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Making Cash by Printing Money

Lewes banknotes are a tourist attraction, not a boost to the economy
One year, and 45,000 banknotes later, the Lewes Pound has been embraced by one group above all others. “Tourists come in and they’ll buy one for a pound,” said Alison Ridley, deputy manager of Bill’s grocery and cafe. “Sometimes they ask, ‘how much should I pay for one?’.”
The pound notes expired last month and have been reissued in denominations of £5, £10, and £21. With less than a fortnight until the final deadline, around 80 per cent of the old notes have not been returned.

Of course the local currency wasn't going to boost the local economy in the tofu-eating bicycling way they hoped, but it means thousands of of real pounds have been spent on useless bits of paper for their collectable nature. I can't see the Brixton Pound having quite the same "old British town and antique thing.”

And I'm not convinced that Darling's idea of printing lots more UK pounds will work in quite the same way either.

Comments

Worked well in Lichtenstein.

As far as I can see all these local pseudo-currency schemes are a complete waste of time, and a way of destroying value, except in so far as they yield some publicity for the organisers, and for their touristic value, which I hadn't realised before.

The destruction of value comes from exchanging universally accepted money for vouchers that can only be spent locally (or accepting such vouchers in lieu of real money), and only in a very small minority of outlets even in the towns that have them. It is no different from buying book tokens - another insane thing that you should do only if the bookshop offers a deep discount, which never happens.

To go back to my earlier theme of generating publicity for the organisers, that's part of a deep human urge to rush around being busy, organising or being organised, that explains much charity and 'voluntary' work. People must get something from it, because they are certainly paying for it.

Well I can't say much about fake money here in the States. The US Dollar keeps dropping against the Euro.......Well be using the damn stuff as board game money in another few months..... I mean, the EURO!?

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