The Gibraltar pound is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. Coins and banknotes of the Gibraltar pound are printed by the Government of Gibraltar; until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British and Gibraltarian coins. From 1825, the real was tied to the pound at the rate of 1 Spanish dollar to 4 shillings 4 pence. In 1872, the Spanish currency became the sole legal tender in Gibraltar. In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar in the form of British coins and banknotes. In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 pence.
The since repealed Currency Notes Act 1934, conferred on the Government of Gibraltar the right to print its own notes. Notes issued are either backed by Bank of England notes at a rate of one pound to one pound sterling, or can be backed by securities issued by the Government of Gibraltar. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom. Gibraltar's coins are the same weight and metal as British coins, although the designs are different, they are found in circulation across Britain. Under the Currency Notes Act 2011 the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues. In 1988, coins in denominations of 1, 2, 5, 10, 20 and 50 pence and 1 pound were introduced which bore specific designs for and the name of Gibraltar, they were the same sizes and compositions as the corresponding British coins, with 2 pound coins introduced in 1999.
A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar". This issue caused controversy in Spain, where the title of King of Gibraltar corresponds to the crown of Castile; the £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules. In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the tercentenary of British Gibraltar. At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold; these notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first the typeset notes were signed by hand by Treasurer Greenwood, though he used stamps; the notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes. The 1914 notes were issued in denominations of 2s, 10s, £1, £5 and £50; the 2s and £50 notes were not continued when a new series of notes was introduced in 1927.
The 10s note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986; the £1 note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds"; the government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued. Economy of Gibraltar Currency board Christopher Ironside, OBE, coin designer: reverse design of the 25 New Pence coin, Barbary ape. Banknotes of Gibraltar: Catalog of Gibraltar Shillings and Pounds The current banknotes of Gibraltar
The Biafran pound was the currency of the breakaway Republic of Biafra between 1968 and 1970. The first notes denominated in 5 shillings and £1 were introduced on January 29, 1968. A series of coins was issued in 1969. In February 1969, a second family of notes was issued consisting of 5 shilling, 10 shilling, £1, £5 and £10 denominations. Despite not being recognised as currency by the rest of the world when they were issued, the banknotes were afterwards sold as curios and are now traded among banknote collectors at well above their original nominal value; the most common note is the 1968 and 1969 1 pound notes, with the 10 pound note and all coins being rare. Nigerian pound Nigerian naira Postage stamps and postal history of Biafra Banknotes of Biafra."Archived copy". Archived from the original on 2011-06-29. Retrieved 2006-01-13. CS1 maint: Archived copy as title CS1 maint: BOT: original-url status unknown Coins with Nigerian naira Information from Biafraland. A detailed article on the banknotes of the Biafran pound pjsymes.com.au Coins from Biafra - Online Coin Club
The Lebanese pound is the currency of Lebanon. It used to be divided into 100 piastres but high inflation in the Lebanese Civil War has eliminated the subdivisions; the plural form of lira, as used on the currency, is either lirat or the same, whilst there were four forms for qirsh: the dual qirshan, the plural qirush used with numbers 3–10, the accusative singular qirsha used with 11–99, or the genitive singular qirshi used with multiples of 100. In both cases, the number determines. Before the Second World War, the Arabic spelling of the subdivision was غرش. All of Lebanon's coins and banknotes are bilingual in French. Before World War I, the Ottoman lira was used. In 1918, after the fall of the Ottoman Empire, the currency became the Egyptian pound. Upon gaining control of Syria and Lebanon, the French replaced the Egyptian pound with a new currency for Syria and Lebanon, the Syrian pound, linked to the French franc at a value of 1 pound = 20 francs. Lebanon issued its own coins from 1924 and banknotes from 1925.
In 1939, the Lebanese currency was separated from that of Syria, though it was still linked to the French franc and remained interchangeable with Syrian money. In 1941, following France's defeat by Nazi Germany, the currency was linked instead to the British pound sterling at a rate of 8.83 Lebanese pounds = 1 pound sterling. A link to the French franc was restored after the war but was abandoned in 1949. Before the Lebanese Civil War, 1 U. S. dollar was worth 3 pounds. During the civil war the value decreased until 1992, when one dollar was worth over 2500 pounds. Subsequently the value increased again, since December 1997 the rate of the pound has been fixed at 1507.5 pounds per US$. Lebanon's first coins were issued in 1924 in denominations of 2 and 5 girush with the French denominations given in "piastres syriennes". Issues did not include the word "syriennes" and were in denominations of 1⁄2, 1, 2, 2 1⁄2, 5, 10, 25 and 50 girsha. During World War II, rather crude 1⁄2, 1 and 2 1⁄2 girsh coins were issued.
