How LETS Works

Thousands of communities around the world are now using a new form of trading, a cashless economy called LETS (Local Exchange Trading System). LETS is a trading system that enhances rather than degrades your community. It allows people to trade with each other when normally a lack of cash would prevent it, and rebuilds community relationships.

How Does It Work?

For example: Malcolm rebuilds your garden wall which you haven't had time to get round to, for which you credit his LETS account for 30 Exes (the name of our local currency). Malcolm can then spend his 30 Exes on any skill offered by any member in the LETS Directory. He could spend them on one of Vera's patchwork quilts, or on extra French language tuition for his next holiday.

What Are The Benefits of a LETS Scheme?

Any Exes created remain within the community. Since no cash is involved it cannot be exported through outside cash transactions.
It enhances the community by creating a network of relationships, mutual commitments and a sense of belonging. It enhances trust and mutual respect within a community as people get to know each other and appreciate their skills and strengths.

Jane Wants Her Shed Mended - She Phones Bill

Bill mends the shed. It takes 2 hours.
Jane gives Bill a LETS cheque for 10 Exes, and 2 cups of tea.

Sue Wants Some Vegetables

Sue gives Jane a LETS cheque for 5 Exes for a basket
of vegetables each week. They chat and have coffee.

Bill Wants Computer Training

Bill gives Lucy a LETS cheque for every hour's lesson.
His granddaughter is impressed.

The LETS Bank

Cartoons by Brenda Mandziej