Lewes Pound - Local money working for Lewes people

NEWS! Launch of the Lewes Pound is Tues 9 Sept at The Foundry Gallery, North Street Lewes BN72PH (old Market Lane Garage)

The Lewes Pound is a complementary currency that will build wealth as it continues to circulate locally. The year-long pilot is designed to help us understand that spending money locally instead of letting it leak out to the corporate economy builds wealth and resilience in our communities.

The Lewes Pound, 1895

Background

There is nothing new about the Lewes Pound. Complementary currencies have existed since the beginning of civilisation, from the bead money of Papua New Guinea, which still exists, to the WIR, established between the World Wars and now used by 16% of Swiss businesses. Such currencies are often created by local merchants, government and citizens during times of great economic change, inflation or unemployment; recent examples exist in Argentina and Japan. The town of Berkshire, Massachusetts, has issued nearly 1.5 million Berkshares into circulation since it started a couple of years ago and is accepted by 300 shops and being adopted by nearby towns. The Totnes Pound is now in its third phase of development.

Rationale for the Lewes Pound

A group of us has formed from the Business Group of Transition Town Lewes to create the launch of the Lewes pound. We are 12 Lewes residents including owners of local businesses, entrepreneurs, consultants, an economist, unemployed people and a town councillor.

Bernard Laieter, an international currency specialist and one of the designers of the Euro, says that local currency is essential to relocalisation, which is a core purpose of Transition Towns. Money spent locally continues to circulate and build wealth. Longer term, complementary currencies build social cohesion, support new enterprises as people reskill and begin to work locally, and support local shops and other businesses, thus building individual and community resilience. The Lewes Pound is one of several currencies incubating ideas for wider use across all communities, especially Transition Communities; we are inviting nef and other academics to study us and help us grow and develop.

How it works (the mechanism)

  • The Lewes pound is to be launched on 9 September at an evening event. The speakers will include Stewart Wallis, the executive director of nef, the and the Mayor Michael Chartier
  • We will print 10,000 Lewes Pounds (tbc), which will be ‘bought’ into circulation at the launch and then at specified issuing points around the town.
  • Lewes Pounds can then be spent at any shop or business that identifies itself as trading in Lewes Pounds. These shops will have window posters and will also be named in the leaflet and the media.
  • Lewes Pounds can also be traded between individuals and non-retail businesses to trade among themselves for goods and services, eg babysitting, logs, plants, catering, music.
  • The project will be low risk as the Lewes Pound can if absolutely necessary be sold back to Pound sterling, which will be kept in an account for this purpose. Lewes Pounds will also have security features against counterfeiting such as watermarks, heat marks and numbering. They will be printed on special paper.
  • The initial pilot will be for a specified period of 6-12 months (tbc), after which it will be reviewed.

Engaging people

Only two generations ago, Lewes was a thriving market town with much of the produce made and grown locally. There were dozens of food shops, market gardens and local industries all creating employment and interconnected relationships. In the intervening time, the corporate world has helped us ship these functions abroad on the back of cheap oil. Those times are coming to an end and the more effectively we make the transition to a post-oil economy the more resilient we will become.

Educating people about shopping and producing locally and engagement with the Lewes Pound will happen through

  • Strong partnership from the outset with local initiatives with the same aims such as the Chamber of Commerce, the Town Council, the District Council, Cliffe Traders, large emplyers and food producers/distributors
  • A high profile launch
  • Good coverage in the media with strong, clear messages
  • The 100 Club of early adopters
  • Presence at Farmers Markets
  • 'Pot luck' dinners where goods and services can also be traded

The benefits to Lewes

Economic: According to the New Economics Foundaiton, money spent locally stays within the community and is re-spent many times, multiplying wealth and building resilience in the local economy Environmental: Supporting local businesses and goods reduces the need for transport and minimises our carbon footprint Social: by spending money in local outlets we can strengthen the relationships between local shopkeepers and the community and support new employment initiatives.

The benefits to shoppers

  • Creates stronger and more local shops
  • Increased sense of commitment to our community
  • Decreased CO2 emissions
  • Increased economic resilience

The benefits to local businesses

  • Increases footfall and local business activity
  • Encourages people to buy local and increases customer loyalty
  • Highlights benefits of shopping local
  • Puts Lewes on the map and attracts tourists

Future possibilities

We will look at using the Lewes Pound to support unemployment adn underemplyment. We will look at ways of decoupling it from sterling as an exchange to a locally avilable produce such as locally generated enerty; we will look further at tax implications; we will seek further partnership from the Lewes Town Council adn Lewes District Council. For this we will seek partnership with experts and funding

Media

‘The news agenda is filled with stories of a global credit crunch. Banks are hard up for money and customers are finding it more difficult to get credit. In the Sussex town of Lewes they’re devising a plan which could change all of that. Lewes locals are at the start of the process of re-launching their own cash. The town did have its own pound before but that was last in circulation in 1895.’ BBC2’s Working Lunch May 12 2008.

The Lewes Pound story has already put Lewes on the map as it has been broadcast on BBC TV, CNN, The Chris Evans Show, American Public Radio and not to forget our very own Sussex Express, Viva Lewes and Argus. See here for some of the videos and articles.

Contact: Adrienne Campbell 01273 252077 Press: Oliver Dudok van Heel 07803207100 Patrick Crawford 01273 478647 Chris Smedley 01273 474787 Susan Murray Keith Rapley 07752 677443

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Get involved: contact hello [at] TransitionTownLewes.org.uk