List of community currencies in the United Kingdom

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This article is a list of community currencies that are, or have been, used in the United Kingdom . There are various models such as complementary currencies, local currencies, Local Exchange Trading Systems (LETS) and Time-based currency:

StartedCurrencyStatusCommentOrganisationsModelWebsite
2012 Bristol pound [1] Defunct 2021 [2] Active for 9 years.Bristol Pound Community CIC, Bristol Credit Union, Bristol City Council Local currency bristolpound.org
2009 Brixton pound [3] In 2021, there was a plan to convert to cryptocurrency, partnering with Algorand. [4] Transition Town Brixton, Brixton Pound Local currency brixtonpound.org
n/aCardiff poundNot launchedInitial exploration circa 2015. Proposed launch for 2020. [5] Local currency cardiffpound.co.uk
2002 [6] Eko Active as of November 2019Currency of Findhorn Ecovillage, Moray, ScotlandEkopia, Hygeia Foundation Community currency www.ekopia.org.uk/investments/eko-community-currency/
2015 Exeter pound Defunct 2018 [7] Active for 3 years.Exeter Pound CIC Local currency exeterpound.org.uk
2014 [8] Kingston Pound Active as of July 2022Digital only, no paper currency. Transition Town Kingston Local currency kingstonpound.org
2008 Lewes pound [9] Active as of June 2019 Transition Town Lewes Local currency thelewespound.org
2018Lake District pound [8] Defunct 2020 [10] Active for 2 years.Lakes Currency Project [10] Regional currency lakedistrictpound.com
n/aOxford poundNot launchedInitial plan was not successful in 2013. In 2017, a Green Party councillor put a new proposal forward to the council. [11] Local currency oxfordpound.org.uk (archive)
2009 Stroud pound Defunct 2016 [12] Active for 7 years. Transition Town Stroud, Stroud Pound Co-op [13] Local currency stroudpound.org.uk (archive)
2007 Totnes pound [3] Defunct 2019 [14] Active for 12 years. Transition Town Totnes Local currency totnespound.org

See also

Related Research Articles

In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area, while a community currency might be local or be used for exchange within an online community. A local currency acts as a complementary currency to a national currency, rather than replacing it, and aims to encourage spending within a local community, especially with locally owned businesses. Such currencies may not be backed by a national government nor be legal tender. About 300 complementary currencies, including local currencies, are listed in the Complementary Currency Resource Center worldwide database.

A local exchange trading system is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally created currency. LETS allow people to negotiate the value of their own hours or services, and to keep wealth in the locality where it is created.

<span class="mw-page-title-main">Brixton</span> District in the London Borough of Lambeth in south London

Brixton is an area of South London, part of the London Borough of Lambeth, England. The area is identified in the London Plan as one of 35 major centres in Greater London. Brixton experienced a rapid rise in population during the 19th century as communications with central London improved.

<span class="mw-page-title-main">Pound sterling</span> Currency of the United Kingdom

Sterling is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling.

<span class="mw-page-title-main">Banknotes of the pound sterling</span> Promissory notes denominated in pounds sterling

The pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha.

Calgary Dollars is a local currency in Calgary, Alberta, Canada. While functioning as a limited form of currency within Calgary, it is not legal tender nor is it backed by a national government. Instead, the currency is intended as a tool for community economic development as well as a focus for community building and local resiliency.

A complementary currency is a currency or medium of exchange that is not necessarily a national currency, but that is thought of as supplementing or complementing national currencies. Complementary currencies are usually not legal tender and their use is based on agreement between the parties exchanging the currency. According to Jérôme Blanc of Laboratoire d'Économie de la Firme et des Institutions, complementary currencies aim to protect, stimulate or orientate the economy. They may also be used to advance particular social, environmental, or political goals.

A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies and/or the minting of metal coins intended to be used as currency may even be a criminal act such as in the United States. Digital cryptocurrency is sometimes treated as an asset instead of a currency. Cryptocurrency is illegal as a currency in a few countries.

<span class="mw-page-title-main">United Kingdom and the euro</span>

The United Kingdom did not seek to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992, wherein the Bank of England would only be a member of the European System of Central Banks.

The Totnes pound (t£) was a complementary local currency, intended to support the local economy of Totnes, a town in Devon, England. It was in circulation from March 2007 to June 2019, when it was discontinued due partly to an increasingly cashless economy.

