Based on the experience of the cities of Lewis, Totnes and Stroud, the authorities of the English city of Bristol intend to introduce into circulation a local currency called the Bristol pound. According to the organizers of the project, the local currency will contribute to the development of local business.
The introduction of its own monetary unit in Bristol was planned to be carried out in May 2012. The initiative came from local business representatives who received support from the city council. After analyzing the situation, the Bristol authorities came to the conclusion that the introduction of a local currency could serve as tangible support for local entrepreneurs in the competition with international corporations. The authors of the project also emphasize the importance of media advertising that Bristol companies will receive in connection with the introduction of the new currency.
The Bristol pound is an additional currency that will circulate within the former County of Avon on a par with the national British currency. Similar monetary units are already used in a number of English cities. An innovation for the Bristol pound is the ability to use it in an electronic payment system. Registration in this system is available to those living, working or studying in Bath and Northeast Somerset, Bristol, North Somerset and South Gloucestershire.
The cost of one Bristol pound is equal to the regular British pound. It is planned to issue banknotes in denominations of one, five, ten and twenty Bristol pounds. British pounds sterling can be exchanged for Bristol pounds at the branch of the Bristol Credit Union, which is actively involved in the project to introduce the local currency.
In February 2012, a competition was announced for the best design of new banknotes. On March 15, eight works were selected from the submitted works - one for each side of the four banknotes. These images include Bristol schoolchildren, local artists and photographers, making the new pounds vibrant and colorful. One side of the twenty-pound bill will be decorated with a picture of colored balloons, and the five-pound bill will feature a tiger in a green sweater, painting graffiti. As reported on the project website, the introduction of new banknotes into circulation is scheduled for September 19, 2012.
