In an effort to boost local trade, the Devonshire city of Exeter has launched a currency known as the Exeter Pound, which can only be used at a number of local shops and is designed to work alongside, not replace, traditional sterling. It's an experiment that everyone from Walt Disney (the infamous Disney Dollars) to the city of Bristol has tried to implement, but more often than not it ends up failing spectacularly. Will the Exeter Pound buck this trend? Only time will tell, though we're not exactly optimistic. It is definitely a talking point for the city though.
The Devonshire city of Exeter has launched a currency known as the Exeter Pound, which can only be used at a number of local shops
The first note was spent by Exeter's lord mayor at a special launch event outside the city's cathedral at 11am on Tuesday morning (September 1). Thus far, around 90 traders and charities have signed up to accept the new paper currency, with more expected to follow. Those behind the project say it's more like a voucher than a conventional form of currency, with pounds able to be exchanged for the special Exeter currency at s number of locations within the city including the Exeter Phoenix, the Custom House on the Quay and the Visitor Information Centre in Dix’s Field.
The notes are designed to make sure money spent in Exeter stays in the city. Each has a unique serial number, and has been printed on watermarked paper with holograms that prevent forgery. The idea is that shoppers see the currency as a fun and interesting day way to support independent businesses. Notes are available in £E1, £E5, £E10, £E15 and £E20 denominations. The limited edition £E15 note celebrates the city’s role as a Rugby World Cup 2015 host city, while other notes feature Exeter landmarks and famous residents past and present. European 10,000m champion and Exeter resident Jo Pavey, who appears on the £E20 note, said: “It’s such a massive honour for me. I’ve always been so grateful for all the support I’ve had from Exeter and the surrounding area. I think the Exeter Pound is an absolutely great idea. Well done to everyone who has made this happen and I hope everyone gets behind it.”
The first note was spent by Exeter's lord mayor at a special launch event outside the city's cathedral at 11am on Tuesday morning (September 1)
Daniel Hillier, who is one of the directors of the project, said: “Shoppers tend to go to big name brands and we want to try to educate them to shop at the small, independent businesses. Certain businesses will be offering deals, like 5% or 10% off if you use the currency.” Hillier and his fellow organisers also plan to launch an Exeter Pound digital scheme in 2016, which will allow people to transfer the money online. Those interested in the scheme, however, don’t need to wait until next year to get involved. There’s an exhibition of photographic portraits of Exeter businesses using the currency at the Phoenix Arts Centre from September 8 through until October 10, and the Exeter Pound will also be at this weekend’s Exeter Green Fair on Cathedral Green doing a paint-by-numbers mural (similar to the one below) that encourages members of the public to join in and spread the word and good will of the project.
