At present the Local Exchange Trading Systems (LETSystem) is the most advanced form of local currency in circulation. Since 1987 some 70 LETSystems have been established in New Zealand and almost 200 in Australia. In Britain the number grew from 7 systems in early 1991 to 150 by the end of 1993.

According to the LETSystem Trust, the LETSystem is an economic system intentionally designed to address the problems and limitations of conventional money. All these systems are based on the original LETSystem design prototyped in 1983 in Comox Valley Canada by Michael Linton.

LETSystems offer only one of several frameworks, which can be used to facilitate the use of personal, or community money. These specific characteristics ensure that the LETSystem works with the existing money system. Rather than proposing a replacement for conventional money, the LETSystem is designed to integrate with all aspects of economic and financial life. It is a complementary system rather than an alternative one.

Community currencies were put forward as a grassroots solution to the problems of social exclusion and the need for active communities, and have gained policy support. LETS have been the most common form of community currency in the UK for the last 10 years.

If you wish to be assisted to design your own community currency scheme or for the various ways to use LETS schemes please contact us .

For more details of Michael Linton's Open Money project, click here and for background information click here.

A short introductory video to community currency can be found here.

A fuller description can also be found here .