The Bristol Pound is a form of local complementary currency, or community currency launched in Bristol, UK on 19 September 2012. Its objective is to encourage people to spend their money with local, independent businesses in Bristol and the former County of Avon; as of September 2012 it is the largest alternative in the UK to official sterling currency, though it is backed by Sterling. The Bristol Pound is a local and community currency, created to "improve Bristol's local economy", its primary aim is to support independent traders in order to maintain diversity in business around the city. The scheme is a joint not-for-profit enterprise between Bristol Pound Community Interest Company and Bristol Credit Union. Previous to the Bristol Pound, local currencies were launched in the UK in Totnes, Lewes and Stroud. If a person spends Bristol Pounds at a local shop, the owner of this shop can respend them by using them to buy supplies from another local business, or pay local taxes to Bristol City Council.
The business can for instance use their Bristol Pounds to pay a farmer in the Avon area for fresh fruit and vegetables. This farmer can pay a local architect, which accepts Bristol Pounds, to renovate a part of his farm, so on. In this way money keeps on circulating locally to benefit local independent businesses in the area. If the person had spent Sterling Pounds at a supermarket chain instead, for example, more than 80% of their money would have left the area immediately. Use of a local currency thus increases cash flow between businesses that use the currency and stimulates local economic development. Using a local currency not only stimulates the local economy, but creates stronger bonds within the community by increasing social capital. Moreover, buying locally decreases emissions through reduced transportation externalities. Internal trade through the use of complementary currencies is a resilience strategy, which reduces the impact of national economic crises and dependency on international trade by enhancing self-sufficiency.
The use of a local currency increases the awareness of the impact of one's economic activity. Bristol Pound contributed to Bristol being awarded the title of European Green Capital 2015. Bristol is the first city in the UK. Bristol Pound account holders can convert £Bs to and from pounds sterling at a 1:1 ratio. Bristol City Council, other organisations in the city, offer their employees the option to take part of their salaries in Bristol Pounds; the former Mayor of Bristol, George Ferguson, accepted his entire salary in Bristol Pounds. Since June 2015 energy bills can be paid in Bristol Pounds to the 100% renewable energy provider, Good Energy, its CEO claimed. In June 2015, according to the Bristol Pound CEO, some £1 million had been issued in £Bs, with more than £B700,000 still in circulation. More than 800 businesses accept Bristol Pounds and more than a thousand users have a Bristol Pound account; the Bristol Pound is managed by the non-profit Bristol Pound Community Interest Company in collaboration with the local financial institution, the Bristol Credit Union.
The Bristol Credit Union ensures that every £1 sterling converted to a printed £B1 is backed in a secure trust fund. The scheme is supported by Bristol City Council. Bristol Pound is part of a larger international movement of local currencies; the European funded Community Currencies in Action partnership provided support for communities which want to develop their new currency and works on innovations. Within the UK, Bristol Pound CIC founded and maintains the Guild of Independent Currencies – a platform for sharing experiences about local currencies. In this framework, Bristol CIC is working with Exeter, amongst others, helping it to launch its own local currency. Bristol Pound in involved in the Digipay4Growth project, coordinated by the Social Trade organisation and with partners such as Sardex. Through this project Bristol Pounds is involved in the digitalisation of its currency, using Cyclos software; the Bristol Pounds can be used like conventional money. One Bristol Pound is equivalent to one Sterling Pound.
Some businesses apply discounts for customers paying in Bristol Pounds. Local taxes and electricity bills can be paid with Bristol Pounds online. Paper Bristol Pounds Paper £Bs can be used by anyone, have been designed by Bristolians, carry many high security features to prevent fraud. In June 2015 new paper £Bs were issued; these can be exchanged at a 1:1 rate for sterling at seventeen different cash points throughout the city, or ordered online through the Bristol Pound website. Electronic payments The Bristol Pound was the second local scheme to be able to accept electronic payments in the UK; this allows, for example, participating small businesses to accept payments by SMS, without needing to pay for and install a credit card machine. The businesses are charged 2% of the amount billed for payments made by SMS, a similar or sometimes reduced rate than with credit or debit cards, or PayPal. Payments can be made online, with the recipient of each payment charged at a rate of 1%, capped at 95p per transaction.
