Local Currency For Peterborough Area Is Launched

Categories: News
Published on: August 30, 2013

Transition Town Peterborough / 29 August 2013

1KL-CurrentTransition Town Peterborough (TTP) announced the introduction of the Kawartha Loon Currency today. The Kawartha Loon or KL is a way to keep wealth in the community, circulating among local businesses, increasing the economic multiplier effect and ultimately the number of local jobs.

This new local currency will be for sale beginning September 3rd at the Peterborough Community Credit Union and accepted by over 60 farming enterprises, and local businesses. It is a key step supporting economic development through localizing more of the Peterborough area economy.

Doug Wilson, a TTP Director and Chair of the Board Of Governors of the Kawartha Loon Exchange formed by Transition Town to manages the currency, explained how the Kawartha Loon (KL) “was created here in Peterborough by TTP volunteers. Initial support by local farmers and businesses has exceeded our Business Plan objectives.”

Designed by local artist Randi Pogue, the KL celebrates local land marks including Market Hall, the Lift Lock and the Lang Pioneer Village Grist Mill, plus unique drawings of loons. It is available in denominations of 1, 2.50, 5, 10 and 20. KL’s All bills are signed off by Kawartha Peoples rather than by a governor of the Bank of Canada, signalling that the currency belongs to the people. The 2.50 KL bill has a functional aspect allowing the KL to get closer to the Cdn dollar equivalent of a sale without use of coins.

The Peterborough Community Credit Union is the KL’s Central Banking Agent where people buy the KLs at a 10% discount to the Canadian dollar. Wilson affirmed that working with a banking agent “allows the currency to be secured as a perfectly legal complementary currency to the Canadian Dollar.”

The launch of the Kawartha Loon is supported by buttons with the beautiful Loon Logo surrounded by I’m a loonie.. I buy local; a Shoppers Guide showing businesses that accept the KL at par to the Canadian dollar ; a brief story titled The loonie tune about the benefits of the KL; and window signs for merchants proclaiming “We’re loonies here ! We accept Kawartha Loons”.

Two events will premier Kawartha Loons: the Purple Onion Festival Fund Raising Variety Show at Market Hall Sunday September 15 at 2:00 pm, and the 3rd Annual Purple Onion Festival (a celebration of local food and culture) the following Sunday September 22 in Millennium Park starting at 11:00 am. The KL will be the exclusive currency of the Purple Onion Festival. The Peterborough Community Credit Union is a Sponsor of the festival and will be there for attendees to buy their local currency (KLs.)