After the war, the Arabic spelling was changed from girsh to qirsh. Coins were issued in the period 1952 to 1986 in denominations of 1, 2 1⁄2, 5, 10, 25 and 50 qirsh and 1 lira. No coins were issued between 1994, when the current series of coins was introduced. Coins in current use are: Lebanon's first banknotes were issued by the Banque du Syrie et Grand-Liban in 1925. Denominations ran from 25 girsha through to 100 pounds. In 1939, the bank's name was changed to the Bank of Lebanon; the first 250-pound notes appeared that year. Between 1942 and 1950, the government issued "small change" paper money in denominations of 5, 10, 25 and 50 girsh or qirsh. After 1945, the Bank of Syria and Lebanon continued to issue paper money for Lebanon but the notes were denominated in "Lebanese pounds" to distinguish them from Syrian notes. Notes for 1, 5, 10, 25, 50 and 100 pounds were issued; the Banque du Liban was established by the Code of Money and Credit on 1 April 1964. On 1 August 1963 decree No. 13.513 of the “Law of References: Banque Du Liban 23 Money and Credit” granted the Bank of Lebanon the sole right to issue notes in denominations of 1, 5, 10, 25, 50, 100, 250 pounds, expressed in Arabic on the front, French on the back.
Higher denominations were issued in the 1980s and 1990s as inflation drastically reduced the currency's value. Banknotes in the current use are: All current notes feature an Arabic side with the value in Arabic script numerals of large size; the other side is in French with the serial number in both Arabic and Latin script and in bar code below the latter one. Economy of Lebanon Banque du Liban Historical and current banknotes of Lebanon
The Turkish lira is the currency of Turkey and the self-declared Turkish Republic of Northern Cyprus. The lira, along with the related currencies of Europe and the Middle East, has its roots in the ancient Roman unit of weight known as the libra which referred to the Troy pound of silver; the Roman libra adoption of the currency spread it throughout Europe and the Near East, where it continued to be used into medieval times. The Turkish lira, the French livre, the Italian lira, the British pound are the modern descendants of the ancient currency; the Ottoman lira was introduced as the main unit of currency in 1844, with the former currency, kuruş, remaining as a 1⁄100 subdivision. The Ottoman lira remained in circulation until the end of 1927. Historical banknotes from the second and fourth issues have portraits of İsmet İnönü on the obverse side; this change was done according to the 12 January 1926 issue of the official gazette and canceled by the Democrat Party after World War II. After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.
S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard soft pegs to the dollar operated as the value of the Turkish lira began to fall. 1966 – 1 U. S. dollar = 9 Turkish lira 1980 – 1 U. S. dollar = 90 Turkish lira 1988 – 1 U. S. dollar = 1,300 Turkish lira 1995 – 1 U. S. dollar = 45,000 Turkish lira 2001 – 1 U. S. dollar = 1,650,000 Turkish liraThe Guinness Book of Records ranked the Turkish lira as the world's least valuable currency in 1995 and 1996, again from 1999 to 2004. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation. In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, the creation of a new currency, it was introduced on 1 January 2005, replacing the previous Turkish lira at a rate of 1 second Turkish lira = 1,000,000 first Turkish lira.
With the revaluation of the Turkish lira, the Romanian leu became the world's least valued currency unit. At the same time, the Government introduced two new banknotes with the denominations of 50 and 100. In the transition period between January 2005 and December 2008, the second Turkish lira was called Yeni Türk lirası, it was abbreviated "YTL" and subdivided into 100 new kuruş. Starting in January 2009, the "new" marking was removed from the second Turkish lira, its official name becoming just "Turkish lira" again, abbreviated "TL". All obverse sides of current banknotes have portraits of Mustafa Kemal Atatürk; until 2016, the same held for the reverse sides of all current coins, but in 2016 one-lira coins were issued to commemorate the "martyrs and veterans" of the 2016 Turkish coup d'état attempt, the reverse sides of some of which depict hands holding up a Turkish flag while others show in stylized form a collection of five-pointed stars topped by a Turkish flag. From 1 January 2009, the phrase "new" was removed from the second Turkish lira, its official name in Turkey becoming just "Turkish lira" again.
The center and ring alloys of the 50 kuruş and 1 Turkish lira coins were reversed. A new series of banknotes, the "E-9 Emission Group" entered circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009; the E-9 banknotes refer to the currency as "Turkish lira" rather than "new Turkish lira" and include a new 200-Turkish-lira denomination. The new banknotes have different sizes to prevent forgery; the main specificity of this new series is that each denomination depicts a famous Turkish personality, rather than geographical sites and architectural features of Turkey. The dominant color of the 5-Turkish-lira banknote has been determined as "purple" on the second series of the current banknotes. In 2018, the lira's exchange rate accelerated deterioration, reaching a level of 4.5 USD/TRY by mid-May and of 4.9 a week later. Among economists, the accelerating loss of value was attributed to Recep Tayyip Erdoğan preventing the Central Bank of the Republic of Turkey from making the necessary interest rate adjustments.
