Totnes pound

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The Totnes pound is an alternative 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[edit]

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]

In September 2013 the project was considering issuing higher value notes. At the time the only note available was the Totnes one pound.[4]

Intended benefits[edit]

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[edit]

A Totnes Pound is equal to one pound sterling and is backed by sterling held in a bank account.

In December 2008 a Totnes Pound was sold on eBay for £13.02.[citation needed]

As at September 2008, about 70 businesses in Totnes were accepting the Totnes Pound.[5]

As of late 2013, £8,000 pounds worth of currency had been issued.[6]

Description of notes[edit]

The Totnes Pound notes are printed by local firm Colourworks on plasticised paper. The printer was paid partially in the new currency.[7]

See also[edit]

References[edit]

  1. ^ "The town already has its own currency, the Totnes pound" in "Devon town bids for eco status (retrieved 20 June 2008)
  2. ^ Transition Town Totnes, April 2008
  3. ^ a b c The Totnes Pound Project, April 2008
  4. ^ "Could Ben Howard be face of Totnes 21 pound note?". Western Morning News. Retrieved 17 March 2014. 
  5. ^ Totnes Pound Project - How It Works
  6. ^ "Banknotes, local currencies and central bank objectives". Bank of England. Retrieved 17 March 2014. 
  7. ^ The Plymouth Herald - Printer rolling in bank notes

External links[edit]