Identity area
Reference code
Title
Date(s)
- 1832 (Creation)
Level of description
Extent and medium
0.01 linear metres
Context area
Name of creator
Biographical history
In September 1832 socialist reformer Robert Owen, famed for the model community at the New Lanark mills, opened the Equitable Labour Exchange on Grays Inn Road. The Exchange used a new currency which was based on labour. Workers could exchange goods for notes according to the time they had taken to make the goods. The notes were measured in hours. The notes could then be exchanged for goods of equal 'time value'. Problems soon arose with the system, partly because the assessors over-valued goods, and because tradesmen would bring in low quality items, trade them for notes, trade these for high-quality goods, and sell these goods at a profit. The Exchange closed in 1834.
Repository
Archival history
GB 0074 O/433 1832 Collection 0.01 linear metres Equitable Labour Exchange
In September 1832 socialist reformer Robert Owen, famed for the model community at the New Lanark mills, opened the Equitable Labour Exchange on Grays Inn Road. The Exchange used a new currency which was based on labour. Workers could exchange goods for notes according to the time they had taken to make the goods. The notes were measured in hours. The notes could then be exchanged for goods of equal 'time value'. Problems soon arose with the system, partly because the assessors over-valued goods, and because tradesmen would bring in low quality items, trade them for notes, trade these for high-quality goods, and sell these goods at a profit. The Exchange closed in 1834.
Record deposited in March 1975.
Note issued by the Equitable Labour Exchange to the value of Five Hours. The order, on the Exchange's elaborately engraved form, is to the Storekeeper to deliver to the bearer stores to the value of Five Hours. The date and number are inserted in manuscript. The signatures of the Governor, Director, and Secretary are also original autograph.
One item.
Available for general access.
Copyright to these records rests with the City of London.
English
Fit
Please see online catalogues at: http://search.lma.gov.uk/opac_lma/index.htm
Compiled in compliance with General International Standard Archival Description, ISAD(G), second edition, 2000; National Council on Archives Rules for the Construction of Personal, Place and Corporate Names, 1997.
June to August 2010. Equitable Labour Exchange Owen , Robert , 1771-1858 , socialist and philanthropist Manufactured goods Labour Finance Currencies Grays Inn Road Camden London England UK Western Europe Europe
Immediate source of acquisition or transfer
Record deposited in March 1975.
Content and structure area
Scope and content
Note issued by the Equitable Labour Exchange to the value of Five Hours. The order, on the Exchange's elaborately engraved form, is to the Storekeeper to deliver to the bearer stores to the value of Five Hours. The date and number are inserted in manuscript. The signatures of the Governor, Director, and Secretary are also original autograph.
Appraisal, destruction and scheduling
Accruals
System of arrangement
One item.
Conditions of access and use area
Conditions governing access
Available for general access.
Conditions governing reproduction
Copyright to these records rests with the City of London.
Language of material
- English
Script of material
- Latin
Language and script notes
English
Physical characteristics and technical requirements
Finding aids
Please see online catalogues at: http://search.lma.gov.uk/opac_lma/index.htm
Allied materials area
Existence and location of originals
Existence and location of copies
Related units of description
Notes area
Alternative identifier(s)
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Subject access points
Place access points
Name access points
Genre access points
Description control area
Description identifier
Institution identifier
Rules and/or conventions used
Compiled in compliance with General International Standard Archival Description, ISAD(G), second edition, 2000; National Council on Archives Rules for the Construction of Personal, Place and Corporate Names, 1997.
Status
Level of detail
Dates of creation revision deletion
Language(s)
- English