News / bristol pound
End of the line for Bristol Pound after nearly a decade
The distinctive colourful Bristol Pound notes that have passed through hundreds of businesses in the city are to be removed from circulation in September.
Launched in the wake of the financial crash as part of an ambitious vision to support the local economy, the scheme that was once the largest alternative currency in Europe has been hit by the rise in technology and cashless payments.
Bosses of the community interest company (CIC) are advising people to return all unspent notes by September 30, where they can opt to donate the value to Feeding Bristol rather than being reimbursed in pound sterling.
They say the values and ideas that drove Bristol Pound are still strong as they look to the future and channel efforts into the development of Bristol Pay, a non-profit payment platform with the aim of raising funds for social and environmental projects around the city.
At its peak, more than £1million in Bristol Pounds was circulated in the city every year through some 650 business members but in January last year, the company said it would need major funding to survive.
In April 2020, it was announced the currency as it was known would cease but its work would continue through a partnership with London-based e-wallet provider Payji Ltd. Bosses have since said that collaboration ended through mutual agreement.
Speaking on Monday, Diana Finch, the managing director of Bristol Pound CIC, said: “We have plenty to be proud of in terms of our local currency’s achievements. As the original currency draws to a close, we are firmly focused on the future.
“Much remains to be done in terms of helping Bristol’s economy to become more environmentally sustainable and more socially just. We’re developing a new toolkit for a new age, that will reflect the many economic and technological changes that have taken place over the last decade.”
Anyone sending in unexpired notes to Bristol Pound, Engine Shed, Bristol BS1 6QH can either provide their bank details to be reimbursed. If they don’t, a donation will be made in the value of the returned notes to Feeding Bristol.
Ped Asgarian, the director of Feeding Bristol, said: “We’re delighted that Bristol Pound is supporting our work with their donation offer. Bristol Pound has been closely linked with the food sector since its outset, so it seems really fitting to be included in its legacy.”
If people keep hold of their notes instead of returning them, the funds will be used to fund the development of Bristol Pay.
Bristol Pound CIC continues to exist and its primary function will be to develop Bristol Pay.
Main photo courtesy of Bristol Pound
Read more: No more Bristol Pound as partnership sees launch of new platform
Our top newsletters emailed directly to you
