Your positive reply will be highly appreciated.

Regards,
Jack.

As the owner of a small business in Bristol which is considering accepting the BP, may I respond to the points you have raised:

1. “It will cost small businesses money.” True, a 5% exchange rate if one needs to convert BP back to £. In other cases, there are no significant financial costs. As a sole trader, I would anticipate that any BP received can easly be absorbed into personal or business costs, without needing to change significant amounts into £.

2. “It will hinder local shoppers.” Since it is entirely voluntary, I cannot quite see how this would be the case.

On the other issues you raise, the “hassle of cashing up and accounting in two currencies” is an issue businesses must consider, but not necessarily a deal-breaker; the “need to put their cash in a bank” is addressed by the link to the Bristol Creidt Union. This is an obvious difference from other local currencies; the “need to pay providers of goods and services from outside the area” wil be met by businsses being able to do so in £ sterling; the “need to train staff to detect forgeries”, again, not a dealbreaker in my view. And, since the BP can be converted back to £ at any time the notes will not end up as worthless.

I note with interest that a number of US states are currently exploring the possibility of minting their own currencies. Virginia, I believe, has already enacted preparatory legislation in this respect.

The way to succeed is to produce great quality products or services at market prices that people actually want. End of. If you do that the people will come. You don’t need an exclusive currency which effectively locks people into a quasi loyalty scheme not that unlike the Tesco Clubcard model that it’s trying to usurp (only with significantly less benefits than the Tesco version).

Sure, being in business is not a walk in the park especially in these dour times. As a business owner you have to be seriously creative and kick-start things by networking, seeking advice from others, advertising, doing promotions etc…dare I even say getting savvy with social media. But great products which are priced properly *will* find customers who want them, and not just customers from within the local area.

I understand and fully support what appears to be a genuine good intent behind the project, but I really can’t see any need for a new currency. Let the Bank of England worry about the worthless one we have already.

Having said all that I’m quite looking forward to getting my mitts on a few freshly-printed Bristol Pound notes so I can frame them and hang them on the wall with my other Bristol design stuff.

Just saw this article tweeted and had to respond. I am a strong supporter of Bristol and of Bristol business and where the option presents itself to buy local I take it. I go to local farmers markets, support independent shops and think Bristol is a great place.

However, I totally agree with you on the above. I have been feeling alone in wondering how and why this would ever work and the growing buzz around it completely baffles me. Were there to be a discounted rate i.e. £10 sterling pounds buys £12 Bristol pounds for example then I can see the appeal, however on a £ for £ basis, I struggle to see why I’d swap something I COULD spend in a Bristol shop with something I’d HAVE to.

Carrying two currencies is a pain in the a**e, finding I only have Bristol Pounds when I’m somewhere I have no choice but to use sterling, having to work out which shops will take my Bristol Pounds and which won’t, all seem additional headaches. I wouldn’t want to receive them in my change so this also makes additional headaches for shops too.

I soooo want to support ventures in Bristol and get behind this but at the moment I just feel confused at how anyone can see it working. I wondered if I’m missing something?