What are the particular features of LETSystem trading units?
The LETSystem unit of account is denominated in pounds sterling (in the UK). This means that transactions are straightforward, particularly if there are formal accounting requirements, as is the case with a business. Although account-holders use the same measure as the legal tender, LETSystem money differs from conventional money. LETSystem units can only be spent in the system on which they are issued. The units themselves are information about an individual’s position within a trading community. They represent promises made by those who issue them. But those promises cannot be ‘called in’ as if they were a debt. They are not ‘redeemable’. They are not material property. It follows that they have no intrinsic value until they are spent.