Every paper £B is backed up by a pound sterling deposited at Bristol Credit Union. The Bristol Pound is not legal tender, participation is therefore voluntary; the directors of the scheme cannot prevent national and multinational companies accepting paper £Bs, but can decide, based on the Rules of Membership, whether a business is per
Battle of Lewes
The Battle of Lewes was one of two main battles of the conflict known as the Second Barons' War. It took place at Lewes in Sussex, on 14 May 1264, it marked the high point of the career of Simon de Montfort, 6th Earl of Leicester, made him the "uncrowned King of England". Henry III left the safety of Lewes Castle and St. Pancras Priory to engage the Barons in battle and was successful, his son Prince Edward routing part of the baronial army with a cavalry charge; however Edward left Henry's men exposed. Henry was forced to launch an infantry attack up Offham Hill where he was defeated by the barons' men, defending the hilltop; the royalists fled back to the castle and priory and the King was forced to sign the Mise of Lewes, ceding many of his powers to Montfort. Henry III was an unpopular monarch due to his autocratic style, displays of favouritism and his refusal to negotiate with his barons; the barons imposed a constitutional reform known as the Provisions of Oxford upon Henry that called for a thrice-yearly meeting led by Simon de Montfort to discuss matters of government.
Henry sought to escape the restrictions of the provisions and applied to Louis IX of France to arbitrate in the dispute. Louis annulled the provisions. Montfort was angered by this and rebelled against the King along with other barons in the Second Barons' War; the war was not openly fought, each side toured the country to raise support for their army. A series of massacres of Jews in Worcester, London and other cities were conducted by Montfort's allies. By May the King's force had reached Lewes where they intended to halt for a while to allow reinforcements to reach them; the King encamped at St. Pancras Priory with a force of infantry, but his son, Prince Edward, commanded the cavalry at Lewes Castle 500 yards to the north. De Montfort approached the King with the intention of negotiating a truce or failing that to draw him into open battle; the King rejected the negotiations and de Montfort moved his men from Fletching to Offham Hill, a mile to the north-west of Lewes, in a night march that surprised the royalist forces.
The royalist army was up to twice the size of de Montfort's. Henry held command of the centre, with Prince Edward, William de Valence, 1st Earl of Pembroke, John de Warenne, 6th Earl of Surrey, on the right; the barons held the higher ground, overlooking Lewes and had ordered their men to wear white crosses as a distinguishing emblem. De Montfort split his forces into four parts, giving his son, Henry de Montfort command of one quarter; the baronial forces commenced the battle with a surprise dawn attack on foragers sent out from the royalist forces. The King made his move. Edward led a cavalry charge against Seagrave's Londoners, placed on the left of the baronial line, that caused them to break and run to the village of Offham. Edward pursued his foe for some four miles. Henry was forced to launch an attack with his centre and right divisions straight up Offham Hill into the baronial line which awaited them at the defensive. Cornwall's division faltered immediately but Henry's men fought on until compelled to retreat by the arrival of de Montfort's men, held as the baronial reserve.
The King's men were forced down the hill and into Lewes where they engaged in a fighting retreat to the castle and priory. Edward returned with his weary cavalrymen and launched a counterattack but upon locating his father was persuaded that, with the town ablaze and many of the King's supporters having fled, it was time to accept de Montfort's renewed offer of negotiations; the Earl of Cornwall was captured by the barons when he was unable to reach the safety of the priory and, being discovered in a windmill, was taunted with cries of "Come down, come down, thou wicked miller." The King was forced to sign the so-called Mise of Lewes. Though the document has not survived, it is clear that Henry was forced to accept the Provisions of Oxford, while Prince Edward remained a hostage of the barons; this put Montfort in a position of ultimate power, which would last until Prince Edward's escape, Montfort's subsequent defeat at the Battle of Evesham in August 1265. Following the battle, debts to Jews were cancelled, the records destroyed.
