Governments today can create all the money they want virtually without ever firing up a physical printing press. As the economy as a whole goes evermore
cashless, even local alternative currencies are threatened. Here's a BBC News story found via the March 12, 2019 News & Notes newsletter
from the Society of Paper Money Collectors about the demise of the Totnes Pound from Devon, England. -Editor
A town which started printing its own money more than a decade ago has ended the project blaming the "cashless economy" for its decline.
Totnes pounds were introduced in March 2007 as part of a month-long experiment to encourage local spending in the Devon town.
Organisers Transition Town Totnes said "an increasingly cashless economy" had contributed to the currency's decline.
Shoppers will be able to spend or redeem the pounds up until 30 June.
John Elford, of the Totnes Pound Steering Group, said: "Over time we have seen a decline in the use of the Totnes Pound, partly due to an increasingly
"However, if we measure the project's success in terms of the degree to which it provoked reflection on the importance of the local economy, then
we have to say the Totnes Pound has been a real success."
The scheme saw more than 30,000 Totnes pounds circulated among local businesses over the years.
What might seem like criminal activity was actually perfectly legal, with the notes being copies of a local pound note last in circulation in 1810.
To read the complete article, see:
Totnes pound: Currency killed by 'cashless economy'
Wayne Homren, Editor
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