Ben Alsop, curator, British Museum
If you were to walk down the high streets of a town or city in the UK you would most likely be struck by a sense of the familiar. You could move from shop front to shop front recognising typefaces, colours, window displays and smells as they are wafted out through peculiarly open doors (even in the depths of winter). Where once there was variety, now sit the well-known brands of mobile phone shop, fast-food restaurant, stationer, coffee shop and the smaller version of the bigger supermarket that sit on the edge of town. Success on the high street gives birth to repetition and replication.
The phenomenon of modern local currency is, however, attempting to rectify this by supporting small, independent businesses against large national and international companies. The first of a new wave of local currencies in Britain began in Totnes, Devon in 2007 with the issuing of 1,5,10 and 21 pound notes by Transition Towns Totnes, and has given rise to a further four schemes in Lewes, Stroud, Brixton and Bristol. These schemes allow for the exchanging of a local currency 1:1 with UK pound sterling which then can only be spent in participating, local, independent businesses. The hope is that this money will then be used by traders to purchase produce from local providers, ensuring the money continues to circulate in the community. The inspiration for this modern British take on localised monetary systems came from a number of progenitors that include the Berskshare in Massachusetts, USA and the Chiemgauer in Prien am Chiemsee in Bavaria, Germany. These systems have offered a blueprint for the UK and are part of an international family of local currencies from EarthDay Money in Japan to the Bangla Pesa in Mombasa, Kenya.
Oh you pretty things…
When it was decided to put together a display of UK local currencies in the Citi Money Gallery, the joy of collecting the various issues was in the variety and vibrancy of the designs. By their very nature Bank of England notes have to be conservative in appearance, adhering to our notion of what banknotes should look like. Local currencies have no such restrictions. This freedom means that while historical figures are depicted, such as the writer and Lewes resident Thomas Paine, it also allows for a fantastic array of contemporary designs.
Local heroes David Bowie – shown in the iconic image from the cover of his 1973 album Aladdin Sane – and Luol Deng, professional basketball player for the GB national basketball team, are shown on the Brixton notes. Bristol artist Alex Lucas‘ tiger in a hoodie was one of the designs for the Bristol pound notes chosen from competition entries.
To ensure that they are as simple as possible to use, UK local currencies are changing with the times and now offer ways to pay digitally, with SMS payment systems available in Brixton, Bristol and Totnes. There have even been forays into the world of cryptocurrencies (which I’ve written about in a previous post) with plans to create HullCoin garnering significant interest earlier this year.
These changes are central to their ability to grow and remain a viable part of the local economy but not all currencies have been a success. The Stroud pound is no longer issued (although there are hopes to reintroduce it) and there are questions as to how far these currencies have permeated different areas of society. Time will tell if the established local currencies continue to prosper and if proposed new local currencies in places such as Hackney and Oxford can continue this story.
Watch this Space (Oddity)…
The Money Gallery is supported by Citi