LETS Barter NL is one of many LETS Systems around the world, (also known as “mutual credit” systems), which enable people to exchange goods and services without the use of regular money. Instead, members use local credits, often referred to as “local currency”, “alternative currency”, or “complementary currency” to buy the things they need. These credits are often referred to as green dollars’ or ‘barter bucks,’ or some other name that reflects the local culture and economy.
Watch this Introduction to Local currency video with Lori Heath, Founder of LETS BarterNL.
In keeping with the tradition of codfish as ‘Newfoundland Currency’, we have called our local currency COD… ‘Cash On Delivery’ in the local economy!
Members get an online account, much like a bank account, which keeps track of trade in local currency. Members contact each other to conduct transactions, and pay each other by transferring COD to other members’ accounts. Each new member receives a credit of 250 COD to start the exchange between members.
Members list goods and services that they offer in an online directory, much like the Yellow Pages. Members set their own prices, and decide what proportion of COD and Canadian dollars that they accept for payment. Some members accept 100% COD, while others accept a combination of COD and cash. (The taxable portion of a transaction would be charged in Canadian dollars, for example.)
LETS helps to bridges the disconnect between unmet needs with under-utilized resources in our communities, that often occurs due to a lack of money.
Networks such as these help people to help each other, by sharing the many talents and resources within the community. They help local businesses by reducing cash expenses and encouraging people to ‘buy local.’ They help not-for-profit organizations by providing new ways to support community projects.
Be sure to check back often to watch us grow!