Local exchange trading system
LETS are local, non-profit “exchange” networks in which all kind of goods and services can be traded without the need for money. A LETS network uses an interest-free local credit or “currency” so direct swops do not need to be made. A LETS member may earn local credit by doing, eg, childcare or computer work for one person, and spend it later on food, hiring equipment, plumbing or carpentry with another person on the same network.
An estimated 20,000 people are now trading in over 400 LETS networks in cities towns and rural communities everywhere from Cornwall to Skye, or Western Ireland to Kent. LETS currencies have their own names, and often reflect local distinctiveness- Readies in Reading, Locks in Camden, Groats in Stirling, New Berries in Newbury, Piers in Southend On Sea. LETS can help a wide cross section of the community- individuals, small businesses, local services and voluntary groups- to save money and resources and extend their purchasing power. Other benefits include social contact, health care, tuition and training, support for local enterprise and new businesses, and a revitalised community.
How LETS Works
THE BASICS...
1. Local people set up a club to trade between themselves, keeping their own record of accounts.
2. A directory of members offers and requests- goods, services or items for hire, priced in local LETS units- is compiled and circulated.
3. Members use the directory to contact one another whenever they wish. They pay for any service or goods by writing a LETS cheque or credit note for an agreed amount of LETS units.
4. The credit note is sent to the LETS book-keeper who adjusts both members’ accounts accordingly.
Unlike direct barter, with LETS you can earn credits from any member and spend them with anyone else on the scheme.
Frequently asked questions about LETS