# 'Bristol Pound' currency to boost independent traders



## Meltingpot (Feb 6, 2012)

I thought this looked interesting;

http://www.bbc.co.uk/news/uk-england-bristol-16852326

Any comments?


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## big eejit (Feb 6, 2012)

It's an interesting idea. Especially as it says the council will accept it to pay for business rates so traders don't get stuck with loads of Bristol £s that no one will accept. 

On the other hand, part of the idea seems to be to encourage independent local traders - to try and keep money in the city rather than export it via multinational chains. But if the council accepts the currency, what's to stop these chains paying their rates with it?


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## xenon (Feb 6, 2012)

An interesting idea. But as there's no fun with exchange rates, it's only advantage is the good will attached to helping local businesses. Once the novelty's worn off, are customers gonna be happy to carry 2 different currencies. Not sure I'd want a load of Bristol Pounds given in change TBH.


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## Kanda (Feb 6, 2012)

I wonder how widely used the Brixton Pound is used a few years after launch...


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## Monkeygrinder's Organ (Feb 7, 2012)

big eejit said:


> It's an interesting idea. Especially as it says the council will accept it to pay for business rates so traders don't get stuck with loads of Bristol £s that no one will accept.
> 
> On the other hand, part of the idea seems to be to encourage independent local traders - to try and keep money in the city rather than export it via multinational chains. But if the council accepts the currency, what's to stop these chains paying their rates with it?


 
Nothing, I'm not sure they'd bother though. It's too much hassle for them to install the systems to handle it and not really worthwhile for them. The real problem with the council accepting them as payment for rates is that it takes them out of circulation. How would they put them back in is the hard part as I doubt many council suppliers are going to want paying in 'Bristol Pounds?'


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## Geri (Feb 7, 2012)

I hardly ever pay for anything with cash.


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## big eejit (Feb 7, 2012)

Council must have a plan for putting the money back in circ or they wouldn't be doing it. Surely. Even BCC must have thought of that?


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## big eejit (Feb 7, 2012)

Geri said:


> I hardly ever pay for anything with cash.


 
Isn't it going to be electronic too?


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## Geri (Feb 7, 2012)

According to the article it is. I'm not sure how that would work. I pay for most things with my Visa debit. I can't think of any "local" shops that I use anyway, apart from Herberts Bakery occasionally.


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## Spymaster (Feb 7, 2012)

Old hat. Local currency schemes have been around for ages and generally get forgotten after a year or two because nobody can be arsed with the hassle after the novelty wears off. 

Lewes has had one for ages but despite the passion of the creators, who seem to view it as a vanity project, I believe it's actually gone down like a shit sandwich in reality.


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## big eejit (Feb 7, 2012)

Spymaster said:


> Old hat. Local currency schemes have been around for ages and generally get forgotten after a year or two because nobody can be arsed with the hassle after the novelty wears off.
> 
> Lewes has had one for ages but despite the passion of the creators, who seem to view it as a vanity project, I believe it's actually gone down like a shit sandwich in reality.


 
We know they've been done before. Did you read the article?


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## Kanda (Feb 8, 2012)

big eejit said:


> We know they've been done before. Did you read the article?


 
I read it, what makes you think this is going to be any more successful than previous failed projects?


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## Kanda (Feb 8, 2012)

big eejit said:


> Isn't it going to be electronic too?


 
Only to make online payments via Bristol Credit Union. Did you read the article?


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## Meltingpot (Feb 8, 2012)

Thanks to everyone who's replied. I agree that local currency schemes seem to be abandoned after a while, but if there's another major financial crash (which I think could happen) it could be that we need to return to them in order to trade at all.


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## Kanda (Feb 8, 2012)

Meltingpot said:


> Thanks to everyone who's replied. I agree that local currency schemes seem to be abandoned after a while, but if there's another major financaial crash (which I think could happen) it could be that we need to return to them in order to trade at all.


 
If that happens to that extent, we'd be fucked regardless and probably be scavenging


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## moochedit (Feb 8, 2012)

> A Bristol pound will be worth exactly £1 sterling.


 
If the rate is fixed then I can't see the point of this ?  They sound like gift vouchers to me. I'd rather have money i can spend anywhere in the country.


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## Greebo (Feb 8, 2012)

moochedit said:


> If the rate is fixed then I can't see the point of this ? They sound like gift vouchers to me. I'd rather have money i can spend anywhere in the country.


I think the point of it is to persuade people to give local independant shops & traders a chance, just once or twice.  And once they've tried those shops a couple of times, if they liked what was there (better goods or better service), even if they can't afford to buy from that shop every week, they'll be more likely to go back from time to time.


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## big eejit (Feb 9, 2012)

Kanda said:


> Only to make online payments via Bristol Credit Union. Did you read the article?


 
Of course! Mostly.


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## Kanda (Feb 9, 2012)

Meltingpot said:


> Thanks to everyone who's replied. I agree that local currency schemes seem to be abandoned after a while, but if there's another major financial crash (which I think could happen) it could be that we need to return to them in order to trade at all.


 
Except that 1 B£ = £1... so it will be devalued equally.


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## Meltingpot (Feb 9, 2012)

Yeah. I have to admit I'm not an economist, but I can't see the point of pegging its value to the pound. As Mooch said, they might as well issue vouchers.


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## big eejit (Feb 9, 2012)

Meltingpot said:


> Yeah. I have to admit I'm not an economist, but I can't see the point of pegging its value to the pound. As Mooch said, they might as well issue vouchers.


 
Paper currency is just vouchers intit?


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## Kanda (Mar 14, 2012)

wujixian001 said:


> I agree that local currency schemes seem to be abandoned after a while, but if there's another major financial crash


 
If there's another financial crash what? If it is worth the same as a £, it'll be worth the same as that devalued £...  Or do you seriously think that a local currency is going to make any difference whatsoever??


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## editor (Mar 14, 2012)

It can help publicise small traders though and for some, I imagine that little boost could be enough to keep them in business.


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## chazegee (Mar 14, 2012)

I like the idea. I suppose an alternative currency already exists though and that's mates rates.


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## big eejit (Mar 14, 2012)

I was speaking to a shop owner who's not taking part cos of the perceived hassle and overheads. But mostly cos the bristol £ bloke who came to talk to her about it was far too smooth for her liking.


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## Gerry1time (Mar 15, 2012)

I still can't see the point of this, other than promoting local businesses, which could be done in many other ways. Certainly not sure about the relevance of 'another major financial crash', as when was the last one that caused problems on a scale to prevent the functioning of this country's national currency? If one does occur, then I doubt running round with pockets full of bumwad from the bank of toyland is going to help you very much.

The times when local currencies have worked have been when insufficient currency is being minted/in circulation, as around the late 1700's until the large scale reminting in 1806, and when a company wants to exploit its workers further by paying them in company tokens which can only be spent in company shops. The former isn't a problem right now, and I doubt that the latter is the intention behind this project.


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## ajdown (Mar 16, 2012)

Isn't turnips the Bristol currency?


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## Gerry1time (Mar 16, 2012)

Not after the great turnip devaluation a few years back, when the citizenry reverted back to the scrumpy standard for security.


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## butchersapron (Mar 19, 2012)

The people behind this are doing a presentation and Q&A session at Hydra this weds 7-30 -8-30. 

40m


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## Dr Alimantado (Mar 22, 2012)

I'd heard of this first with the Totnes pound. I understood it was used to a large extent with trading individual services - eg someone doing babysitting/bookkeeping/cleaning/ironing. Though acepted by some of the local shops, I didn't think the majority of trade was goods based, although the largest traded item was a kayak!


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