Lake District Pound to Fold
Having only started to consider a bank note bearing the face of Beatrix Potter as legal tender, the Lake District Pound is to be discontinued and decomissioned at the end of this month, with anunprecedented rise in contactless payments considered to be the primary cause.
Launched in May of 2018, the Lake District Pound was intended to encourage spending in local businesses where the currency was accepted, to boost awareness of those businesses, and also to provide both locals and visitors to the area a new collector's item. New designs were to be released periodically by local designers, with famous people from or linked with the Lakes artistically represented.
More than 350 businesses in the area had adopted the currency and around £220,000 was thought to be in circulation around November 2019, when the decision was taken to withdraw the currency.
Although the project was short lived, it captured the imagination of locals and visitors with its imaginative designs and promise of updated designs once a year. The currency also helped in raising money for local charities including Cumbria Community Foundation and the Lake District Foundation.
Those wishing to exchange their notes back for sterling will need to do so by the end of January 2020. As the currency is linked to the value of sterling, the exchange will be like-for-like.
Goodbye Lake District Pound, we hardly knew you.