Numismatics

Numismatic terminology

Currency Coins, Banknotes, Forgery Circulating currencies Community currencies Image File history File links Photo of various coins, http://www. ... Numismatics is the scientific study of money and its history in all its varied forms. ... This article is an attempt to combine and condense Numismatic and coin collecting terms into concise, informative explainations for the beginner or professional. ... This article is about monetary coins. ... A £20 Ulster Bank banknote. ... This list of circulating currencies contains the 194 current official or de facto currencies of the 192 United Nations member states, one UN observer state, three partially recognized sovereign states, six unrecognized countries, and 32 dependencies. ... Wikipedia does not yet have an article with this exact name. ... Company scrip, LETS, Time dollars Fictional currencies Company scrip is currency issued in certain industries to pay workers. ... Local Exchange Trading Systems (LETS) are local, non-profit exchange networks in which all kinds of goods and services can be traded without the need for money. ... The Ithaca Hour is an example of time-based currency. ... Wikipedia does not yet have an article with this exact name. ...

Ancient currencies Greek, Roman, Byzantine Medieval currencies Modern currencies Africa, The Americas, Europe, Asia and Pacific

Production Mint, Designers Coining, Milling, Hammering

Exonumia Credit cards, Medals, Tokens Notaphily A mint is a facility which manufactures coins for currency. ... Coining is a form of precision stamping. ... The term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies (hammered coinage) or casting coins from dies. ... Hammered coinage describes the commonest form of coins produced since the invention of coins in the first millennium BC until the early modern period of ca. ... Exonumia is the study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration. ... Credit cards A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. ... A Medal can mean three things: a wearable medal awarded by a government for services to a country (such as Armed force service); strictly speaking this only refers to a medal of coin-like appearance, but informally the word also refers to an Order (decoration); a table medal awarded by... A rare and historic Bechuanaland Border Police canteen token. ... Notaphily is the study of paper money or banknotes. ... Banknotes Scripophily A £20 Bank of England banknote. ... Scripophily is the study and collection of stocks and Bonds. ... Stocks, Bonds

Local Exchange Trading Systems (LETS) also known as LETSystems are local, non-profit exchange networks in which goods and services can be traded without the need for printed currency. It has been suggested that shareholder be merged into this article or section. ... In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity. ...

LETS networks use interest-free local credit so direct swaps do not need to be made. For instance, a member may earn credit by doing childcare for one person and spend it later on carpentry with another person in the same network. In LETS, unlike other local currencies, no scrip is issued, but rather transactions are recorded in a central location open to all members. As credit is issued by the network members, for the benefit of the members themselves, LETS are considered mutual credit systems. Interest is the rent paid to borrow money. ... Community-based economics or just community economics encourages local substitution and a rejection of outside energy subsidy and coercion. ... Credit is a formal bookkeeping and accounting term that comes from the Latin word credere, which means to believe. The opposite of a credit is a debit. ... In economics, a local currency, in its common usage, is a currency not backed by a national government (and not legal tender), and intended to trade only in a small area. ... Scrip is any substitute for currency which is not legal tender, and is a form of credit. ... Mutual credit is a type of alternative currency in which the currency used in a transaction can be created at the time of the transaction. ...

Michael Linton originated the term "Local Exchange Trading System" in 1982 and, with his wife Shirley, for a time ran the Comox Valley LETSystems in Courtenay, British Columbia. The system he designed was intended as an adjunct to the national currency, rather than a replacement for it, although there are examples of individuals who have managed to replace their use of national currency through inventive usage of LETS ^{[citation needed]}. Michael Linton is the designer of a Local Exchange Trading System (LETS) known as LETSystem, an open form of money, or personal and practical arrangement of community currency. ... The Comox Valley is a region on the east coast of Vancouver Island, British Columbia, Canada that includes the city of Courtenay, the town of Comox, the village of Cumberland, and the unincorporated settlements of Royston, Union Bay, Fanny Bay, Black Creek and Merville. ... Courtenay is a city on the east coast of Vancouver Island, in the province of British Columbia, Canada. ... Motto: Splendor Sine Occasu (Latin: Splendour without diminishment) Official languages English de facto (none stated in law) Flower Pacific dogwood Tree Western Redcedar Bird Stellers Jay Capital Victoria Largest city Vancouver Lieutenant-Governor Iona Campagnolo Premier Gordon Campbell (BC Liberal) Parliamentary representation  - House seats  - Senate seats 36 6 Area... Complementary currency is a hypernym (superordinate) of local currency (also referred to as community currency) and sectoral currency. ...

