Exeter pound facts for kids
Quick facts for kids Exeter Pound |
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| User(s) |  United Kingdom |
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| Symbol | £E | ||
| Plural | Exeter Pounds | ||
| Banknotes | |||
| Freq. used | £E1, £E5, £E10, £E20 | ||
| Rarely used | £E4.50, £E15 | ||
The Exeter Pound (£E) was a special kind of local money used in Exeter, UK. It started on September 1, 2015. This money was created to help local shops and businesses in Exeter. It was different from the regular British Pound. The Exeter Pound stopped being used on September 30, 2018.
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What Was the Exeter Pound?
The Exeter Pound was a "community currency." This means it was money made for a specific local area. Its main goal was to make sure people spent their money at local, independent shops. When you spent Exeter Pounds, that money stayed in Exeter. This helped the local economy grow.
Why Have a Local Currency?
Local currencies like the Exeter Pound aim to support small businesses. They help keep money circulating within the community. This can make the local economy stronger. It encourages people to buy from shops that are owned and run by people in the area.
A Look Back: Its History
Before the Exeter Pound, other towns in the UK had their own local money. These included Bristol (starting in 2012), Totnes (2006), Lewes (2008), Brixton (2009), and Stroud (2010).
The Exeter Pound was managed by a group called Exeter Pound Community Interest Company. They wanted to boost the local economy. One way they tried to make money was by putting an "expiry date" on each note. After this date, the note could no longer be used.
Why It Ended
The Exeter Pound stopped being used on September 30, 2018. Ian Martin, a director of the company, explained why. He said that more and more people were using cards and digital payments instead of cash. Also, it was hard for them to create their own digital currency. These reasons led to the decision to stop the Exeter Pound.
See Also
