Editor’s note: This post draws on a couple of presentations, one from a recorded interview from 2019 (video below), and one from a Community Learning Circle in August 2025.

The Eko isn’t just a currency; it’s a testament to the Ecovillage Findhorn’s enduring spirit of innovation and its deep-seated commitment to local economics. Born from the principles of “federal funny money” and an early community system called “Blue Money,” the Eko has a rich history that reflects the Community’s evolution.

More Than Just Money

Using the Eko is an act of economic solidarity. When spent at local businesses, it creates a self-sustaining loop, keeping money circulating within the community. This “invisible” benefit strengthens the local economy from the ground up. However, the Eko’s value is also tangible. At the end of each issue, any unreturned notes—kept as souvenirs or simply lost—are converted into “gift capital,” which typically amounts to £1,000-£1,500. This fund is then used to support various community projects, directly benefiting residents and initiatives. Additionally, businesses that accept the Eko enjoy the practical benefit of avoiding high bank charges associated with cash transactions.

A Story of Circulation

The power of a local currency is best illustrated by a little teaching story: A tourist books into a hotel and pays a £100 deposit. The hotelier uses the £100 to pay the baker, who pays the butcher, who pays the shoemaker, and so on. After the money circulates through several local businesses, it returns to the hotel. When the tourist returns to cancel their stay and asks for their deposit back, they receive it. Even though the original money was returned, all the local businesses were paid and benefited from its circulation. This story captures the essence of the Eko: it’s a vehicle for generating local wealth and shared prosperity.

How it all Began

The journey began in 1984, inspired by a London conference called “The Other Economic Summit“. At the time, this gathering of forward-thinkers was a radical counterpoint to the G7, and it sparked a new idea in the Community. One attendee, an Australian named Shann Turnbull, argued that communities should explore their own currencies to develop local economies independent of traditional government systems.

This inspiration led to the Community’s first experiment: “Blue Money”. It was a simple, photocopied note printed on blue card, a testament to the basic technology available at the time. Before launching, we wrote to the Bank of England for permission. The bank responded with a very charming letter, giving their blessing on two conditions: don’t use coins, as the Royal Mint was “a bit touchy,” and don’t feature any “members of the establishment” on the notes. Blue Money was used by the Findhorn Foundation as part of their staff allowance, it lasted for over fifteen years.

In the late 1990s, the Community was encouraged to evolve the community currency by economist Richard Douthwaite. The new task was given to Ekopia, a recently formed community benefit society. In 2002, using more modern design and technology, Ekopia launched the Eko, a more sophisticated currency that quickly gained a wider reach.

How the Eko Helps the Community Thriving

Eko notes are pegged to the British pound and come in denominations of 1, 5, 10, and 20. For every pound’s worth of Eko in circulation, Ekopia holds a corresponding pound sterling, making it a stable and trusted currency. While the exact circulation is hard to track, it has grown from around £20,000 in its early days to over £30,000 in 2019.

The key to the EKO’s success is a clever system designed to keep it moving. Initially the Findhorn Foundation paid a small percentage of its employees’ salaries in Eko (replacing Blue Money), ensuring a constant flow into the economy. Additionally, many inter-organisational payments were made in Eko. For example, the community shop could pay its electricity bill or its rent to the Foundation using Eko, creating a self-sustaining loop that ensures the money stays local.

Four Reasons for its Existence

The Community designed the Eko with four main purposes in mind, from the tangible to the intangible:

  • To Encourage Local Trade: Since you can’t spend Ekos at a supermarket like Tesco, it incentivises people to spend their money at local community businesses, strengthening the local multiplier effect.
  • To Provide Low-Interest Finance: The cash held in Ekopia’s bank account, which represents all the Eko in circulation, costs no interest. This allows Ekopia to lend this money out at low rates to support local businesses and projects.
  • To Create Gift Capital: At the end of each currency issue, some notes are kept by visitors as souvenirs or are lost. These unreturned notes become “gift capital” that Ekopia can use to fund small projects or start-ups.
  • To Serve as a Calling Card: The physical notes serve as a powerful symbol. It visibly demonstrates the community’s commitment to experimenting with local economics and sustainability, acting as a tangible calling card for its values.

An unexpected, but welcome, benefit has been the savings on bank charges for local retailers, as they don’t have to put their Eko cash through the bank.

A Platform for Purpose

The Eko is a platform for supporting key community initiatives. Early on, the very first Eko issue, known as the “Findhorn Craft issue,” provided funding for a special area in the Community shop for local craftspeople to sell their goods. The currency has also contributed to major projects like the wind turbines and continues to provide valuable, low-cost capital for affordable housing developments. While the Eko may only make up a small percentage of a project’s total funding, it is a crucial element that helps these important initiatives come to life.

The Future of the Eko

While the Eko has been a beloved symbol of the Community, its circulation has faced challenges in recent years. The main challenges are:

  • With the Findhorn Foundation Trust ceasing to trade, a significant part of the recirculation system has been lost.
  • The Foundation’s trading company, NFD Ltd., also ceased accepting all cash during the Covid pandemic and has not yet been persuaded to re-start accepting Ekos.
  • Today there is a much greater propensity for both traders and customers to use electronic transfers at the point of sale rather than cash.

It has sometimes been suggested that the Eko could become an electronic currency but the evidence from elsewhere suggests that this would come with high overheads that the system probably could not cover. A debit card model has been used successfully elsewhere but there are barriers to the introduction of such a system here.

The Community recognises the need to revive the currency, reintroducing it with renewed purpose. The goal is to make it more accessible and integrated into daily life by encouraging community business and organisations to use Ekos more regularly and potentially drawing inspiration from systems operated by other intentional communities. The Eko stands as a powerful reminder of the Community’s belief that by supporting each other, we can build a stronger, more resilient local economy.