A Local Currency for Sheffield

[Sheff Pound 10]

We're campaigning to start a local currency for Sheffield, along the same model as Brixton Pound and Bristol Pound, trading paper and electronic local currency of equal value to sterling. This initiative would keep more money circulating in our city, support local business, create wealth and jobs and increase pride in the city. Let us know if you want to get involved!

[alchresearch 214]

More info on the Totnes one here:

 

http://www.totnespound.org/

 

What is the point of local currency?

http://www.telegraph.co.uk/finance/personalfinance/money-saving-tips/9066072/What-is-the-point-of-local-currency.html

[backwardben 11]

do you mean like banners did down attercliffe?

[Eric Arthur 10]

We're campaigning to start a local currency for Sheffield, along the same model as Brixton Pound and Bristol Pound, trading paper and electronic local currency of equal value to sterling. This initiative would keep more money circulating in our city, support local business, create wealth and jobs and increase pride in the city. Let us know if you want to get involved!

 

Who is we?

[Mr Bloke 1,445]

More info on the Totnes one here:

 

http://www.totnespound.org/

 

What is the point of local currency?

http://www.telegraph.co.uk/finance/personalfinance/money-saving-tips/9066072/What-is-the-point-of-local-currency.html

OK, I've read the links, thanks...

 

... but I just don't get it!

 

Anyone care to explain it to me in terms we can all understand?

[Sheff Pound 10]

Basically once set up account holders will trade their pounds sterling for Sheffield pounds, either in paper/coin or electronic currency. They would then use these Sheffield Pounds alongside Sterling in businesses which sign up to the scheme.

[Mr Bloke 1,445]

Basically once set up account holders will trade their pounds sterling for Sheffield pounds, either in paper/coin or electronic currency. They would then use these Sheffield Pounds alongside Sterling in businesses which sign up to the scheme.

Yep, I get that bit...

 

... but why would anyone bother?

[Sheff Pound 10]

Who is we?

We are a group of Sheffielders, this is a voluntary project

 

---------- Post added 23-02-2016 at 10:49 ----------

 

Yep, I get that bit...

 

... but why would anyone bother?

 

To ensure that money spent in the city stays in the city. To increase community pride. To show support for independent businesses. To create wealth and jobs.

[traveler 10]

If i may ask, What do we get out of it for going to the trouble of exchanging money that we could only spend in Sheffield

Traveler

[Sheff Pound 10]

If i may ask, What do we get out of it for going to the trouble of exchanging money that we could only spend in Sheffield

Traveler

 

You may get incentives offered by businesses that sign up. If the scheme is operated through a credit union, you would also get a credit union account which is great for Sheffield people as it helps support responsible lending. You would also be able to discover more independent businesses and increase your stake in the community.

[woodmally 10]

Wonder what the exchange rate will start at £1.00 GBP to £100000.00 SP?

 

What an utter pointless exercise if you ask me.

[Mr Bloke 1,445]

To ensure that money spent in the city stays in the city. To increase community pride. To show support for independent businesses. To create wealth and jobs.

OK, so explain to me how money spent in the city stays in the city.

 

If I pay a shopkeeper in Sheffield pounds for a bunch of bananas, and those Sheffield pounds can only be spent in the city, then doesn't the shopkeeper then have to convert those Sheffield pounds back to sterling in order to buy in more bananas?

 

I'm assuming that there are no local banana plantations here in Sheffield...