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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, 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"[2].
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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].
The anticipated benefits of the Totnes Pound[3] are:
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.
As at September 2008, about 70 business in Totnes were accepting the Totnes Pound.[4]
The Totnes Pound notes are printed by local firm Colourworks on plasticised paper. The printer was paid partially in the new currency.[5]