In 1994, an archaeological survey of the cemetery of St Nicholas Hospital, in Lewes, revealed the remains of bodies that were thought to be combatants from the battle of Lewes. However, in 2014 it was revealed that some of the skeletons may be much older, with a skeleton known as "skeleton 180" being contemporary with the Norman invasion. There remains some uncertainty over the location of the battle with Offham Hill's eastern and lower slopes covered by modern housing; the top and southern slopes remain accessible by footpaths through agricultural land and the ruins of the priory and castle are open to visitors. The Song of Lewes Barber, Luke, ed.. "The Medieval hospital of St Nicholas, East Sussex: excavations 1994". Lewes, Sussex: Sussex Archaeological Collections Volume 148. ISSN 0143-8204. Brooks, Richard Lewes and Evesham 1264-65. Osprey Campaign Series #285. Osprey Publishing. ISBN 978 1-4728-1150-9 Burne, A. H; the Battlefields of England London: Penguin ISBN 0-14-139077-8 Carpenter, D. A.
The reign of Henry III, London: Hambledon ISBN
Lewes is the county town of East Sussex and by tradition of all of Sussex. Lewes remains the police and judicial centre for all of Sussex and is home to Sussex Police, East Sussex Fire & Rescue Service, Lewes Crown Court and HMP Lewes, it is a civil parish and is the centre of the Lewes local government district as well as the seat of East Sussex County Council at East Sussex County Hall. The population of Lewes is now around 17,000; the settlement is a traditional market town and centre of communications and, in 1264, it was the site of the Battle of Lewes. The town's landmarks include Lewes Castle, the remains of Lewes Priory, Bull House, Southover Grange and public gardens, a 16th century timber-framed Wealden hall house known as Anne of Cleves House. Other notable features of the area include the Glyndebourne festival, the Lewes Bonfire and the Lewes Pound. Archaeological evidence points to prehistoric dwellers in the area. Scholars think that the Roman settlement of Mutuantonis was here, as quantities of artefacts have been discovered in the area.
The Saxons built a castle. After the Norman invasion, William the Conqueror rewarded William de Warenne, 1st Earl of Surrey, with the Rape of Lewes, a swathe of land along the River Ouse from the coast to the Surrey boundary, he built Lewes Castle on the Saxon site. Lewes was the site of a mint during the Late Anglo-Saxon period and thereafter a mint during the early years after the Norman invasion. In 1148 the town was granted a charter by King Stephen; the town became a port with docks along the River Ouse. The town was the site of the Battle of Lewes between the forces of Henry III and Simon de Montfort in the Second Barons' War in 1264, at the end of which de Montfort's forces were victorious; the battle took place in fields now just west of Landport. At the time of the Marian Persecutions of 1555–1557, Lewes was the site of the execution of seventeen Protestant martyrs, who were burned at the stake in front of the Star Inn; this structure is now the Town Hall. A memorial to the martyrs was unveiled on Cliffe Hill in 1901.
Through the 17th and 18th centuries, Lewes developed as the county town of Sussex, expanding beyond the line of the town wall. It was an active port and developed related iron and ship building industries. In 1846 the town became a railway junction, with lines constructed from the north and east to two railway stations; the development of Newhaven ended Lewes's period as a major port. During the Crimean War, some 300 Finns serving in the Russian army captured at Bomarsund were imprisoned at Lewes. Lewes became a borough in 1881; the name Lewes is the name of the parliamentary constituency and the local district council as well as Lewes Town Council. Lewes is where the East Sussex County Council has its main offices, located at County Hall in St Anne’s Crescent. Lewes District Council is administered from offices in Southover House on Southover Road. Lewes Town Council is based in the Town Hall on Lewes High Street. For many years, Lewes was dominated at local and national levels. In 1991, the Liberal Democrats won the District Council for the first time, the constituency returned a Liberal Democrat MP for the first time in 1997.
