Cardiff Taffs (T) (Currency Unit System) (2010-present)
The Cardiff Taffs Community Currency is the present currency unit system for a section of Cardiff's community in South Wales (Which is inside the DCU Cardiff Sector of the DCU Wales Region of influence) as an alternative bartering system - it is also recognised as one of two official currencies used by the Democratic Commonwealth Union Micronation since the start of a trial period from January 2014 onwards to promote the policy of Commonwealth Resources that the micronation shares in as a united citizenry and as part of the local community in the Welsh Marches area.
Started in Mid-2010 in response to the economic crisis, and modified from other community currencies and bartering systems that were around at the time, the Cardiff Taffs Community Currency and scheme is based on the value of goods and services backing a working currency designed for improving community engagement and involvement.
The exchange rate for the Cardiff Taff is 1 Taff = 1 Pound Stirling approximately, which is continually adjusted so that every 10% increase inflation in the Pound Stirling adds 10 Taffs to each account. The administration of the currency is done independently by an administrative board of members of the local community in Cardiff (most are ordinary citizens, including it's founder Steve Smith.
The engagement element is unique, with each account able to accept a balance of up to 200 Taffs in exchange for others purchasing of services and goods, very similar to an I.O.U.
An account can not go below 0 Taffs or above 200 Taffs without the appropriate exchange going on - this ensures that the exhange remains active and is not misused or corrupted for selfish gain.
The types of services and goods exchanged can range from unused items to time. As of 2014, around about 1/8th of all trade exporting and importing in the Democratic Commonwealth Union micronation is done via Cardiff Taffs (T) due to the sometimes restrictive nature of required goods and services required for import and export into the DCU.
Cardiff Taffs Community Currency Official Website