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List of community currencies in the United Kingdom facts for kids

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Community currencies are special kinds of money that people use in a local area or within a specific group. Unlike regular money (like the British Pound), these currencies are designed to help local businesses and communities thrive. They encourage people to spend money locally, keeping wealth within the area.

What Are Community Currencies?

Community currencies are like a local version of money. They are used alongside the main currency of a country, like the British Pound in the United Kingdom. The main idea is to help local shops and services. When people spend community currency, that money stays within the local area. This helps the local economy grow and supports jobs.

How Do They Work?

There are different ways community currencies can work:

  • Local currencies: These are physical or digital notes that can only be spent in a specific town or city. They often have unique designs.
  • Complementary currencies: This is a general term for any money that works alongside regular money, not instead of it.
  • Local Exchange Trading Systems (LETS): In a LETS, people trade skills or goods directly with each other. Instead of regular money, they use a points system or a special local unit to keep track of who owes what. For example, you might earn points for helping a neighbour and then use those points to get help from someone else.
  • Time-based currencies: With this type of currency, an hour of someone's time is worth one unit of currency. It doesn't matter what skill they offer. So, an hour of gardening might be worth the same as an hour of computer help.

Why Use Local Money?

Using local money has several benefits for a community:

  • Supports local businesses: When you spend local currency, you are directly supporting shops, cafes, and services in your area. This helps them stay open and create jobs.
  • Keeps money local: Instead of money leaving the community to big corporations, it circulates among local people and businesses.
  • Builds community spirit: It encourages people to connect with local producers and understand where their goods and services come from.
  • Environmental benefits: By buying locally, you might reduce the need for goods to travel long distances, which can be better for the environment.

Community Currencies in the UK

Many towns and cities across the United Kingdom have tried using their own local currencies. Some have been very successful for a while, while others were short-lived. Here are some examples:

Past Currencies

  • Bristol Pound: This was a very well-known local currency in Bristol. It started in 2012 and allowed people to pay for things like bus fares and taxes using Bristol Pounds. It stopped being used in 2021.
  • Brixton Pound: Launched in 2009 in Brixton, London, this currency aimed to support local businesses. It even had famous local faces on its notes! In 2021, it changed to a digital-only cryptocurrency.
  • Exeter Pound: Used in Exeter, this currency ran from 2015 to 2018.
  • Lake District Pound: This regional currency was active from 2018 to 2020 in the beautiful Lake District.
  • Stroud Pound: This currency was used in Stroud from 2009 to 2013.
  • Totnes Pound: One of the earlier local currencies, the Totnes Pound was used in Totnes from 2007 to 2019.

Active Currencies

  • Eko: This currency is used within the Findhorn Ecovillage in Moray, Scotland. It has been active since 2002 and helps the community manage its internal economy.
  • Kingston Pound: In Kingston upon Thames, this currency started in 2014. It is now completely digital, meaning there are no paper notes.
  • Lewes Pound: This currency has been active in Lewes since 2008, helping to support local trade in the town.
  • Warwick & Leamington 'Oak': This currency is currently active in Warwick and Royal Leamington Spa.

Currencies Not Launched

Some areas explored the idea of a local currency but it didn't fully launch:

  • Cardiff Pound: There were plans to launch a Cardiff Pound around 2015, with a proposed launch for 2020, but it has not yet happened.
  • Oxford Pound: Plans for an Oxford Pound in 2013 were not successful, though new proposals were made in 2017.

See also

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