Sorry about the confusion. It is understandable because the phrase actually refers to multiple things.

When I use the phrase "targeted currency" I am referring to a special purpose currency that is targeted to a specific community (which may or may not be geographically defined) which is designed to address a need or solve a problem within that community.

Examples include Omidyar Network feedback ratings, eBay feedback ratings, frequent flier miles, food stamps, time-dollars, etc.

In addition, I think of the word "currency" as being of the same root as "current," as in flow. So I think of currencies as systems designed to create or facilitate particular "flows." Food stamps buy food. Frequent flier miles incent loyal buying habits. Time-Dollars release latent skills in a community and incent members to exchange those skills. eBay ratings incent honest behavior, prompt payment & shipping.

There are people use terms like alternative currencies, local currencies, or complementary currencies to refer to some of these, but we coined this term to try to eliminate confusion that occurs from these other names.

• Alternative Currencies - I think this is a fairly viable name, but has been rejected by much of the currency community as it seems to threaten established interests. Currency practitioners are not trying to incite problems with central banks so they have been steering away from this term.
• Complementary Currencies - This is the non-threatening term in vogue with most burgeoning currency practitioners at this time. However, it seems that most Americans don't fully appreciate the spelling difference between "compl-e-mentary" and "compl-i-mentary" so they hear "free money." Also, I think it supports a pattern of thinking that much of the movement has fallen into of creating a new one-size-fits-all solution where they try to take one currency implementation and apply to ALL communities instead of appreciating the disparate needs of different communities.
• Local Currencies - Many communities in an information age are non-local. This term misses how vital currencies can be in local and global ways. For example, eBay ratings serve a community not well defined by locale, but they are still a valid currency of the type we mean.

So that is why I've coined the term targeted currencies. I hope it communicates as non-threatening, non-local, and special-purpose rather than general-purpose.

I (with a handful of other founding partners) have started a company called Targeted Currencies Network. We are building this as an open system, a "business without walls," and inviting widespread participation in developing the infrastructure to support communities in having these kinds of currency tools as easily and reliably as businesses have access to doing transactions on the Visa network.

I think someone cut and pasted some content from our web site which may explain the use of "we." "We" will try to weed out anything 'salesy,' and keep the conversation focused on how "the bigger we" can work on these things together. :)

Again... sorry about any confusion. I hope this has clarified the term.