Devon North Local Exchange Trading Scheme
LETS stands for Local Exchange Trading Scheme, in which friendship networks create value by exchanging goods and services.Here in North Devon, we used to have a Rural Trading scheme, then there was an initiative based around the weekly Merton Meal & Market, which was called Merton Exchange - Rural Trading Scheme - nicely spelling out the name of the currency - M.E.R.T.S. However, the regular market stopped happening, so whilst keeping the currency name, we are expanding to serve the population of North Devon.
The key idea in Local Exchange Trading Schemes is MUTUAL CREDIT, ie members share the power to issue credit "mutually". All members have an account, and the sum-total of all the accounts is zero. A member can transfer credits to acknowledge another member for goods or services from their own account, which they replenish by doing good deeds for others in the scheme.
The online system enables members to: (i) be informed about events, (ii) create a personal profile, (iii) record "offers" and "wants", (iv) view the directory, (v) receive directory updates, (vi) contact other members, (vii) send invoices, (viii) make payments, (ix) provide feedback, (x) create local networks.
But first take a look at our Learn More pages...