Totnes pound

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

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:

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]

As of July 2014, more than £12,000 worth of 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

External links