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.

BREAKING DOWN '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. Monetary Policy

    The actions of a central bank, currency board or other regulatory ...
  2. Fiat Money

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

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

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

    A generally accepted form of money, including coins and paper ...
  6. Reserve Currency

    A foreign currency held by central banks and other major financial ...
Related Articles
  1. Forex Education

    Top 8 Most Tradable Currencies

    Currencies can provide diversification for a portfolio that's in a rut. Find out which ones you need to know.
  2. Forex Education

    The Impact Of Currency Conversions

    Will a rising or falling dollar hurt you or your company? In this article we explore the impact of currency converisons on consumers, comanies, and countries.
  3. Forex Education

    Play Foreign Currencies Against The U.S. Dollar And Win

    Don't panic when the dollar drops. Learn to exploit the greenback's decline and profit from it.
  4. Forex Education

    Dollarization Explained

    Find out how fledgling economies can find some stability in their currency and attract foreign investment.
  5. Forex Education

    History Of Coinage In The U.S.

    From the barter system to commemorative coins, we look at the history of U.S. money.
  6. Forex Education

    The U.S. Dollar's Unofficial Status as World Currency

    Discover how and why the U.S. dollar emerged as official currency in many foreign countries.
  7. Savings

    Best Places To Exchange Currency In Miami

    Miami may be a 24-hour party, but it takes plenty of cash to get in the groove. Here's where to exchange foreign currency before you head for South Beach.
  8. Forex Strategies

    These Are The Best Hours To Trade the Euro

    Six popular currency pairs and numerous secondary crosses offer euro traders a wide variety of short- and long-term opportunities.
  9. Savings

    Best Places to Exchange Currency in Chicago

    Whether you're leaving the Windy City or arriving with a stack of foreign cash, these are your best bets for currency exchange.
  10. Personal Finance

    Does It Make Sense to Go to College in Europe?

    If you're deciding whether to get a degree abroad, first do your research and talk to alumni who have completed the same program.
RELATED FAQS
  1. How is a block chain network useful for trading goods and assets in virtual currencies?

    Perhaps the most famous quote associated with blockchain technology came from an anonymous virtual currency user, who described ... Read Full Answer >>
  2. What types of companies benefit from reporting results utilizing constant currencies ...

    Any company that does a substantial amount of business in foreign countries, and is therefore subject to foreign currency ... Read Full Answer >>
  3. What are key benefits to a country that has engaged in a policy of currency depreciation?

    In the modern world, most currencies represent fiat money not backed by any commodity or precious metal and whose value is ... Read Full Answer >>
  4. How does a block chain prevent double-spending of Bitcoins?

    Double-spending – the incidence of one individual successfully spending a Bitcoin balance more than once – is a major concern ... Read Full Answer >>
  5. What is the difference between barter and currency systems?

    The primary difference between barter and currency systems is that a currency system uses an agreed-upon form of paper or ... Read Full Answer >>
  6. What is a forward contract against an export?

    A forward contract against an export is an agreement between the importer and exporter to exchange a specified amount of ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Bubble Theory

    A school of thought that believes that the prices of assets can temporarily rise far above their true values and that these ...
  2. Stock Market Crash

    A rapid and often unanticipated drop in stock prices. A stock market crash can be the result of major catastrophic events, ...
  3. Financial Crisis

    A situation in which the value of financial institutions or assets drops rapidly. A financial crisis is often associated ...
  4. Election Period

    The period of time during which an investor who owns an extendable or retractable bond must indicate to the issuer whether ...
  5. Shanghai Stock Exchange

    The largest stock exchange in mainland China, the Shanghai Stock Exchange is a nonprofit organization run by the China Securities ...
  6. Dead Cat Bounce

    A temporary recovery from a prolonged decline or bear market, followed by the continuation of the downtrend. A dead cat bounce ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!