Everyone who contributes a number of credits to the local currency bank can exchange those credits for goods or services from other members of the community, and must work off those goods and services by contributing to those who have need of whatever they have to offer. This group produces a directory which lists their skills, services and goods, together with requests for anything they wish to obtain in trade. Such systems predate Internet-based transaction systems, but are adaptable to online communication and accounting systems. The Internet might lead to a radical change in the nature of money if the Internet's technical mechanisms are used to support the creation and maintenance of local currencies. The two key mechanisms for maintaining a LETS system are an accounting system for keeping track of people's contributions and withdrawals, and a registry or directory that enables people to find the goods and services they seek.
LETS credits are units that communities use to measure the value of exchanges.
In San Francisco, they are called FOGs. One group on the Internet calls their unit of currency VIRTs. The idea of LETS was first developed by Michael Linton, and started in Canada in the early 1980s. LETS systems have spread around the USA,, Australia,, New Zealand and the UK, where there are now around 300 active systems. These HOUR notes, in four denominations, buy plumbing, carpentry, electrical work, roofing, nursing, chiropractic, child care, car and bike repair, food, eyeglasses, firewood, gifts, and thousands of other goods and services.