Transition in Action: The Totnes Pound
The Totnes Pound was launched as an initiative of Transition Town Totnes Economics and Livelihoods group in March 2007. 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.
The 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 businesses
There are around 70 local businesses that now accept the Totnes Pound. The Totnes Pound has had three phases so far, the most recent being a One Pound note which is exchanged for a pound sterling. Every pound bought into circulation leads to £1 sterling being banked, and the Totnes Currency team recently announced that they would use their bank balance to provide interest-free loans to ‘green’ projects in Totnes. There are plans for an extension of the currency, drawing from other local currencies, which have themselves been inspired by the Totnes Pound experiment. Lewes in Sussex, Stroud in Gloucestershire and Brixton in London now have their own more widely denominated currencies, with £1, £5, £10 and £20 notes. In Brixton, the Chief Executive of the local Council has even indicated that it would be happy to accept payment for Council Tax in Brixton Pounds, a national first! What started as an experiment here is rapidly taking off in other towns.
For a list of issuing points and businesses that accept the Totnes Pound see
www.totnes.transitionnetwork.org/totnespound/home
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