A local currency is local money which can only be spent within a certain area – the aim of local currencies is to support local trade and keep money circulating locally for longer.
PEDAL is in the process of finding out what local shopkeepers and residents think about the idea of a local currency for Portobello. Over the coming weeks we will be calling in to many of the High Street shops to see whether shopkeepers would participate in such a scheme. If enough of them are keen, we will extend our consultation and see if there is a wide enough group of local residents who would join in. We will also be talking to other local organisations. Once this stage is complete, we will decide whether there’s enough impetus locally to support the launch of a local currency. Let us know below what you think of the idea!
If you want to find out more about how local currencies work – and where they’re already making a difference to local trade – check out the links below.
Wikipedia on local currencies – http://en.wikipedia.org/wiki/Local_currency
Lewes Pound – ‘how to’ manual – http://transitionculture.org/wp-content/uploads/Lewes-Pound-How-To-Guide.pdf
Edinburgh Pound – http://edinburgh-pound.blogspot.com/
Brixton Pound – http://brixtonpound.org/
Bristol Pound – http://www.bristolpound.org/
Time Article – ‘Tough times lead to local currencies’ – http://www.time.com/time/magazine/article/0,9171,1908421,00.html
Worgl experience in Austria in the 1930s – http://en.wikipedia.org/wiki/Local_currency
BerkShares in Massachusetts since 2006 – http://www.berkshares.org/
Local Money – How to make it happen – http://www.transitionbooks.net/local-money-how-to-make-it-happen-in-your-community-by-peter-north