Collection GB 0074 O/433 - EQUITABLE LABOUR EXCHANGE

Identity area

Reference code

GB 0074 O/433

Title

EQUITABLE LABOUR EXCHANGE

Date(s)

  • 1832 (Creation)

Level of description

Collection

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.

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

Related descriptions

Notes area

Alternative identifier(s)

Access points

Subject access points

Place access points

Name access points

Genre access points

Description control area

Description identifier

Institution identifier

London Metropolitan Archives

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

Script(s)

    Sources

    Accession area