Totnes pound

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Totnes pound
Demographics
User(s)Totnes

The Totnes pound was 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[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]

On 30 June 2019 the Totnes Pound was closed, due its declining usage caused partly by the rise of the cashless society.[4]

Intended benefits[edit]

The anticipated benefits of the Totnes Pound[3] were:

  • 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.

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 author Mary Wesley, 'father of the computer' Charles Babbage, musician Ben Howard and social activist and philanthropist Dorothy Elmhirst.[5]

As of July 2014, more than 120 businesses in Totnes were accepting the Totnes Pound,[6] and more than £12,000 worth of the currency had been issued.[7]

Description of notes[edit]

The paper Totnes Pounds are printed on plasticised paper and have a number of security features including: watermarks, a hologram, engraved silver foil and iridescent ink.[8]

See also[edit]

References[edit]

  1. ^ "The town already has its own currency, the Totnes pound" in "Devon town bids for eco status[permanent dead link] (retrieved 20 June 2008)
  2. ^ Transition Town Totnes Archived 2008-04-17 at the Wayback Machine, April 2008
  3. ^ a b c The Totnes Pound Project Archived 2008-04-28 at the Wayback Machine, April 2008
  4. ^ "Totnes pound: Currency killed by 'cashless economy'". BBC News Website. Retrieved 31 May 2019.
  5. ^ "Meet the new faces of local currency". 28 May 2014. Archived from the original on 10 August 2014. Cite uses deprecated parameter |deadurl= (help)
  6. ^ Woodruff, Graham. "Totnes Pound".
  7. ^ "Banknotes, local currencies and central bank objectives" (PDF). Bank of England. Archived from the original (PDF) on 23 September 2015. Retrieved 17 March 2014. Cite uses deprecated parameter |dead-url= (help)
  8. ^ "Security Features". Totnes Pound. Retrieved 17 December 2016.

External links[edit]