The Conservatives won control of the District Council in 2011, strengthened this position in 2015. They won back the parliamentary seat in the 2015 election with Maria Caulfield defeating the incumbent Liberal Democrat of 18 years, Norman Baker by 1,083 votes. In organisational terms, Lewes became one of the non-county boroughs within the Sussex, East county under the Local Government Act 1933. In 1974, Lewes District Council was formed on 1 April 1974 by the Local Government Act 1972, was a merger of the former borough of Lewes along with Newhaven and Seaford urban districts and Chailey Rural District; the election in 2015 was the first time in which Green Councillors had been elected to the Lewes District Council, all from the wards in the town of Lewes. The Lewes Councillor elected to the District Council, Ruth O'Keeffe, was elected as Chairman of the Council; the town of Lewes became a civil parish with the title of town. Lewes Town Council is one of the 300 largest of the 9,800 parish councils in England and Wales, with expenditure budgeted at just over £1 million.
In the 2015 elections for Lewes Town Council, the Green Party were the largest party with 9 seats. But, they lost a seat to an Independent in a by-election and split. There are now 6 Liberal Democrats, 5 Greens, 4 Independents and 3 Independent Green members of Council; the Mayor for 2017/18 is Councillor Michael Chartier and the Deputy Mayor is Janet Baah, both Liberal Democrats. The representation from Lewes wards at local government levels, as at the latest elections, is as follows. On 31 March 2009 Hilary Benn, Secretary of State for Environment and Rural Affairs, announced his decision to confirm the designation of the South Downs National Park, which came into being one year and includes the town of Lewes within its boundaries. You can see Lewes lying like a box of toys under a great amphitheatre of chalk hills... on the whole it is set down better than any town I have seen in England. Lewes is situated on the Greenwich Meridian, in a gap in the Sout
BerkShares is a local currency that circulates in The Berkshires region of Massachusetts. It was launched on September 29, 2006 by BerkShares Inc. with research and development assistance from the Schumacher Center for a New Economics. The BerkShares website lists around 400 businesses in Berkshire County. Since launch, over 7 million BerkShares have been issued from participating branch offices of local banks; the bills were designed by John Isaacs and were printed by Excelsior Printing on special paper with incorporated security features from Crane & Co.. BerkShares are pegged with an exchange rate to the US dollar, but the Schumacher Center has discussed the possibility of pegging its value to a basket of local goods in order to insulate the local economy against volatility in the US economy. BerkShares are a local currency issued for the Berkshire region of Massachusetts. According to the BerkShares website, residents purchase BerkShares at 95 cents per BerkShare from one of sixteen branches of four local participating banks.
Businesses accept BerkShares at full dollar value, differentiating the business as one supporting the BerkShares values of local economy, ecology and community, creating a five percent discount incentive for those using the currency. BerkShares can be used by accepting businesses to purchase goods and services from other participating businesses, make change, pay salaries, or support local non-profits, increasing the local economic multiplier effect and keeping value recirculating in the region. If businesses have an excess of BerkShares, they may be returned to a participating bank at the equivalent rate of 95 cents per BerkShare. Over 400 locally-owned businesses accept BerkShares for donations. Four participating banks provide BerkShares with 16 brick-and-mortar offices where residents can exchange dollars for BerkShares and receive more information on the project. BerkShares are printed in 1, 5, 10, 20, 50 BerkShare denominations, feature images of local people; the 1 BerkShare note uses a portrait of the original inhabitants of the area.
