What is Local Currency?

You may have heard it called a LETS system or Green Dollars. These are just some examples of the many local currency systems working around the world to foster goods and service exchange on the community level.

Complementary currency systems are now being used all around the world in places like the United Kingdom, Southern Ireland, Germany, France, Australia, New Zealand, Holland, Japan, Mexico, Argentina, Canada and the US. The recent expansion of local currency systems reflects a growing grassroots desire to create a more sustainable and humane world.

Local currencies are not new. During the 1930's many communities created their own scrip in order to build local trading networks connecting people to the goods and services they needed. Scrips were powerful forces for good in those dark economic times when national currency was almost unobtainable for the average person.

"Local Currencies empower any person to convert personal time into purchasing power - stretching limited cash dollars further and matching unused capacity with unmet demand. They reinforce reciprocity and trust. They reward civic engagement and acts of decency in a way that generates social capital. They are bringing people together in communities all around the world."

Next: How does local currency work?