What can you do with a wooden dollar?

PANAMA CITY BEACH — A new form of currency is circulating among Bay County businesses.

The Wooden Dollar, a concept launched last year by Panama City Beach resident Robin McDaniel, is now recognized at more than 160 local shops, restaurants and entertainment venues, each of which offers its own in-store special with the coin.  

The idea came to McDaniel when he found a coin redeemable for a free food item at a Panama City Beach restaurant floating around his house one day.

“Ever since then I was kind of fixated on how to use this at more than just one place,” he said.

Less than a year later, McDaniel estimates about 40,000 wooden dollars are in circulation in Bay County.

To participate, businesses purchase 200 coins for $125 and craft their own value for them, which could be a dollar value, a discount on items or a promotional deal. The businesses then distribute the coins to customers, who can redeem them at any participating location.

“The whole gist of it is everybody is advertising for each other,” McDaniel said.

At Pepper Palace, a specialty hot sauce store at Pier Park, the Wooden Dollar has helped drive customers through the door.

“We use it and so far it’s been a very good success,” said store owner Caleb Stone. “We get a lot of people coming in with their coins in hand.”

The store carries thousands of sauces and offers a free bottle of “Panama City Beach Heat” with every $10 purchase for customers who present a wooden dollar.

Pepper Palace has been open at Pier Park for about two and a half years and was one of the first businesses to sign on to participate with Wooden Dollar. The shop now gives away about two cases of PCB Heat every two weeks for the promotion.

“It gives us the freedom to do whatever we want,” Stone said of the intiative. “We get a lot of people coming in with their $1 looking to spend $10 to get the free hot sauce.”

To keep the coins in circulation, McDaniel encourages businesses to keep redistributing the wooden dollars they receive.

“The idea is to have them in circulation, because they don’t do any good behind the counter,” said McDaniel, who hopes to have 50,000 in circulation by the end of the summer, and 100,000 this time next year. “It’s growing very substantially. My goal is to franchise it in other areas, starting in Tallahassee and Gainesville.”

McDaniel said participating in Wooden Dollar also provides good exposure for businesses, which are listed on the Wooden Dollar website and could be featured on the company’s “Biz of the Week” promotions and Facebook posts.

“I really like promoting new businesses that haven’t been open before,” said McDaniel, who recently signed up new restaurants The Crepe Escape on Thomas Drive and Back Porch BBQ on Beck Avenue.

“That’s what I’m really passionate about ... helping people get their name out there.” 

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