The 5 BerkShare note uses a portrait of W. E. B. Du Bois, a civil rights leader born in Great Barrington; the 10 BerkShare note uses a portrait of Robyn Van En, co-founder of the community supported agriculture movement at Indian Line Farm in South Egremont, died in 1997. The 20 BerkShare note uses a portrait of Herman Melville, the author of Moby-Dick, written in Pittsfield, Massachusetts; the 50 BerkShare note uses a portrait of Norman Rockwell, a painter who lived in Stockbridge, Massachusetts The BerkShares program seeks to foster collaboration among producers, retail businesses, non-profit organizations, service providers and consumers. It is an attempt to strengthen the local economy; the program seeks to increase public awareness of the importance of local economies and to foster optimism for the prospect of gaining local economic self-sufficiency. The project seeks to assure that a high percentage of each dollar spent will remain circulating in the community; this increase in community capital creates a positive environment for new entrepreneurial ventures.
It is hoped that new businesses sprouting from the resulting local generation of wealth will replace imported goods with locally produced items, which are more environmentally sustainable in that they do not need to be shipped over vast distances by the use of fossil fuels. A number of other local currency initiatives, such as the Dáanaa, Totnes pound and Lewes pound, have been developed and built upon the BerkShares model; the BerkShares currency has attracted international media attention. The New York Times, The Times, PBS News Hour, ABC World News, CBS, BBC, CNN, NBC, CNBC, French Television TF1, NTV Russia, Business Week, Associated Press, Yahoo News have all carried prominent stories on BerkShares. BerkShares were featured on the History Channel program Ten things; when someone pays for goods or services with local money, the income to the business is taxable. Similar to gift cards, the applicable tax is taken at the time of purchase and paid to the IRS at the time of redemption by the merchant.
List of community currencies in the United States Sy, Stephanie. "Making Money: Town Prints Up Its Own Currency". ABC News. Retrieved September 6, 2013. Bello, Marisol. "Communities print their own currency to keep cash flowing". USA Today. Archived from the original on October 16, 2014. Retrieved September 6, 2013. Schwartz, Judith D.. "Tough Times Lead to Local Currencies". Time. Retrieved September 6, 2013. Solman, Paul. "How to Print Dollars in Your Own Backyard and Keep Them Away from Wal-Mart". PBS. Retrieved September 6, 2013; the website of the Berkshares, Inc. the issuing organization of Berkshares
Lewes Castle is a medieval castle in the town of Lewes in East Sussex, England. Called Bray Castle, it occupies a commanding position guarding the gap in the South Downs cut by the River Ouse and occupied by the towns of Lewes and Cliffe, it stands on a man-made mount just to the north of the high street in Lewes, is constructed from local limestone and flint blocks. The first fortification on the site was a wooden keep converted to stone, it is unusual for a bailey construction in that it has two mottes. It is one of only two such remaining in the other being Lincoln; the Barbican is a fine example of its type. Lewes Castle was built in 1069 by 1st Earl of Surrey. William de Warenne and his descendants had estates and built castles in Reigate, Surrey, in Yorkshire and in Norfolk; when the last of the Warennes John, the 7th Earl died without issue in 1347, he was buried in Lewes Priory. His title passed to his nephew Richard Fitzalan, Earl of Arundel; the castle was leased by Sussex Archaeological Society from 1850 not long after its foundation in 1846 as both exhibition space and attraction, although houses in the precincts remain owned.'Sussex Past', an operational name for the Sussex Archaeological Society now owns the castle after it having been gifted by Mr Charles Thomas-Stanford in 1922.
Tickets are sold from Barbican House, just opposite the entrance gate, include access to the Barbican House Museum of Sussex archaeology and the Town Model, both located there. Barbican House has a gift shop and library for members of the archaeological society. Various events take place at the castle, including two plays annually, children's parties and tours, it is a prominent feature of the town, situated close to the High Street and visible from much of the surrounding residential areas. The castle is open to visitors. Battle of Lewes Sussex Archaeological society website
Climate change occurs when changes in Earth's climate system result in new weather patterns that last for at least a few decades, maybe for millions of years. The climate system is comprised of five interacting parts, the atmosphere, cryosphere and lithosphere; the climate system receives nearly all of its energy from the sun, with a tiny amount from earth's interior. The climate system gives off energy to outer space; the balance of incoming and outgoing energy, the passage of the energy through the climate system, determines Earth's energy budget. When the incoming energy is greater than the outgoing energy, earth's energy budget is positive and the climate system is warming. If more energy goes out, the energy budget is negative and earth experiences cooling; as this energy moves through Earth's climate system, it creates Earth's weather and long-term averages of weather are called "climate". Changes in the long term average are called "climate change"; such changes can be the result of "internal variability", when natural processes inherent to the various parts of the climate system alter Earth's energy budget.
