Right now, there is some consideration being put into the creation of a local currency for El Paso County in Colorado. It would operate in a similar manner to Berkshares, the Plenty, The Lewes Pound, and The Icatha Hour. Please contact me if you have any ideas suggestions or comments, please email me. If you are from el paso County, tell me what you think and what should be done in order to implement it.
The goal of the El Paso Pound Project is to establish a local currency for El Paso County, Colorado. A person would be able to trade in $0.90 for every £1.00, participating businesses would accept the Pound at face value, which gives the customer a built in 10% discount.
There are numerous benefits of implementing a local currency system and the El Paso Pound would have these following benefits:
Vision: We envision a strengthened and self-reliant local economy that provides essential goods and services to local consumers, resulting in the creation of a greater sense of community within the citizens of El Paso County.
Mission: To strengthen the Local Economy through a local currency program that gradually replaces imported goods with locally produced items, giving Local businesses a chance to effectively compete with national organizations.
Benefits to Local Businesses
Local Businesses would benefit from increased revenue as a result of advertisement on the notes and due to the built in 10% discount. Each participating business would be listed in a directory that would be available to El Paso Pound Users.
Why sign up now? If you are one of the first 30 businesses you will receive a free ad space on a total of 20 notes of one denomination (£1, £5, £10, £20, £50, or £100) of your choosing.
What will it cost my business?
Nothing, all you have to do it put up an El Paso Pound label up stating that you will accept pounds at face value, by accepting pounds you will automatically be giving your customers a 10% discount.
What if I want to Trade my Pounds for US dollars?
Simply trade them in at the local participating bank, remember that you get 10% more by spending pounds at other participating businesses $90=£100.
What about taxes?
El Paso Pounds will be taxable at their US Dollar value.
As a business you will have nothing to lose and much to gain. By accepting pounds your business has potential only to gain more revenue.
Help us keep the money within our community and help support other local businesses as well!
Benefits to Customers
A customer by using El Paso Pounds will receive an automatic 10% discount at participating businesses. Also the customer will help to develop the community by keeping money within our County.
What if I want to trade my pounds in for regular money?
You can do so easily and quickly at a participating bank $0.90=£1.00.
How many businesses will be accepting the Pound?
Initially, there will be anywhere from 10-50 Businesses, as the pound becomes more popular we will be able to gradually increase the number of local businesses who will accept the Pound.
Will I be able to use US dollars too?
Yes, locations that accept the Pound will accept the dollar too; however you do not get a discount by using the dollar.
For Investor/Bank partner:
Bankers have always been able to find a way to make money, off of money. By introducing a local currency with ad space, we will be able to generate revenue to cover the cost of note printing as well as to make a significant profit.
Each note would have space for 5 ad logos of local businesses, the businesses would be able to go online and order a certain advertisement package, and the rates would be the following:
$50 for 1 space on
$55 for 1 space on
$60 for 1 space on
$65 for 1 space on
$70 for 1 space on
$75 for 1 space on
$375 = 300 notes
(avg $0.60* Per note)$180 = $1695
The Notes would have to be printed on security paper and would have to be printed in high quality; there would also be the option of putting a security hologram on the note. An investor might be looking at an initial investment of up to $500.00.
Benefits to Participating Banks
Banks will benefit from exchanging Pound for dollars and vice versa because:
1. The first bank to join will receive a significant portion of the advertising profits
2. Banks handling the pound will have an advantage over those not handling the pound because they will have distinguished themselves above the other non participating banks
3. People are more likely to open accounts at participating banks if that is where they often go to get their local currency
Launching the Currency
In order to launch the currency the following steps must be taken.
1. Create a website for the El Paso Pound with pay pal for ad space sales.
a. Website would have to contain information for consumers on the Local currency
b. There would have to be a section where the businesses could sign up and print “We accept the el Paso Pound Sign”
c. Ad selling section
2. Find a bank that will exchange Dollars for Pounds and that will be a primary partner to help with the initial funding and to share in the profits.
3. Create bank account for the El Paso Pound division of the bank as well as an accounting system.
4. Set a launch date
5. Speak with local businesses about accepting the pound, if they accept the terms (accepting the notes at face value, cashing in the notes at the exchange rate, putting up of a sticker which states that they accept the El Paso Pound, and their inclusion in the El Paso Pound Directory) then offer to put up the “we accept the el Paso pound sign” on their store window on the release date.
6. Inform the businesses about the advertising opportunity
7. Print the first 120 notes with the free ads of the first 30 businesses
8. Print 2 Large posters, I to put outside of the bank and one to put inside along with a 1st edition business directory
– Micah Perez