One of the ideas we have come up with, to strengthen wider links with the Kings Langley community, is a local currency. These are often called LETS schemes (local exchange trading systems). Our unit of currency is to be called a TiK but we are still researching the viability of the scheme and its legal and economic implications.
In principle, our scheme will be more akin to a timebank. Timebanking is a means of exchange used to organise people and organisations around a particular purpose, where time is the principal currency. In TiK’s case, this is food-growing For every hour participants volunteer to dig, ‘deposit’ in a timebank and earn units of the timebank currency, they are able to ‘withdraw’ equivalent support or products in time when they want to purchase the results of their joint work.
Later in the year, we are organising a Farmers Market in Kings Langley and it is anticipated that our produce will be sold for TiKs, giving those who have deposited time — and earnt TiKs — a head start. Those with no TiK balance will need to buy TiKs with sterling and we anticipate an exchange rate based around an hour’s work for the minimum wage.