This idea has now morphed into a different format.
Copper sterling is a concept and a work in progress. Feel free to comment at flaws etc.
For the update version, click: http://dont-tread-on.me/?p=11151
|Initial coins||Participants would find and collect 1971-1991 bronze 1p and 2p pieces. A face value of 128pence would equal one £copper sterling. The coins would effectively serve as a dual currency for new copper £sterling and the soon-to-end BofE sterling. A jump-ship motivator is facilitated through using such coins in the initial stages as they are accessible and require no up-front costs to the interested parties.|
|Currency peg||New copper sterling would be pegged at one avoirdupois pound of copper and/or bronze to one pound sterling. In the metric system this equates to 0.454 kilogram. This peg is a strict rule and no variation will be tolerated.|
|Stage One||Pamphlets, flyers, and online advertisement will garner interest for copper £sterling. Those interested in the bank will be requested to sign-up with no obligation. The sign-up is simply to gauge interest in the bank. People will be given the task of fishing-out all the 1971-1991 1p and 2p coins in circulation. Feedback requested throughout stage one, including total amounts of coins collected.|
|Stage Two||Once a satisfactory amount of interest has been garnered, participants of the scheme will be requested to donate a nominal amount of BofE sterling for the production of bankcards. The bankcard’s initial purpose will be to identify the participants to each other. Cards would simply be used in conjunction with the coins in face-to-face trade within a local community. Feedback necessary throughout this stage. Again, there is little cost or risk to those involved.|
|Stage Three||Once the currency has been established, and people are using it for trade, a storage facility can be set-up, and £copper sterling can enter the digital realm using the current tgl system. Participants can then store their coins at the bank for a FEE and trade with other participants through exchange of funds – rather like today’s banking system. There will also be an option to purchase new copper bullion with BofE currency via the bank, increasing the customers copper £sterling balance. The price of which is likely to be higher than collecting the coins currently in circulation. This feature will be explained in the marketing pamphlets and should act as a motivator for early participation.|
|Stage Four||Design and implementation of new copper coins and depository notes for copper £sterling. ATMs.|
|Stage Five||At this point, the bank should be established, and could feasibly enter the role of lender. No usury tolerated. A FEE would be provided by the borrower for the interest free loan.|
|Ethos||Copper is a tangible currency that many people would resonate with. It would be relatively stable and be recognised at a local, regional, national and eventually international level as a trustworthy medium-of-exchange.|
Learn more at Copper Sterling