Totnes pound facts for kids
Quick facts for kids Totnes pound |
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|---|---|
| User(s) | Totnes |
| Symbol | t£ |
The Totnes pound (t£) was a special kind of money used in the town of Totnes, Devon, England. It was created to help local shops and businesses in Totnes. This local money was used from March 2007 until June 2019. It stopped because more and more people started using cards and digital payments instead of cash.
A Local Money Idea
The people who started the Totnes Pound believed it would make the local economy stronger. They wanted to keep money circulating within Totnes. This idea was developed by Rob Hopkins and Naresh Giangrande. It was similar to a local currency used in a place called BerkShares.
This project was part of something called the Transition Towns concept. Totnes was one of the first towns to try this idea. A Transition Town aims to create a future that deals with challenges like less oil and climate change. It also tries to build a community where everyone wants to live.
Why Use Local Money?
The Totnes Pound was hoped to bring several good things:
- To make the local economy stronger by keeping money in the community.
- To make people think about how they spend their money.
- To encourage more local shopping, which means less travel for goods.
- To encourage visitors to spend their money at local businesses.
The Totnes Pound stopped being used on June 30, 2019. This happened because fewer people were using cash. More people were choosing to pay with cards or online.
How the Totnes Pound Worked
One Totnes Pound was worth the same as one pound sterling (regular British money). The Totnes Pound was supported by real British pounds kept in a bank account.
The Totnes Pound was updated in June 2014. It came in different amounts: t£1, t£5, t£10, and t£21. The notes featured famous people connected to the area. These included author Mary Wesley and computer pioneer Charles Babbage. Musician Ben Howard and social activist Dorothy Elmhirst were also featured.
By July 2014, over 120 businesses in Totnes accepted the Totnes Pound. More than £12,000 worth of the currency had been printed and used.
See also
- Chiemgauer in Germany
- Lewes Pound
- List of community currencies in the United Kingdom
- Stroud Pound
- "The Wörgl Experiment" of using stamp scrip as a local currency
