There are many ways to do this in your classroom, as I've heard from talking to other teachers. However, to give credit where it's due, I got my idea from the AMAZING teacher, Rafe Esquith & his Hobart Shakespeareans. His first book, There Are No Shortcuts, talks about how he runs the economy system. Then I adjusted, added, and tweaked things to fit me and my classroom.
One big take away that I've learned from Rafe is to not reward behavior externally with the money system. It is solely for the responsibility of working the class job and other academic extras. Behavior is expected and can be recognized other ways, but I'm not giving students money for sitting nicely, being kind to a neighbor, or taking out things quickly when asked. I don't get paid extra to be courteous to my coworkers. Trust me, I have run into (crying) moments when I know I could just do the table points or toss dollars out left and right to keep my sanity, but the point is to teach behavior so that students act accordingly no matter who they're with or where they are, not just because I'm giving them an incentive (money). It's a higher and more difficult expectation, but I've found it very beneficial throughout the years.
Here are some things the economy system teaches:
Well, here are the basics of what I do that's worked for me: