Welcome to LETSlink UK

welcome to
www.letslink.co.uk

LETS are Local Exchange Trading Schemes or "LETSystems", also known as "community currency".
The key feature of a community currency is that it is created by "mutual credit" independently of the banking system, and runs parallel to national currency by giving value to activities that might otherwise be done on a voluntary basis, thus building a network of mutual support. The value of the currency is usually considered to be equivalent to the national currency, which facilitates the pricing of "goods" and part-sterling, part local trading, although some groups adopt a standard rate per hour for when members want to trade on an equal basis. In the original paper-based schemes, cheques were handed into a central administrator who kept score on a database and balances were published periodically. Some schemes also introduced printed notes, which were drawn out as "cash' at trading events - alternatively stalls kept lists of trades were transacted later. Some groups have online systems, but usually have a central administrator who continues to do transactions on behalf members who may prefer the paper-based methods, so all options for trading are available. LETSlink UKnetworks and supports local groups in the UK, as well as being part of the international complementary currency movement.