Hawick to get its own currency

The Hawick Pound is to be piloted in the autumn for four months and will be redeemable for goods or services with local traders in a bid to encourage Teries to shop locally. Five thousand notes, in £1 denominations, are to be issued by local printers Richardson & Son as part of the initiative by the Greener Hawick group.

Quintus Farrell, treasurer of Greener Hawick, said: "What we are proposing is a local £1, which would be used very much in the same way as a gift voucher. It's not a sterling note or legal tender, but a token to exchange. Someone can go into a shop, and if the shopkeeper is participating and agrees, they can buy produce or goods with their Hawick Pound.

"It could be a really exciting prospect, helping tourism and local businesses as well as making life a bit more fun.

"Because we're targeting mostly shops in the High Street, it could also have a beneficial effect on the economy of the High Street and I don't think the large multiples or supermarkets will suffer."

Funded by the Awards For All grant scheme, Hawick Pounds can be bought or redeemed for sterling at designated issuing points in the town, which is hoped to include the Post Office, tourist information centre and newsagents.

And after making purchases, change will be given in sterling or in Pounds, whichever is preferable.

The scheme has already been successfully trialed in other parts of the United Kingdon, including Lewes in East Sussex.

Mr Farrell revealed that almost 80 per cent of money spent in local shops remains in the local community, compared to just 20 per cent spent with big national chains.

And he said several shops had already expressed an interest.

"Primarily we're looking at individual traders because they are the ones who have suffered most in Hawick over the last few years and independent traders are more likely to spend the money locally anyhow," he said.

"There are 15-20 shopkeepers we've spoken to who have said they'd be willing to accept payment and offer change for Hawick Pounds."

In his presentation to the Teviot and Liddesdale Committee, Mr Farrell also said forgeries and counterfeit notes would not be a problem at this stage.

He added: "The notes will be worth £1 and to photocopy them would cost roughly £1. If people are so into the scheme that they are going to forge something that will cost them just as much, then good luck to them."

Copy from Hawick News.