The Bega Valley Local Exchange Trading System (LETS), a currency designed to support the local economy, is experiencing a rebirth.
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Local currencies support and stimulate economic and social activity as well as ensuring local wealth is kept within the region.
In the South East, participants use the Sapphire – shortened to Sapph or the written form Sa.
Bega Valley LETS was founded in 1989 and has seen over 300 members trade more than a million Sapphires.
In 2008 computers were introduced into the equation, which confused some people who were not familiar with IT and so the Sapphs trades declined to a trickle.
Felicie Vachon, project leader for Bega Valley LETS, said recently people have been wanting to trade more in Sapphs.
“So a small team of us have been working on a new offering,” she said.
“We added a paper cheque and optional email payment system with our mailing list trading room.”
People can join the mailing list to advertise a trade, which is an offer, a wanted or a working bee and then complete the trade with an email or a cheque.
"LETS also supports community activity by bringing people together with a local currency that actually encourages a negative balance,” she said.
We trade between ourselves and really help each other.
- Felicie Vachon
“If you owe Sapphs, you are more likely to offer good or services within your community.
“So it supports the local economy and supports entrepreneurship at a local level,” Ms Vachon said.
"Our local currency helps people achieve things they may not be able to because they don't have the dollars.
“We trade between ourselves and really help each other.”
LETS does not eliminate dollars; it is a partner currency that is 100 per cent local.
“By trading in our own Sapphires for things like casual labour, people also spend dollars locally to achieve their goals so the dollar economy is well supported,” Ms Vachon said.
“Local currencies add value to local dollar economies and we are less influenced by national or global monetary conditions.”
The new Bega Valley LETS was released on July 18, but is in a month-long trial phase to make improvements.
For more information, see www.begavalleylets.wordpress.com.