Totnes pound
Encyclopedia
The Totnes pound is an alternative local currency
, intended to support the local economy of Totnes
, a town in Devon
, UK
.
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".
and is backed by sterling held in a bank account.
In December 2008 a Totnes Pound was sold on Ebay for £13.02.
As at September 2008, about 70 business in Totnes were accepting the Totnes Pound.
Local currency
In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...
, intended to support the local economy of Totnes
Totnes
Totnes is a market town and civil parish at the head of the estuary of the River Dart in Devon, England within the South Devon Area of Outstanding Natural Beauty...
, a town in Devon
Devon
Devon is a large county in southwestern England. The county is sometimes referred to as Devonshire, although the term is rarely used inside the county itself as the county has never been officially "shired", it often indicates a traditional or historical context.The county shares borders with...
, UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
The initiative is part of the Transition Towns
Transition Towns
Transition Towns is a grassroots network of communities that are working to build resilience in response to peak oil, climate destruction, and economic instability...
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
Climate change
Climate change is a significant and lasting change in the statistical distribution of weather patterns over periods ranging from decades to millions of years. It may be a change in average weather conditions or the distribution of events around that average...
, and creates the kind of community that we would all want to be part of".
Origins
The Totnes Pound was launched as an initiative of Transition Town Totnes Economics and Livelihoods group in March 2007. 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".Intended benefits
The anticipated benefits of the Totnes Pound 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 sterlingPound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
and is backed by sterling held in a bank account.
In December 2008 a Totnes Pound was sold on Ebay for £13.02.
As at September 2008, about 70 business in Totnes were accepting the Totnes Pound.
Description of notes
The Totnes Pound notes are printed by local firm Colourworks on plasticised paper. The printer was paid partially in the new currency.See also
- Lewes PoundLewes PoundThe Lewes Pound is a local currency in use in the town of Lewes, East Sussex. Inspired by the Totnes pound and BerkShare, the currency was introduced with the blessing of the town council in September 2008 by Transition Town Lewes - a community response to the challenges of climate change and peak...
- Stroud PoundStroud PoundThe Stroud Pound is a local currency in use in Stroud, Gloucestershire. Unveiled on 12 September 2009, the scheme is the third local currency scheme introduced in England in recent years after the Totnes Pound and the Lewes Pound.-History:...
- "The Wörgl Experiment" of using stamp scrip as a local currencyWörglWörgl is a town in Tyrol, Austria, in the Kufstein district. It is 20 km from the state border with Bavaria.-Transport:Wörgl is an important railway junction between the line from Innsbruck to Munich, and the inner-Austrian line to Salzburg...
External links
- http://www.independent.co.uk/news/uk/this-britain/they-dont-just-shop-local-in-totnes--they-have-their-very-own-currency-818586.html"They don't just shop local in Totnes - they have their very own currency" - The IndependentThe IndependentThe Independent is a British national morning newspaper published in London by Independent Print Limited, owned by Alexander Lebedev since 2010. It is nicknamed the Indy, while the Sunday edition, The Independent on Sunday, is the Sindy. Launched in 1986, it is one of the youngest UK national daily...
- 1 May 2008 (accessed 20 June 2008)]