In ithaca, ny, ithaca hours, valued at the area's average hourly wage ($10), can be used to buy goods and pay for services. about 5,700 ithaca hours are in circulation. because they are accepted in local stores and accepted by local people as income, ithaca hours: although less liquid than fed notes, are money because they are accepted as money. are money because they are backed by the local government. are not money because they do not serve as a medium of exchange. are not money because their value depends upon the area's average hourly wage.