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Totnes Pound

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Totnes Pound

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 £1, £5, £10 and £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

References

  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. ^ http://www.westernmorningnews.co.uk/Meet-new-faces-local-currency/story-21152600-detail/story.html
  5. ^ [1]
  6. ^

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)]
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