Examples include cyclical ocean patterns such as the well-known El Nino Southern Oscillation and less familiar Pacific decadal oscillation and Atlantic multidecadal oscillation. Climate change can result from "external forcing", when events outside of the climate system's five parts nonetheless produce changes within the system. Examples include changes in solar volcanism. Human activities can change earth's climate, are presently driving climate change through global warming. There is no general agreement in scientific, media or policy documents as to the precise term to be used to refer to anthropogenic forced change; the field of climatology incorporates many disparate fields of research. For ancient periods of climate change, researchers rely on evidence preserved in climate proxies, such as ice cores, ancient tree rings, geologic records of changes in sea level, glacial geology. Physical evidence of current climate change covers many independent lines of evidence, a few of which are temperature records, the disappearance of ice, extreme weather events.
The most general definition of climate change is a change in the statistical properties of the climate system when considered over long periods of time, regardless of cause. Accordingly, fluctuations over periods shorter than a few decades, such as El Niño, do not represent climate change; the term "climate change" is used to refer to anthropogenic climate change. Anthropogenic climate change is caused by human activity, as opposed to changes in climate that may have resulted as part of Earth's natural processes. In this sense in the context of environmental policy, the term climate change has become synonymous with anthropogenic global warming. Within scientific journals, global warming refers to surface temperature increases while climate change includes global warming and everything else that increasing greenhouse gas levels affect. A related term, "climatic change", was proposed by the World Meteorological Organization in 1966 to encompass all forms of climatic variability on time-scales longer than 10 years, but regardless of cause.
During the 1970s, the term climate change replaced climatic change to focus on anthropogenic causes, as it became clear that human activities had a potential to drastically alter the climate. Climate change was incorporated in the title of the Intergovernmental Panel on Climate Change and the UN Framework Convention on Climate Change. Climate change is now used as both a technical description of the process, as well as a noun used to describe the problem. Prior to the 18th century, scientists had not suspected that prehistoric climates were different from the modern period. By the late 18th century, geologists found evidence of a succession of geological ages with changes in climate. In the years since, a great deal of scientific progress has been made understanding the workings of the climate system. On the broadest scale, the rate at which energy is received from the Sun and the rate at which it is lost to space determine the equilibrium temperature and climate of Earth; this energy is distributed around the globe by winds, ocean currents, other mechanisms to affect the climates of different regions.
Factors that can shape climate are called climate forcings or "forcing mechanisms". These include processes such as variations in solar radiation, variations in the Earth's orbit, variations in the albedo or reflectivity of the continents and oceans, mountain-building and continental drift and changes in greenhouse gas concentrations. There are a variety of climate change feedbacks that can either amplify or diminish the initial forcing; some parts of the climate system, such as the oceans and ice caps, respond more in reaction to climate forcings, while others respond more quickly. There are key threshold factors which when exceeded can produce rapid change. Forcing mechanisms can be either "internal" or "external". Internal forcing mechanisms are natural processes within the climate system itself. External forcing mechanisms can be either natural. Whether the initial forcing mechanism is internal or external, the response of the climate system might be fast, slow (e.g. thermal exp
EBay Inc. is an American multinational e-commerce corporation based in San Jose, California that facilitates consumer-to-consumer and business-to-consumer sales through its website. EBay was founded by Pierre Omidyar in the autumn of 1995, became a notable success story of the dot-com bubble. EBay is a multibillion-dollar business with operations in about 30 countries, as of 2011; the company manages the eBay website, an online auction and shopping website in which people and businesses buy and sell a wide variety of goods and services worldwide. The website is free to use for buyers, but sellers are charged fees for listing items after a limited number of free listings, again when those items are sold. In addition to eBay's original auction-style sales, the website has evolved and expanded to include: instant "Buy It Now" shopping. EBay offered online money transfers as part of its services; the AuctionWeb was founded in California on September 3, 1995, by French-born Iranian-American computer programmer Pierre Omidyar as part of a larger personal site.
