Peer production has often been described as a ‘third mode of production’, irreducible to State or market imperatives. The creation and organisation of peer projects takes place without ‘managerial commands or price signals’, without recourse to bureaucratic apparatuses or the logic of competitive markets. Instead, and mimicking the technical architectures upon which many peer projects are based, production is described as non-hierarchical and decentralised. Group dynamics are equally flattened out — and such flattening is captured, of course, in the very notion of the ‘peer’. This issue of the Journal of Peer Production (JoPP) seeks to scrutinise and advance these earlier understandings of peer production through the exploration of value and currency.