Totnes pound

The Totnes pound is an alternative local currency, intended to support the local economy of Totnes, a town in Devon, England. The initiative is part of the Transition Towns concept, of which Totnes is a pioneer. According to the Transition Town Totnes website this means that it is "a community in a process of imagining and creating a future that addresses the twin challenges of diminishing oil and gas supplies and climate change , and creates the... More

The Totnes pound is an alternative local currency, intended to support the local economy of Totnes, a town in Devon, England. The initiative is part of the Transition Towns concept, of which Totnes is a pioneer. According to the Transition Town Totnes website this means that it is "a community in a process of imagining and creating a future that addresses the twin challenges of diminishing oil and gas supplies and climate change , and creates the kind of community that we would all want to be part of". The Totnes Pound was launched as an initiative of Transition Town Totnes Economics and Livelihoods group in March 2007. The group argues that "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 anticipated benefits of the Totnes Pound are: A Totnes Pound is equal to one pound sterling and is backed by sterling held in a bank...

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