<span class="mw-page-title-main">Transition town</span> Community with core principles of self-sufficiency

The terms transition town, transition initiative and transition model refer to grassroot community projects that aim to increase self-sufficiency to reduce the potential effects of peak oil, climate destruction, and economic instability through renewed localization strategies, especially around food production and energy usage. In 2006, the founding of Transition Town Totnes in the United Kingdom became an inspiration for other groups to form. The Transition Network charity was founded in early 2007, to support these projects. A number of the groups are officially registered with the Transition Network. Transition initiatives have been started in locations around the world, with many located in the United Kingdom and others in Europe, North America and Australia. While the aims remain the same, Transition initiatives' solutions are specific depending on the characteristics of the local area.

<span class="mw-page-title-main">Lewes pound</span>

The 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 as a community response to the challenges of climate change and peak oil.

The 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.

Fiscal localism comprises institutions of localized monetary exchange. Sometimes considered a backlash against global capitalism or economic globalization, fiscal localism affords voluntary, market structures that help communities trade more efficiently within their communities and regions.

The Community Exchange System (CES) is an internet-based global trading network which allows participants to buy and sell goods and services without using a national currency. It may be described as a type of local exchange trading system (LETS) network based on free software. While it can be used as an alternative to traditional currencies such as the Australian dollar or euro or South African rand, the Community Exchange System is a complementary currency in the sense that it functions alongside established currencies.

<span class="mw-page-title-main">Bristol pound</span> Local currency

The Bristol pound (£B) was a form of local, complementary, and/or community currency launched in Bristol, UK on 19 September 2012. Its objective was to encourage people to spend their money with local, independent businesses in Bristol, and for those businesses to in turn localise their own supply chains. At the point of the close of the digital scheme in August 2020, it was the largest alternative in the UK to official sterling currency, and was backed by sterling.

<span class="mw-page-title-main">Exeter pound</span>

The Exeter pound (£E) was a form of local complementary currency, or community currency launched in Exeter, UK on 1 September 2015. Its objective was to ensure more money was spent with local and independent businesses. It was one of the many alternatives in the UK to the official sterling currency. It was discontinued on 30 September 2018.

Sarafu-Credit is a community currency system operated in Kenya. It is used by five different communities, all located in informal settlements or slum areas, including small businesses and schools.

References

  1. ↑ Cooper, Rachel (September 19, 2012). "Bristol launches city's local currency" – via www.telegraph.co.uk.
  2. ↑ "Marking the End of the Bristol Pound, and the Start of Something New".
  3. 1 2 "No money? Then make your own". BBC News. 2009-09-17. Retrieved 2010-05-11.
  4. ↑ "Brixton Pound chooses the Algorand blockchain on which to develop a tokenized version of their innovative Complimentary Local Currency, the Brixton Pound". Algorand. Archived from the original on 2023-06-08.
  5. ↑ Squires, Carly (August 2, 2017). "Cardiff could have its own currency by 2020". walesonline.
  6. ↑ "Findhorn Eko currency is hot off the press". 28 December 2017.
  7. ↑ Finch, Hannah (July 31, 2018). "What went wrong for the Exeter Pound?". devonlive.
  8. 1 2 Smith, Sophie (July 27, 2017). "From the Lake District to east London: which areas have local currencies?". The Telegraph– via www.telegraph.co.uk.
  9. ↑ Jamie Doward and Naomi Loomes (2008-08-17). "Lewes, the proud town that is printing its own money". Guardian. London. Retrieved 2010-08-14.
  10. 1 2 "Lake District Pound: Currency forced out by contactless technology". BBC. 20 November 2019. Retrieved 18 July 2021.
  11. ↑ "The Oxford Pound - City could soon get its very own currency". The Oxford Times. 20 October 2017.
  12. ↑ Robert, Stuart (2022). Money, credit and regional development: complementary local currencies and the provision of small business credit. University of Birmingham.
  13. ↑ Scott Cato, Molly (2012). "Stroud Pound: a Local Currency to Map, Measure and Strengthen The Local Economy" (PDF). International Journal of Community Currency Research. 16: Section D 106–115.
  14. ↑ "Totnes pound: Currency killed by 'cashless economy'". BBC News. 6 March 2019. Retrieved 31 May 2019.
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