Erdoğan, who claimed interest rates beyond his control to be "the mother and father of all evil", said that "the central bank can't take this independence and set aside the signals given by the president." Despite Erdogan's apparent opposition, Turkey's Central Bank raised interest rates sharply. In the campaign for the 2018 general election in Turkey, a widespread conspiracy theory claimed that the Turkish lira's decline were the work of a shadowy group, made up of Americans, Dutch and "some Jewish families" who would want to deprive incumbent President Erdogan of support in the elections. According to a poll from April 2018, 42 percent of Turks, 59 percent of governing AK Party voters, saw the decline in the lira as a plot by foreign powers. According to Turkish foreign minister Mevlüt Çavuşoğlu and analysis, Trumps wish to let the Turkish-USA current tensions to long up to the November 2018 US elections so to appeal to his christian base and gain some points for his party; the current currency
The Manx pound is the currency of the Isle of Man, in parity with the pound sterling. The Manx pound is divided into 100 pence. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government; the Isle of Man is in a one-sided de facto currency union with the United Kingdom: the Manx government has decided to make UK currency legal tender on the island, to back its own notes and coins with Bank of England notes. Manx government notes may, on demand, be exchanged at par for Bank of England notes of equivalent value at any office of the Isle of Man Bank. All notes and coins which are legal tender in any part of the United Kingdom are legal tender within the Isle of Man. Unlike Northern Irish and Scottish notes, the UK does not require the Isle of Man government to back the Manx notes and coins with Bank of England notes or securities. There is no restriction under UK law on the number of coins they may issue; the notes and coins are not underwritten by the UK government, there is no guarantee of convertibility beyond that given by the Manx authorities.
However, the requirement in the island's Currency Act 1992 for the Isle of Man Treasury to exchange Manx Pound banknotes on demand for Bank of England notes in practice restricts the issue of unbacked currency, the aggregate total of notes issued must be pre-approved by Tynwald. ISO 4217 does not include a separate currency code for the Manx pound, but where code distinct from GBP is desired, IMP is used. UK notes and coins are accepted in the Isle of Man, but Manx notes and coins are not accepted in the UK. To assist those travelling, the ATMs at the Sea Terminal, at Isle of Man Airport issue Bank of England notes only. A number of businesses accept euros; the first Manx coinage was issued in 1668 by John Murrey, a Douglas merchant, consisting of pennies equal in value to their English counterparts. These "Murrey Pennies" were made legal tender in 1679, when the Court of Tynwald outlawed the unofficial private coinage, circulating prior to and alongside John Murrey's pennies. Due to the difficulty of maintaining the supply of coins on the island, in 1692, the value of the Manx coinage was decreased, with English crowns circulating at 5 shillings 4 pence, half-crowns at 2 shillings 8 pence and guineas at 22 shillings.
At that time, Tynwald forbade the removal of money from the island, in an attempt to maintain supply. In 1696, a further devaluation occurred, with all English silver and gold coins valued at 14 Manx pence for every shilling. Between 1696 and 1840, Manx copper coins circulated alongside first English, British silver and gold coins at the rate of 14 pence to 1 shilling; as in England, there were 20 shillings to the pound. Thus, after 1696, £100 sterling was worth £116 13s 4d Manx. In 1708, the Isle of Man Government approached the Royal Mint, requested that coinage be issued for the island; the Master of the Mint, Sir Isaac Newton, refused. As a result, the first Government issue of coins on the island was in 1709; this coinage was made legal tender on 24 June 1710. In 1733 Tynwald prohibited the circulation of any "base" coinage other than that issued by the Government; because of the similarity between Manx and British coins, it was profitable to change shillings to Manx coinage and pass it off as British currency in Great Britain, making a profit of £2 for every £12 in Manx coinage so transferred.
This happened on such a scale that by 1830 the island was totally deprived of copper coinage. In an attempt to resolve this problem, a proposal was introduced to abandon the separate Manx coinage in favour of British coins; this was rejected by the House of Keys in 1834, but they were overruled by the British Government in 1839. An Act was passed declaring that "... the currency of Great Britain shall be and become, is hereby declared to be, the currency of the Isle of Man", this remains Manx law to this day. This change was resented: some islanders felt defrauded, there was serious rioting in Douglas and Peel; these were known as the "Copper Row" riots, were put down by the Manx militia. The Royal Mint issued a total of £1,000 in copper coins. Following an Act in 1840, these were valued at 12 pence to the shilling. All coins issued before 1839 were declared by this law to be no longer current, were recalled by the Board of Customs and exchanged by the Royal Mint at their original nominal value for the new coinage.