Criteria

LETS are generally considered to have the following five fundamental criteria:^[1]

• Cost of service - from the community for the community
• Consent - there is no compulsion to trade
• Disclosure - information about balances is available to all members
• Equivalence to the national currency
• No interest

Of these criteria, "equivalence" is the most controversial. According to a 1996 survey by LetsLink UK, only 13% of LETS networks actually practice equivalence with most groups establishing alternate systems of valuation "in order to divorce [themselves] entirely from the mainstream economy."^[2][3] Michael Linton has stated that such systems are "personal money" networks rather than LETS.^[4]

How LETS work

1. Local people set up a club to trade between themselves, keeping their own record of accounts.
2. A directory of members' offers and requests—goods, services or items for hire, priced in local LETS units—is compiled and circulated.
3. Members use the directory to contact one another whenever they wish. They pay for any service or goods by writing a LETS cheque or credit note for an agreed amount of LETS units, or by exchanging printed LETS notes.
4. If applicable, the credit note is sent to the LETS bookkeeper who adjusts both members' accounts accordingly.

Since its commencement over 20 years ago, LETSystems have been highly innovative in adapting to the needs of their local communities in all kinds of ways. For example in Australia, people have built houses using LETS in place of a bank mortgage, freeing the owner from onerous interest payments. A mortgage is a method of using property (real or personal) as security for the payment of a debt. ...

LETS is a fully fledged "monetary system", unlike direct barter, with LETS members able to earn credits from any member and spend them with anyone else on the scheme. Barter is a type of trade that do not use any medium of exchange, in which goods or services are exchanged for other goods and/or services. ...

LETS and taxation

LETS is not a scheme for avoiding the payment of taxation, and generally schemes encourage all members to personally undertake their liabilities to the state for all taxation, including income tax and goods and services tax. In a number of countries, various government taxation authorities have examined LETS along with other forms of counter trade, and made rulings concerning their use. Generally for personal arrangements, social arrangements, hobbies or pass-times, there are no taxation implications. This generally covers the vast majority of LETS transactions. Taxation liabilities accrue when a tradesperson or professional person provides his or her professional services in payment for LETS units, or a registered or incorporated business sells part of its product for LETS units. In such cases, the businesses are generally encouraged to sell the service or product partly for LETS units and partly in the national currency, to allow the payment of all required taxation. Countertrade is exchanging goods or services that are paid for, in whole or part, with other goods or services. ... It has been suggested that Journeyman be merged into this article or section. ...

LETS and Social Security

In a number of countries, LETSystems have been encouraged as a social security initiative. For example in Australia, Peter Baldwin, a former Minister of Social Security in the Keating government, encouraged LETSystems as a way of letting welfare recipients borrow against their welfare entitlement for urgent personal needs or to establish themselves in business.

Benefits of LETS

LETS can help revitalise and build community by allowing a wider cross-section of the community—individuals, small businesses, local services and voluntary groups—to save money and resources in cooperation with others and extend their purchasing power. Other benefits may include social contact, health care, tuition and training, support for local enterprise and new businesses. One goal of this approach is to stimulate the economies of economically depressed towns that have goods and services, but little official currency: the LETS scheme does not require outside sources of income as stimulus. Community building is a field of practices directed toward the creation or enhancement of community between individuals within a regional area (such as a neighbourhood) or with a common interest. ... A community usually refers to a group of people who interact and share certain things as a group, but it can refer to various collections of living things sharing an environment, plant or animal. ... A nonprofit organization (abbreviated NPO, or non-profit or not-for-profit) is an organization whose primary objective is to support an issue or matter of private interest or public concern for non-commercial purposes. ...

Criticism of LETS

LETSystems often have all of the problems confronting any voluntary, not-for-profit, non governmental, community based organisation. LETS organisers often complain of being overworked, and may suffer burnout. Many schemes have ceased operation as a result.^[5] Many of these problems can be overcome through effective community organisation and development ^{[citation needed]}. This article is about the psychological term. ... Community organizations are nonprofits that operate within a single local community. ... Community Development, informally called community building, is a broad term applied to the practices and academic disciplines of civic leaders, activists, involved citizens and professionals to improve various aspects of local communities. ...

LETSystems, whilst generally appealing to people supporting a general communitarian or environmental ideology, have in many places ^{[citation needed]} managed to successfully translate themselves as social welfare initiatives. There are far fewer systems that have managed to communicate and translate themselves into a local business initiative catering to locally owned small to medium businesses. This is generally considered to be an unfortunate weakness of LETSystems to date by the initiators, as they feel that LETS potentially has the capacity to allow small business to compete on a level playing field with larger national and transnational business corporations. Communitarianism as a group of related but distinct philosophies began in the late 20th century, opposing aspects of liberalism and capitalism while advocating phenomena such as civil society. ... The historic Blue Marble photograph, which helped bring environmentalism to the public eye. ...

