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The proud town that is printing its own money The value of sterling may be plummeting as fears grow over thedepth of a possible recession. But in the scenic East Sussex townof Lewes - famous for its bonfire night parties and bewilderingnumber of pubs - a handy alternative is about to become available.

Next month, in the latest sign that localism is a coming force inBritish everyday life, Lewes will launch its own currency. In doingso, it joins a growing list of communities around the worldattempting to protect regional economies and preserve thedistinctive 'feel' of towns and villages.

The Lewes pound will initially be accepted in around 30 locallyowned shops and a first run of 10,000-plus notes is expected. It isthe largest-scale launch of a local currency in the UK since Leweshad its own pound in the 19th century and, in a coup for theorganisers, the town's branch of Barclays bank has agreed to acceptit.

Those pushing the Lewes pound, which by law cannot display theQueen's head but is legal tender, stress their humble ambitions forthe new currency. 'There will always be a need for a nationalcurrency, but it's a question of trying to go back to what can bedone locally,' said Oliver Dudok van Heel, one of the scheme'sarchitects. 'This is not us versus the rest of the world,' addedBeth Ambrose, a sustainability expert, who denied that the Lewespound was a declaration of independence. 'All we want to do isstrengthen what's good in our community.'

According to one analysis, 80 per cent of the money that goes intoa supermarket till leaves the local economy immediately. By backinglocal stores such trends can be reversed, say the scheme'ssupporters. 'We had a beautiful, independent toy shop here once,'van Heel said. 'It's now an estate agent.'

Lewes is not alone in its aspirations. In Totnes, Devon, acomplementary currency has been running for more than a year.Similar schemes have been launched abroad and it is estimated thereare about 9,000 around the world. Across the Atlantic in Berkshire,Massachusetts, some $800,000 worth of local 'Berkshares' areboosting a thriving alternative economy. Switzerland has introduceda localised credit card scheme, while Holland and Germany have hada surge of interest in complementary currencies.

Those backing the new schemes say they are 'big tent' projectswhich try to involve the whole community. Experts agree that theythrive in places where people have become disillusioned withcentral government, suggesting they reflect more than merelyeconomic concerns.