Lewes Pound

AAA

DEFINITION of 'Lewes Pound'

A local currency used in Lewes, East Sussex, United Kingdom. Only local businesses accept Lewes pounds, which are part of an initiative to encourage consumers to shop locally. Lewes pounds are also intended to help lower carbon emissions by reducing the quantity of goods that must be transported long distances for commerce in Lewes. Consumers can obtain Lewes pounds at designated issuing points and spend them with any local merchant that accepts them. Lewes pounds are paper bills that come in denominations of 1, 5, 10 and 21.

INVESTOPEDIA EXPLAINS 'Lewes Pound'

One Lewes pound is worth one pound sterling. There is a 5% transaction fee (5 pence) associated with acquiring Lewes pounds. The 5% goes to the Live Lewes Fund, which supports local community organizations.


Because it is not intended to replace the pound sterling, but rather to function alongside it, the Lewes pound is considered a complementary currency. It is legal for merchants to transact in Lewes pounds, but the currency is not legal tender, so merchants do not have to accept it. Some merchants offer discounts to customers who pay with Lewes pounds.

RELATED TERMS
  1. Fiat Money

    Currency that a government has declared to be legal tender, but ...
  2. Stroud Pound

    A local, private currency launched in the British town of Stroud, ...
  3. Totnes Pound

    An alternative currency of Totnes, in Devon, United Kingdom. ...
  4. Currency

    A generally accepted form of money, including coins and paper ...
  5. Monetary Policy

    The actions of a central bank, currency board or other regulatory ...
  6. Reserve Currency

    A foreign currency held by central banks and other major financial ...
Related Articles
  1. Top 8 Most Tradable Currencies
    Forex Education

    Top 8 Most Tradable Currencies

  2. The Impact Of Currency Conversions
    Forex Education

    The Impact Of Currency Conversions

  3. Play Foreign Currencies Against The ...
    Forex Education

    Play Foreign Currencies Against The ...

  4. Dollarization Explained
    Forex Education

    Dollarization Explained

Hot Definitions
  1. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  2. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  3. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  4. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  5. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  6. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
Trading Center