Lewes Forum thread

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Legal Tender?

On 20 Aug 2008 at 1:46pm not from around here wrote:
Been doing some online research on currencies - in particular the claim by TTL that the Lewes pound will be 'legal tender'. While it is not illegal to trade in any currency 'legal' tender' has a specific meaning in law - see the following quotes:
1. "Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. Bank of England notes are the only banknotes that are legal tender in England."
2. or from the Bank of England's own website
"only Bank of England notes are legal tender"
The Bank of England site goes on to explain that the term 'legal tender' has little practical meaning in day-to-day transactions and one could reasonably settle any debt in any currency agreed between two parties. However to describe the Lewes pound as 'legal tender' is technically incorrect and has many legal implications. They should have researched this more in my opinion before making claims that can be challenged on a legal basis.
On 20 Aug 2008 at 2:03pm Ben wrote:
The only claims I can find online that the Lewes Pound will be legal tender are made by journalists. The TTL website doesn't make that claim. Interestingly, I see Barclays have agreed to accept it, perhaps the other banks will follow suit. Who do you bank with, NFAH?
On 20 Aug 2008 at 2:43pm not from around here wrote:
Hi Ben, you are quite correct that the TTL website does not make this claim. But, virtually every media article on the subject does make this claim on their behalf so maybe some spokespeople for TTL have their wires crossed in this regard?
Yes, I read with some surprise that Barclays are accepting the Lewes pound. Are they exchanging 1 lewes for 1 sterling does anybody know?
We don't bank with barclays and rarely use banks in the town anyway.
Some figures i would like to know:
How many businesses are there in Lewes? We are told that around 30-ish have agreed to accept the Lewes pound - seems like a small proportion.
What proportion of Lewes businesses are owned and operated by people from outside Lewes? A large number I think.
On 20 Aug 2008 at 8:35pm mother. wrote:
Hey, Nut from around here, incy wincy bit Anal arent we? get a life. I dont know if it willwork, if its a good idea or a just a fad, but what the heck, each to their own. Im in for a score of some currency anyway. do some ironing and take your mind off it love.
On 21 Aug 2008 at 8:54am gloria mundi wrote:
NFAH sounds more like an 'Iron My Shirt' person than someone who'd do his own ironing, mother.
On 22 Aug 2008 at 4:21pm Chris Smedley wrote:
Hi, I'm involved with the project. The Lewes Pound is not legal tender and we have never claimed that it is, or asked the media to say this either. It designed as a complementary currency, or even voucher scheme to help raise awareness about shopping locally.
Barclays are acting as an issuing point only, there is a historical tye in that they used to be the Old Lewes Bank and still have a copy of the old Lewes Pound in their Branch. We're trying to reach as many people as possible with this initiative and Barclays involvement has helped reassure local traders about backing the Lewes Pound.
The currency group's bank account is with the Co-op.
I hope this helps.
On 23 Aug 2008 at 10:50pm not from around here wrote:
Um.. Anal? wondering if a new currency is actually legal tender - okay well I though it was important. Obviously too serious a discussion for this forum.
As I am 'not from around here' I'll leave you to it..
On 23 Aug 2008 at 10:53pm p.s wrote:
forgot to add - I don't do ironing, my wife does it. That better? Trivial enough for you love?
On 23 Aug 2008 at 11:00pm not from around here wrote:
Thanks for the info - can I ask a question here?
Is there some legal status to the currency? What I mean is if local traders tried to exchange say 10,000 of the Lewes pounds for sterling would there be a guarantee to cover this amount? (That's a serious question - not a dig).
Thanks. NFAH
On 10 Sep 2008 at 4:38pm lewes pound team member wrote:
Hi. I'm also with the Lewes Pound team. When you buy Lewes Pounds with sterling, that money is held at the Coop Bank so yes, Lewes Pounds are redeemable and there will never be a run on the bank.

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