The Exeter pound (£E) was a form of local complementary currency, or community currency launched in Exeter, UK on 1 September 2015.[1] Its objective was to ensure more money was spent with local and independent businesses. It was one of the many alternatives in the UK to the official sterling currency. It was discontinued on 30 September 2018.[2][3]
 | |
| Unit | |
|---|---|
| Plural | Exeter Pounds |
| Symbol | £E |
| Denominations | |
| Symbol | |
| Banknotes | |
| Freq. used | £E1, £E5, £E10, £E20 |
| Rarely used | £E4.50, £E15 |
| Demographics | |
| Date of introduction | 1 September 2015 |
| Date of withdrawal | 30 September 2018 |
| User(s) |  United Kingdom |
| Issuance | |
| Central bank | Exeter Pound CIC |
| Website | www |
History
editPrevious to the Exeter Pound, local currencies were launched in the UK in Bristol (2012),[4] Totnes (2006),[5] Lewes (2008), Brixton (2009)[6] and Stroud (2010).
The Exeter Pound was a local and community currency that was designed to improve the local economy of Exeter.[7] It aimed to support independent local traders and enhance local economic activity. The scheme was run by the Exeter Pound Community Interest Company.[8] It made a profit by setting an "expiry date" on each note, as identified in small print on the note itself, after which it could not be spent.[citation needed]
Exeter Pound CIC made the decision to discontinue the currency on 30 September 2018. Ian Martin, the company's director, claimed that societal moves toward cashless transactions and lack of regulatory framework to develop its own digital currency were key factors.[3]
See also
editReferences
edit- ^ "Exeter launches city's local currency". bbc.co.uk. 1 September 2015.
- ^ "Home Page - Exeter Pound". www.exeterpound.org.uk. Archived from the original on 7 December 2018. Retrieved 6 December 2018.
- ^ a b "What went wrong for the Exeter Pound?". 31 July 2018.
- ^ Shane Hickey (7 June 2015). "The innovators: the Bristol pound is giving sterling a run for its money". The Guardian. Retrieved 18 November 2015.
- ^ Rob Sharp (1 May 2008). "They don't just shop local in Totnes – they have their very own currency". The Independent. Retrieved 25 September 2012.
- ^ Leo Hickman (16 September 2009). "Will the Brixton pound buy a brighter future?". The Guardian. Retrieved 25 September 2012.
- ^ "Exeter Pound: City Launches Own Currency". BBC West News. 1 September 2015. Retrieved 18 November 2015.
- ^ Richardson, Gordon (1 February 2015). "Q&A: Everything you need to know about the Exeter Pound". Express & Echo. Archived from the original on 19 November 2015. Retrieved 18 November 2015.