There are many different ways to operate a local currency and many different aspects that can be changed to help the economy function. A local currency can only be used locally, thus keeping money in the town rather than bleeding it out to corporations. The currency’s will often deliberately devalue over time (demurrage) to encourage people to spend it and keep it circulating. The Stroud Pound was a local currency for Stroud and the Five Valleys area, but after a few years the currency declined in use. Yesterday the local group working on the currency were kind enough to let me sit in on their planning meeting about the relaunch of the currency as the Teasel.

The group are currently in the process of growing their team with a view to relaunching the currency next year. Coming up on October 17th in Stroud is an exciting Medieval banquet night where revelers can learn about local currencies and hear speakers from other successful local currency schemes.

An innovative approach they are investigating is to link the currency with renewable electricity.