[1] Its objective was to ensure more money was spent with local and independent businesses.

[2][3] Previous to the Exeter Pound, local currencies were launched in the UK in Bristol (2012),[4] Totnes (2006),[5] Lewes (2008), Brixton (2009)[6] and Stroud (2010).

The scheme was run by the Exeter Pound Community Interest Company.

[citation needed] Exeter Pound CIC made the decision to discontinue the currency on 30 September 2018.

Ian Martin, the company's director, claimed that societal moves toward cashless transactions and lack of regulatory framework to develop its own digital currency were key factors.