Totnes pound
| Totnes pound | |
|---|---|
| Demographics | |
| User(s) | Totnes |
The Totnes pound is a complementary local currency,[1] intended to support the local economy of Totnes, a town in Devon, England.
The initiative is part of the Transition Towns concept, of which Totnes is a pioneer. According to the Transition Town Totnes website this means that it is "a community in a process of imagining and creating a future that addresses the twin challenges of diminishing oil and gas supplies and climate change, and creates the kind of community that we would all want to be part of".[2]
History
The Totnes Pound was launched as an initiative of Transition Town Totnes Economics and Livelihoods group in March 2007.[3] The group argues that "Economic localisation is considered to be a key aspect of the transition process, and local currency systems provide the opportunity to strengthen the local economy whilst preventing money from leaking out".[3]
Intended benefits
The anticipated benefits of the Totnes Pound[3] are:
- To build resilience in the local economy by keeping money circulating in the community and building new relationships
- To get people thinking and talking about how they spend their money
- To encourage more local trade and thus reduce food and trade miles
- To encourage tourists to use local businesses
Value and usage
A Totnes Pound is equal to one pound sterling and is backed by sterling held in a bank account.
The Totnes Pound was re-launched in June 2014 in denominations of t£1, t£5, t£10 and t£21. The final designs feature the author Mary Wesley, 'father of the computer' Charles Babbage, musician Ben Howard and the social activist and philanthropist Dorothy Elmhirst.[4]
As of July 2014, more than 120 businesses in Totnes were accepting the Totnes Pound,[5] and more than £12,000 worth of the currency had been issued.[6]
Description of notes
The paper Totnes Pounds are printed on plasticised paper and have a number of security features.
See also
- Lewes Pound
- Stroud Pound
- "The Wörgl Experiment" of using stamp scrip as a local currency
- Chiemgauer in Germany
References
- ↑ "The town already has its own currency, the Totnes pound" in "Devon town bids for eco status (retrieved 20 June 2008)
- ↑ Transition Town Totnes, April 2008
- 1 2 3 The Totnes Pound Project, April 2008
- ↑ "Meet the new faces of local currency". 28 May 2014.
- ↑ Woodruff, Graham. "Totnes Pound".
- ↑ "Banknotes, local currencies and central bank objectives" (PDF). Bank of England. Retrieved 17 March 2014.
External links
- www.totnespound.org
- "They don't just shop local in Totnes - they have their very own currency", The Independent, 1 May 2008 (accessed 20 June 2008)]