What is a LETSystem?
A LETSystem is a locally initiated, democratically organised, not-for-profit community enterprise which provides a community information service and records transactions of members exchanging goods and services by using the currency of locally created LETS Credits. The LETS Credit currency does not involve coins, paper money or tokens of any kind but rather acts as a scoring system, keeping track of the value of individual members’ transactions within the system. It is simply a community information system attached to its own market-place. Different LETSystems call their LETS Credits by different names, adding a “local flavour”.
