Traders FAQ

With great regret the Board of Exeter Pound has announced that trading in the Exeter Pound will cease from 30th September 2018, after 3 years of promoting independent local businesses across the city as a proud part of the city’s history and identity.e we answer some of the questions we are frequently asked.

The decision to suspend the scheme after the current notes expire was made after some difficult discussion and in particular a lack of progress nationally to develop the regulatory framework for digital complementary currencies. Like other community organisations, Exeter Pound has struggled and become another victim to funding cuts, with a disregard to the importance of smaller communities and traders in a world dominated by global corporations.


However, we note there is now a greater awareness of the need to support and enhance community economies and this movement continues to grow in new and exciting directions.

We would like to thank all the Trader Members, Exchange Points, City Councillors, Council staff and citizens of Exeter who have engaged in and supported the Exeter Pound since 2015, and who are committed to the cause of promoting local businesses and their vital role in the life of the city.

We have listed some suggestions for next steps and answers to FAQ below and there is further information for our trader members available on our resources page

If you have any further questions please email us at: info@exeterpound.org.uk 

The Notes have expired: what to do next

Let your team know the notes have expired and that they should no longer accept any from customers.

Communicate to your colleages and staff that they should not accept Exeter Pounds after the expiry date, 30th September 2018, as any notes accepted after this date may not be presented for reimbursement with sterling.

 

Make a plan

Establish how many paper Exeter Pounds you currently have. This is now time critical. Now that the notes have expired, if you have notes and have not yet made use of your Exeter Pound online account, read the help guides in our Trader Resources section and make a plan to get them exchanged before 5pm on 30th October 2018. NB changing Exeter Pounds to sterling is not a simple cash exchange process, so please get in touch if you would like us to talk you through what you need to do, or read the help guides. Please also factor in a few working days to get the transaction done.

Get in touch

If you would like help with what to do with your Exeter Pounds, we would be happy to arrange a call back to talk you through what you need to do.

Can I change Exeter Pounds to sterling?

As a trader member of the scheme, you will be able to convert Exeter Pounds in your online account back to your registered UK bank account at any time by using our online banking tool*.

*These transactions will be handled manually, so please allow up to two working days for funds to appear in your sterling account.

How do I get my paper Exeter Pound notes onto my online Exeter Pound account?

Exeter Pound notes received by trader members in the course of business can be deposited and the balance transferred to their online Exeter Pound account at the following Exchange Point or by arrangement with the Exeter Pound team directly (email mel@exeterpound.org.uk):

  • Exeter Phoenix, Gandy St
  • Exeter Visitor Information and Tickets, Dix's Field
  • The Prospect Inn, Exeter Quayside
  • Sancho's Dress, 126 Fore Street
  • Devon Air Ambulance Trust Furniture and Electrical, Summer land Street
  • Devon Air Ambulance Trust, Cowick Street
  • Devon Air Ambulance Trust, Heavitree
  • Devon Air Ambulance Trust, Topsham
  • The Bran Tub, Magdalen Road

See our Trader Resources page for some helpful 'How to' guides

How do I account for Exeter Pounds for tax purposes?

When it comes to doing your paperwork, you account for VAT and taxes as appropriate and as if all transactions were made in sterling.

Where can my customers get Exeter Pounds?

Exeter Pounds are no longer in circulation, but for customers looking for Exeter Pounds as souvenirs, we have an online shop, which includes our limited edition £E15 Rugby World Cup note and the £E4.50 Canal and Quay Note.

What about forgery?

 

The Exeter Pound notes are created by Orion Security Print with several security features, listed below. Please also see the security guide, which you can download from our resources page.

Tear resistant Security watermark paper with a distinct diamond pattern – best viewed when held up to the light.

“UV Dull” paper that does not glow blue under UV light as ordinary paper does.

Invisible red and blue UV fibres incorporated into the paper. These fibres are 3mm long and can only be seen under a UV light source.

Special fluorescent colours which glow brightly under UV light: the £E1 and £E5 are fluorescent orange; the £E10 and £E20 are fluorescent green; and the limited edition £E15 is fluorescent green.

An Invisible UV (Pink) image (repeat pattern of the Exeter Pound “E”) is printed on the face side of all note types. This is only visible under UV light.

The Exeter Pound logo in the bottom left corner of all notes is printed in a Pink Heat Reactive ink that will partially or completely disappear when rubbed with a finger (creating friction heat). The image will re-appear once it returns to room temperature.

All notes are serially numbered in white inside the gold foil rectangle on the face side. The serial number is also repeated in black (below the expiry date).

Each denomination of note has a unique hologram shape:
£E1 - Gerald the Giraffe
£E5 - Soccer Ball
£E10 - The Phoenix
£E15 - Rugby Ball
£E20 - Cathedral Green Chestnut Tree

A pattern in the Security Hologram foil with small squares each containing the following images:
‘Security’ (constant image)
‘BONDED’ (constant image)
‘OK’ changes to a tick according to the viewing angle
A tick changes to ‘OK’ according to the viewing angle

A rectangle containing the Exeter “E” is produced in silver holographic foil on the face side of each note.