After 12 years the Totnes Pound experiment is coming to an end. Over the years, the iconic local currency project has seen over 30,000 Totnes Pounds circulated among local businesses.
“Over time we have seen a decline in the use of the Totnes Pound, partly due to an increasingly cashless economy” explains John Elford of the Totnes Pound steering group. “However, if we measure the project’s success in terms of the degree to which it provoked reflection on the importance of the local economy, then we have to say the Totnes Pound has been a real success”
The Totnes Pound experiment, started by TTT in 2007, was inspired by a Totnes Union Banknote from 1810. The project aimed to use the currency to keep more money within the local economy.
The project attracted interest from all over the world, inspiring other local currency projects in Brixton, Bristol and Stroud. The Bank of England has taken an interest, recently purchasing a set of numbered Totnes Pound notes for posterity.
People holding current Totnes Pounds have until the 30th of June to spend them, or redeem them at the following businesses: Greenlife, Fusion Clothes and Gazebo. Holders of electronic Totnes Pounds will have their balance credited directly to their bank account. Please email email@example.com with your bank details for a refund.
We would like to thank the thousands of individuals and businesses that have supported the Totnes Pound over the last twelve years. We are holding a free party on the 4th of April at 7 pm at the Seven Stars Hotel Ballroom to celebrate the successes of this iconic project. Please see below for details: