LETS Barter NL is one of many LETS Systems around the world, (also known as "mutual credit" systems), which enable people to exchange goods and services without the use of regular money.
Instead, members use local credits, often referred to as "local currency", "alternative currency", or "complementary currency" to buy the things they need.
These credits are often referred to as green dollars' or 'barter bucks,' or some other name that reflects the local culture and economy..
In keeping with the tradition of codfish as 'Newfoundland Currency', we have called our local currency COD... 'Cash On Delivery' in the local economy! Members get an online account, much like a bank account, which keeps track of trade in local currency. Members contact each other to conduct transactions, and pay each other by transferrining COD to other members' accounts.
Members list goods and services that they offer in an online directory, much like the Yellow Pages. Members set their own prices, and decide what proportion of COD and Canadian dollars that they accept for payment. Some members accept 100% COD, while others accept a combination of COD and cash. (The taxable portion of a transaction would be charged in Canadian dollars, for example.)
LETS helps to bridges the disconnect between unmet needs with underutilized resources in our communities, that often occurs due to a lack of money.
Networks such as these help people to help each other, by sharing the many talents and resources within the community. They help local businesses by reducing cash expenses and encouraging people to 'buy local.' They help not-for-profit organizations by providing new ways to support community projects.
LETS Barter NL is currently registering members on a referral-only basis, but will be open to the general public in the near future. For more information, please contact the administration at support@letsbarternl.ca
Be sure to check back often to watch us grow!
Existing members of our network can log in to their online account here!
For more information, watch the video below:
Testing COD dollars
Thanks for joining us. This is the first post of many on our brand new web site. We will be updating this with information and events as they come.
You can reach out to us at: support@letsbarternl.ca
