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Stourbridge Local Exchange Trading System (LETS)

by on 19/05/2009

Have you heard of the Local Exchange Trading System?

What is LETS?

LETS (Local Exchange and Trading Systems) are groups of people whose members exchange goods, skills and services with each other. Doing something for another member earns them the right to have things done themselves. And not a penny need change hands!

Why are we starting up a LETS scheme?

With the current economic climate, Transition Stourbridge is keen to get a LETS group going in the area in order to improve local ties within the community and to provide a way for people to find ways of buying and offering local goods and services. The advantages of the LETS system is that it strengthens connections between people and also makes use of the skills and productivity of a local area, so strengthening economic confidence and community cohesion.

How it will work?

LETS does not replace normal currency, but works alongside it. The scheme works on a membership basis with each person having a LETS account which is kept up to date by the LETS administrator.  In practice, the following scenario shows how it might work: imagine you need vegetables which ‘Anne’ has grown in her garden and instead of doing a straight swap, when she gives you the vegetables and she acquires units of value which she then uses toward ‘buying’ services from ‘James’ to repair a broken light fixture.

How do I find out more?

Transition Stourbridge is currently finding how many people in the Stourbridge area would be interested in joining a Stourbridge LETS scheme and will be sending out updates of their progress for those who wish to be kept informed.

If you’d like to join or get involved email us at: t.stourbridge@googlemail.com

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