One of the first items sold on AuctionWeb was a broken laser pointer for $14.83. Astonished, Omidyar contacted the winning bidder to ask if he understood that the laser pointer was broken. In his responding email, the buyer explained: "I'm a collector of broken laser pointers."Reportedly, eBay was a side hobby for Omidyar until his Internet service provider informed him he would need to upgrade to a business account due to the high volume of traffic to his website. The resulting price increase forced him to start charging those who used eBay, was not met with any animosity, it resulted in the hiring of Chris Agarpao as eBay's first additional employee to process mailed checks coming in for fees. Jeffrey Skoll was hired as the first new president of the company in early 1996. In November 1996, eBay entered into its first third-party licensing deal, with a company called Electronic Travel Auction, to use SmartMarket Technology to sell plane tickets and other travel products. Growth was phenomenal.
The company changed the name of its service from AuctionWeb to eBay in September 1997. The site belonged to Echo Bay Technology Group, Omidyar's consulting firm. Omidyar had tried to register the domain name echobay.com, but found it taken by the Echo Bay Mines, a gold mining company, so he shortened it to his second choice, eBay.com. In 1997 the company received $6.7 million in funding from the venture capital firm Benchmark Capital. Meg Whitman was hired by the board as eBay president and CEO in March 1998. At the time, the company had 30 employees, half a million users and revenues of $4.7 million in the United States. The repeated story that eBay was founded to help Omidyar's fiancée trade Pez candy dispensers was fabricated by a public relations manager, Mary Lou Song, in 1997 to interest the media, which were not interested in the company's previous explanation about wanting to create a "perfect market"; this was revealed in Adam Cohen's book, The Perfect Store, confirmed by eBay. After eBay went public, both Omidyar and Skoll became instant billionaires.
EBay's target share price of $18 was all but ignored as the price went to $53.50 on the first day of trading. The Pez dispenser myth generated enormous amounts of publicity and led to some of eBay's most explosive early growth among toy collectors; however at the time, Beanie Babies were the leader in the toy category and was the most difficult brand to find in retail stores. Beanie Babies became the dominant product on eBay accounting for 10% of all eBay listings in 1997. While still a held company, eBay's growing market share was contributed by two major factors: The growing collectibility of Beanie Babies in the mid-1990s – collectors internationally were trying to complete their collection of Beanie Babies Ty producing the first business-to-consumer Web site - the original Ty Web site contained an online trading post where people could trade their Beanie Babies, however the trading post was overwhelmed with unsortable listings creating a legitimate demand for a more efficient online system to buy and trade Beanie Babies in the secondary marketAs a result, eBay provided a user-friendly interface to search for specific Beanie Babies that collectors were searching for.
On September 21, 1998, eBay went public. In the risk factors section of the annual report filed with the US Securities and Exchange Commission in 1998, Omidyar notes eBay's dependence on the continued strength of the Beanie Babies market; as the company expanded product categories beyond collectibles into any saleable item, business grew quickly. In 2000, eBay had 12 million registered users and a cyberinventory of more than 4.5 million items on sale on any given day. In February 2002 the company purchased iBazar, a similar European auction web site founded in 1998, bought PayPal on October 3, 2002. By early 2008 the company had expanded worldwide, counting hundreds of millions of registered users as well as 15,000 employees and revenues of $7.7 billion. After nearly ten years at eBay, Whitman decided to enter politics. On January 23, 2008, the company announced that Whitman would step down on March 31, 2008, John Donahoe was selected to become president and CEO. Whitman remained on the board of directors and continued to advise