- Totnes pound
The Totnes pound is an alternative
local currency ["The town already has its own currency, the Totnes pound" in [http://itn.co.uk/news/36735b4455718a9d3cebd4d7a9746540.html "Devon town bids for eco status] (retrieved 20 June 2008)] , intended to support the local economy ofTotnes , a town inDevon , UK.The initiative is part of the
Transition Towns concept, of which Totnes is a pioneer. 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" [ [http://totnes.transitionnetwork.org Transition Town Totnes] , April 2008] .Origins
The Totnes Pound was launched as an initiative of Transition Town Totnes Economics and Livelihoods group in March 2007 [http://totnes.transitionnetwork.org/totnespound/home The Totnes Pound Project] , April 2008] . 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 businessesValue and Usage
A Totnes Pound is equal to one
pound sterling and is backed by sterling held in a bank account.As at September 2008, about 70 business in Totnes were accepting the Totnes Pound. [ [http://totnes.transitionnetwork.org/totnespound/home/howitworks Totnes Pound Project - How It Works] ]
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 Independent - 1 May 2008 (accessed 20 June 2008)]References
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