weak and noted there had been lots of financial crashes.
"So local currencies around the world, there are about 300, are creating a diversity and kind of resilience at a local level," she said.
Mr Cox, Ms Newcombe, along with fellow 'clay coin' artist Ann Ferguson are running an exhibition based around the idea of currency for the next two weeks in Castlemaine.
