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Money2069

La Muse

Demurrage Currency·active·France

La Muse is the local currency of Maine-et-Loire in France, in circulation since April 2012 and run by the association Agir pour la transition. It circulates as paper notes at one Muse to one euro, and a yearly stamp that costs 2 percent keeps each note valid. About 236 businesses in Anjou accept it.

2.9
Weakly aligned
Monetary Sovereignty
2.7
Civilizational Durability
3.0
Universal Adoption
3.3
Rated 3d ago
M69 Verdict

A 14-year-old French local currency with real demurrage: 2 percent a year, collected through a stamp that merchants apply to each note to keep it valid, with the 2026 stamp current. 236 businesses across Anjou accept it and the directory was still gaining entries nine days before this run. Scores 2.9, level with Zinne, La Bulle and Sol-Violette, and it earns the inclusivity point they get from the anti-hoarding mechanism rather than from reach.

M69 Score

M69 Alignment2.9
Weakly aligned
1.02.03.04.05.0
12345Iss Mod 3xStability 2xFia Ind & Int 2xTraction 2xSovereigntyGovernanceResilienceInclusivity
Monetary Sovereignty2.7
Issuance (3x) + Stability (2x) + Fiat Indep. (2x)
Civilizational Durability3.0
Sovereignty + Governance + Resilience
Universal Adoption3.3
Traction (2x) + Inclusivity
Iss Mod3x
3.0
Stability2x
3.0
Fia Ind & Int2x
2.0
Traction2x
3.0
Sovereignty
3.0
Governance
3.0
Resilience
3.0
Inclusivity
4.0

Scored against the Money2069 Manifestosee methodology. Higher = more aligned.

Detailed Rating Breakdown

Issuance Model3x
3.0

IM-01 2 (the association issues through approved exchange offices, not a single desk, but not permissionlessly either). IM-02 5 (notes are bought with euros into a guarantee fund; no debt anywhere in the model). IM-03 2 (issuance tracks euro deposits, which is financial collateral, not a real-economy signal; the demurrage is scored under IN-07 where it belongs). IM-04 4 (elastic, no cap, expands and contracts with member demand). IM-05 4 (merchants reconvert to euros on their own initiative). Average 3.4.

Spending Power Stability2x
3.0

SPS-01 2 (fixed 1:1 euro parity held by a full guarantee fund, no active mechanism). SPS-02 3 (the euro is a low-inflation reference; the alternative band-4 reading, issuance per participant plus demurrage, does not apply because issuance is euro-pegged rather than participant-linked). SPS-03 3 (the 2 percent fonte and the parity are published; no audited reserve statement is). SPS-04 4 (14 years at parity with no reported break; scored 4 rather than 5 because no published series exists to verify it). SPS-05 3 (nominal parity is the target; the fonte addresses circulation speed, not purchasing power). SPS-06 1 (one region only). Weighted 2.8.

Fiat Independence & Interoperability2x
2.0

FI-01 1 (1:1 euro parity). FI-02 1 (guarantee fund is entirely euros). FI-03 3 (the guarantee fund sits in a bank, but paper notes move hand to hand with no banking involved). FI-04 2 (no oracles exist; parity is fixed by rule). FI-05 3 (a euro failure would take the guarantee fund, though the paper network could keep trading). FI-06 2 (no stated path away from the euro). FI-07 1 (a single monolithic currency). FI-08 2 (shared practice across the French MLCC network, but no settlement or exchange standard). Weighted 1.7.

Traction2x
3.0

TR-01 4 (active, and the merchant directory gained entries as recently as 2026-08-19, verified from the sitemap this run). TR-02 5 (in circulation since 16 April 2012, so 14 years). TR-03 2 (no member count is published; this is inferred from the merchant network, not from a membership figure). TR-04 3 (236 merchants stated on the operator's own pages, across seven local groups). TR-05 2 (prices are quoted in euros and paid in Muse at parity). TR-06 4 (volunteer association with named officers and seven active local groups). TR-07 4 (Le Cercle Pointu coworking, Mobicoop, the Angers agglomeration's Assises de la transition ecologique, the Murs-Erigne transitions festival). TR-08 3 (Radio G! devoted a 49-minute episode to it in January 2023, and the national MLCC network carries a profile; coverage is regional and specialist). TR-09 4 (volunteer-run with no emissions or subsidies; a few merchants offer small Muse discounts). TR-10 4 (11 new merchants in recent months, plus new 0.50 and 2 Muse notes). TR-11 4 (an explicit charter, a transition-movement identity, a festival, and 14 years of volunteers). Weighted 3.1.

Sovereignty
3.0

SO-01 3 (the association could stop issuing, but nobody can stop paper notes already in hands from circulating). SO-02 4 (there is no software stack to permission, and the model is fully public and copyable). SO-03 2 (single jurisdiction; it operates under France's 2014 social-economy law). SO-04 5 (bearer paper, so custody is the holder's by construction). SO-05 4 (seven local groups, no single indispensable person). SO-06 3 (the guarantee-fund bank is the only meaningful dependency). SO-07 3 (merchants must join and sign the charter, so the network is gatekept). SO-08 5 (paper cash leaves no transaction record). SO-09 3 (the fonte is enforced by a stamp printed on every note, which is a physical constraint nobody can silently skip, even though it is not code). Weighted 3.4.

Governance
3.0

GO-01 4 (a French 1901 association with statutes, a general assembly and documented local groups). GO-02 4 (one member one vote across a membership in the hundreds). GO-03 3 (statutes and charter are public; issuance and circulation figures are not). GO-04 4 (membership-weighted, not money-weighted, so accumulation buys no votes). GO-05 4 (changes go through the general assembly). GO-06 2 (no separation between monetary and operational decisions). GO-07 3 (a charter with stated principles, not protected from an assembly vote). GO-08 3 (the parity and the 2 percent fonte can be changed by the same vote as anything else). Weighted 3.2.

Resilience
3.0

RE-01 4 (14 years including covid, with no break in circulation). RE-02 4 (paper notes and seven independent local groups with their own exchange points). RE-03 4 (the model is public and the association's records are the only state to rebuild). RE-04 5 (one page describes the whole mechanism). RE-05 5 (paper is technology-agnostic). RE-06 3 (a full euro guarantee fund covers reconversion; no formal stress procedure is published). RE-07 4 (funded by the fonte, reconversion fees and memberships, sustained for 14 years on volunteers). RE-08 4 (paper works with no network at all). RE-09 1 (paper only; a machine cannot hold or spend it). Weighted 3.4.

Inclusivity
4.0

IN-01 2 (open to anyone, but bounded to one departement by design). IN-02 4 (a small membership fee, notes at parity, no minimum). IN-03 3 (solidarity schemes are advertised and 4000 Muses were issued to finance a coworking space, but the currency is not built for the financially excluded). IN-04 4 (fonte revenue funds the association and local projects rather than an owner). IN-05 5 (identical rules for every member and every merchant). IN-06 4 (the notes are bearer instruments needing no identity; membership is the only named step and it is the euro on-ramp). IN-07 5 (2 percent a year on every note is a structural anti-hoarding mechanism, which is the strongest form this question asks for). Weighted 3.8.