A number of people have problems adjusting to the different ways of operating using a LETSystem. A conventional national currency, is generally hard to earn but easy to spend. To date LETSystems are comparatively easy to earn but harder to spend. The success of a LETSystem is therefore determined by the ease with which a person can spend their LETS credits, and improve their quality of life by participation. Placing difficult arrangements or undue service fees in the way of LETS members will produce difficulties in the future.

LETS around the world

Local exchange trading systems now exist in many countries. Some examples include the following:

Australia

The Psychologist Jill Jordan started the first Australian LETSystem in the town of Maleny, Queensland in 1987, after visiting Michael Linton in Canada to observe the LETSystem functioning in Courtenay, British Columbia. Jill also pioneered the idea of naming local currencies after icons of local importance: in Maleny their currency is the bunya, named after the local nut of the bunya pine. By 1995 there were 250 LETSystems in Australia, with Western Australia having 43 separate systems serving a population of 1.5 million (although actual participation is by only a tiny fraction of that population), making it the region with the highest LETS coverage in the world. South Australia also pioneered an "InterLETS" allowing members of one system to trade with members of other systems. Data on more Australian sites can be found at [1]

Maleny is a small scenic town located 90 km north of Brisbane in the Blackall Range hinterland overlooking the Sunshine Coast, Queensland, Australia. ... Emblems: Faunal - Koala (Phascolarctos cinereus); Floral - Cooktown orchid (Dendrobium bigibbum); Bird - Brolga (Grus rubicunda); Aquatic - Barrier Reef Anemonefish (Amphiprion akindynos); Gem - Sapphire; Colour - Maroon Motto: Audax at Fidelis (Bold but Faithful) Slogan or Nickname: Sunshine State, Smart State Other Australian states and territories Capital Brisbane Government Const. ... Binomial name Araucaria bidwillii (Molina) K. Koch Araucaria bidwillii is a species in the genus Araucaria, family Araucariaceae. ... Emblems: Floral - Kangaroo Paw (Anigozanthos manglesii); Mammal - Numbat (Myrmecobius fasciatus); Bird - Black Swan (Cygnus atratus) Motto: none Slogan or Nickname: Wildflower State Other Australian states and territories Capital Perth Government Const. ... Emblems: Hairy Nosed Wombat (faunal); Leafy Seadragon (marine); Piping Shrike (bird: unofficial); Sturts Desert Pea (floral); Opal (gemstone) Motto: United for the Common Wealth Slogan or Nickname: Festival State Other Australian states and territories Capital Adelaide Government Const. ...

Canada

The original LETS, the Comox Valley LETSystem developed by Michael Linton in 1982, is now dormant, however there are plans to revive it. The second LETSystem in Canada was the Victoria LETS, established in 1983.[2] LETS have been established in several Canadian cities, including Kitchener-Waterloo, Niagara, and Peterborough in Ontario, Halifax, Nova Scotia, and St. John's Newfoundland.[3]

Ecuador

Since beginning in 2000, there are now 140 Ecosimia-Groups.

ECOSIMIA (the Ecosistema es Responsabilidad Mia), previously known as SINTRAL, is a Local Exchange Trading System (LETS) and describes an alternative economic structure in Ecuador. ...

France

A consortium of social economy financial institutions including Crédit Coopératif and the mutuals MACIF and MAI have joined with the Chèque Déjeuner co-operative to launch an alternative currency called the SOL, which will be held on a smart card. The Sol will be piloted in the Ile de France, Britanny and Nord-Pas de Calais regions as part of an EQUAL development partnership in 2005-2006. Le site des Lets (SEL de France) SELidaire : [4]

The SOL Project is an innovative French complementary currency designed to promote a solidarity economy. The project is being financed by the European Commission and pilot tested in Nord-Pas-de-Calais, Ile-de-France and Bretagne. ...

Germany

has established a number of local currency "Tallent" systems using LETS Principles. Germany is hosting an International Conference in Monetary Regionalisation (Monetäre Regionalisierung) from the 28 September to the 1st October 2006 in Weimar.

The city hall Goethe and Schiller in front of the Deutsche Nationaltheater Weimar is a city in Germany. ...

Hungary

The used term there is Community Service System (KÖR). One group from the capital city is Talentum Kör (Gold Talent Group), a British Council-supported project.

Logo of the British Council British Council building in London The British Council is a non-departmental public body and registered charity for cultural relations in the United Kingdom. ...

Japan

The Peanuts system in Chiba City. Approximately ten percent of all payments made at local stores are in the community currency (2002).

Netherlands

Has spawned a number of innovative concepts based on the LETS formula, some of which try to lower participation barriers by completely moving their exchange platforms online, like NOPPES: [5] and Ruildienst: [6]

New Zealand

As of the mid 1990s there were approximately 70 "Green Dollar Systems" in operation. A National Conference of Systems was a means of supporting new groups through the various developmental stages.