After 1839, no further Manx coins were issued, they became scarce and were replaced in general circulation on the island by the coinage of the United Kingdom. They did not cease to be legal coinage on Mann until decimalisation in 1971. Banknotes had been issued for the island since 1865. In 1971 the United Kingdom moved with the pound subdivided into 100 pence; the Isle of Man Government, having issued its own banknotes for ten years, took the opportunity to approach the Royal Mint and request its own versions of the decimal coins, which were introduced in 1971. The "Murrey Pennies" of 1668 were the first to depict the'triskeles' symbol and the Island motto "Quocunque Gesseris Stabit", both of which have continued to feature on Manx coinage until the present day. In 1709, pennies and halfpennies were introduced. More of these coins were issued in 1733; these issues of coins have the crest of the Stanley family, Lords of Mann, on the obverse, together
The Australian pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £ sd currencies, it was subdivided into each of 12 pence; the first European settlement of Australia took place on 26 January 1788 at Port Jackson. The colony of New South Wales survived its first years and was neglected for much of the following quarter-century while the British government was preoccupied until 1815 with the Napoleonic Wars. One important British oversight during this period was the provision of adequate coinage for the new colony and, because of the shortage of any sort of money, the real means of exchange during the first 25 years of settlement was rum, the access to, controlled by the officers of the New South Wales Corps, who benefited most from access to land and imported goods. Though it did not solve the problem arising from the lack of coins, but in an attempt to put some order into the economy, in 1800, Governor Philip Gidley King issued a proclamation setting the value of a variety of foreign coins in the colony.
During this period, to protect the lucrative access to the imported rum, as well as other grievances, the officers, who came to be known as the "Rum Corps", deposed the governor in a standoff in 1808, referred to as the "Rum Rebellion". The New South Wales Corps was recalled soon after. Otherwise, the shortage of coinage persisted; the first coinage issued by the colony took place in 1813, was effected by punching the middle out of Spanish dollars. This process created two parts: a small coin, called the dump, a ring, called a holey dollar. One holey dollar was worth five shillings, one dump was worth one shilling and three pence; this was done in order to keep the coins in New South Wales. From 1817, when the first bank, the Bank of New South Wales, was established, private banks issued paper money denominated in pounds. Acceptance of private bank notes was not made compulsory by legal tender laws but they were used and accepted. In 1825, an Imperial order-in-council was issued with the purpose of introducing sterling coinage to all the British colonies.
This was due to the introduction of the gold standard in the UK in 1816, a decline in the supply of Spanish dollars, due to the revolutions taking place in Spanish South American colonies. Most of the dollars used had been minted in Lima, Mexico City, Potosí, which had become part of new Latin American republics, independent from Spain. In 1852, the Government Assay Office in Adelaide issued gold pound coins; these weighed more than sovereigns. From 1855, the Sydney mint issued half sovereigns and sovereigns, with the Melbourne mint beginning production in 1872. Many of the sovereigns minted in Australia were for use in India as part of a plan that the gold sovereign should become the imperial coin; as it turned out, India was too entrenched in the Rupee system, the gold sovereigns obtained by the treasury in India never left the vaults. Thus, in the lead-up to Federation, the currency used in the Australian colonies consisted of British silver and copper coins, Australian minted gold sovereigns and half sovereigns, locally minted copper trade tokens and private bank notes.
In addition, the Queensland government issued treasury notes and banknotes which were legal tender in Queensland. After Federation in 1901, the Australian government assumed power over currency matters and began overprinting the private issues that were in circulation, in preparation for the issue of a domestic currency. In 1910 the federal government passed the "Australian Notes Act" which prohibited the circulation of State notes and gave control over the issue of Australian notes to the Commonwealth Treasury. Passed in that year was the "Bank Notes Tax Act" which imposed a tax of 10% per annum on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, not redeemed". In September 1910, the Labor Government of Prime Minister Andrew Fisher introduced a national currency, the Australian pound, with the passing of the Australian Notes Act 1910; the Act gave control over the issue of Australian notes to the Commonwealth Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.
For the next three years, some of the earlier private banknotes were overprinted by the Treasury as a temporary measure and circulated as Australian banknotes until new designs were ready for Australia's first federal government-issued banknotes, which commenced in 1913. Blank note forms of 16 banks were supplied to the Australian Government in 1911 to be overprinted as redeemable in gold and issued as the first Commonwealth notes; the Commonwealth Bank Act 1920 gave note issuing authority to the Commonwealth Bank. In 1960, responsibility for note printing passed to the Reserve Bank of Australia; the new national currency was called the Australian pound, consisting of 20 shillings, each consisting of 12 pence. Monetary policy ensured; as such Australia was on the gold standard so long as Britain was. In 1914, the pound sterling was removed from the gold standard; when it was returned to the gold standard in 1925, the sudden increase in its value unleashed crushing deflationary pressures. Both the initial 1914 inflation and the subsequent 1926 deflation had far-reaching economic effect
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