United Kingdom

An estimated 40,000 people are now trading in around 450 LETS networks in cities, towns and rural communities across the UK.^[6] LETS currencies have their own local names, for example:

• Locks in Camden Town, London - Camden LETS
• Readies in Reading, Berkshire - Reading LETS
• Scotia in Scotland - LETSlink Scotland
• Rheidol in Aberystwyth, Wales - CyFLe Aberystwyth LETS

UK Resources: Camden Town is a place in the London Borough of Camden, England. ... Statistics Population: 143,096 (Borough, 2001) 232,662 (Urban area, 2001) Ordnance Survey OS grid reference: SU713733 Administration Unitary authority: Borough of Reading Region: South East England Constituent country: England Sovereign state: United Kingdom Other Ceremonial county: Berkshire Historic county: Berkshire Services Police force: Thames Valley Police Fire and rescue... Image:Aberystwyth Wales. ...

• LETSlink.org
• LETSlink UK

South Africa

In 2003 the SANE community Exchange System (CES) started operating an internet-based LETS in Cape Town. In the meantime there are several such systems operating in different regions in South Africa, and the CES network is being used by LETS in several countries, among them New Zealand, Australia, Israel, USA, Norway, etc..

UNILETS

Various approaches are being proposed to link Local Exchange Trading Systems. UNILETS has been developed by the United Nations as a mechanism for linking LETS in communities around the world. The Ripple monetary system has been proposed as a virtual system to connect the diverse LETS systems.

The United Nations (UN) is an international organization whose stated aims are to facilitate cooperation in international law, international security, economic development, social progress and human rights issues. ... Ripple is an open-source software project for developing a peer-to-peer distributed social network service with a monetary honor system based on trust that already exists between people in real-world social networks. ...

Variants

LETS are characterized by a high level of innovation and many new network's choose to experiment with the system's mechanics.

On September 21, 2000, Richmond Valley LETS, Nimbin LETS and BMT LETS (Byron Bay, Mullumbimby and the Tweed Valley) in Australia cooperatively launched a "hybrid" system which incorporated a supporting paper currency. This optional scrip, called "Ecos", was developed "with the aim of broadening the range of goods and services on offer through LETS."^[7] Richmond Valley Council is a Local Government Area in the northern part of New South Wales, Australia. ... Nimbin is a small town in northern New South Wales, approximately 30 km north of Lismore (of whose city council, it is a village) and 43 km southeast of Kyogle. ... Cape Byron Lighthouse Tallow Beach looking south from the lighthouse Byron Bay (, ) is a town in the state of New South Wales on the eastern most point of the mainland of Australia. ... The biggest little town in Australia, Mullumbimby, population 5000, is situated in the far north coast region of New South Wales, Australia. ... Nestled up against the NSW/Queensland Border and stretching down the coast and hinterland, the Tweed Shire is gradually being discovered for the jewel that it is. ...

References

1. ^ The LETSystem Design Manual
2. ^ Croall, Jonathan (1997). LETS Act Locally. Calouste Gulbenkian Foundation. ISBN 0-903319-81-0. 
3. ^ Lang, Peter (1994). LETS Work: Rebuilding the Local Economy. Grover Books. ISBN 1-899233-00-8. 
4. ^ Ibid.
5. ^ 2003 Update on the Westport LETS, by Richard Douthwaite
6. ^ LETSLink UK
7. ^ Paper Currency Initiative

Richard Douthwaite is a contemporary economist and co-founder of the Foundation for the Economics of Sustainability (Feasta), an Irish economic think tank. ...

See also

• Barter
• Credit union
• Local currency
• Ripple monetary system
• WIR Bank

Barter is a type of trade that do not use any medium of exchange, in which goods or services are exchanged for other goods and/or services. ... A credit union is a not-for-profit co-operative financial institution that is owned and controlled by its members, through the election of a volunteer Board of Directors elected from the membership itself. ... In economics, a local currency, in its common usage, is a currency not backed by a national government (and not legal tender), and intended to trade only in a small area. ... Ripple is an open-source software project for developing a peer-to-peer distributed social network service with a monetary honor system based on trust that already exists between people in real-world social networks. ... WIR Bank logo The WIR Bank, formerly the Swiss Economic Circle (GER: Wirtschaftsring-Genossenschaft), or WIR, is an independent complementary currency system in Switzerland that serves small and medium-sized businesses. ...

External links

• LETSlink UK
• The Open Money Project
• The LETSystem Design Manual, by Landsman Community Services
• LETS FAQs, by John Croft of the Gaia Foundation

Michael Linton is the designer of a Local Exchange Trading System (LETS) known as LETSystem, an open form of money, or personal and practical arrangement of community currency. ...

Software

• Cclite (Perl / MySql)
• CES
• Cyclos
• XO Barter Software