In the past, £5 notes have been known as a 'Duke' and a 'Florence' after carrying pictures of the Duke of Wellington and Florence Nightingale.

Ten pound notes have been known as a 'Darwin' and a 'Charlie' (after Dickens).

In a few years time, Cumbrians could be referring to their notes as ' Alfreds ' and ' Potters ' , a ' Wordsworth ' and a ' Joss ' .

The new Lake District Pound was launched this week, with the aim of bringing more money into the Lakeland economy -and of keeping more money here.

The notes will be in denominations of £1 through to £20 and as well as showing a famous Lakeland view s , the y will feature a famous figure - such as young Beatrix Potter (the £1); Alfred Wainwright (the £5); Joss Naylor on the tenner and John Ruskin, along with William and Dorothy Wordsworth, on the £20 note .

More than 200 businesses are backing the project.

Laura Johnson has signed up to the scheme. She even baked a cake for the launch on Tuesday.

She owns Laura In The Lakes cafe and catering business in Keswick. She has been involved since the beginning .

“ I went to one of the first meetings when they were fundraising to get the project off the ground and I thought it was a no-brainer,” she says.

“ It is a fantastic and exciting project, the overseas visitors are going to buy into this I'm sure.

“ It is great for the kids as well. I've just seen one of the gift packs and they will make great presents as well as souvenirs for visitors.”

T he notes are produced by the Lakes Currency Project, a private company run by Ken Royall and t he Lake District National Park Authority has invested £30,000 in the scheme.

The launch of the currency comes in the wake of the National Park authority losing around 40 per cent in government funding.

England’s national parks suffered cuts to their grants under the coalition and according to one report, funding for eight of the 10 parks is expected to drop by 43 per cent in real terms.

Local currencies are nothing new.

Bristol was the first place to introduce such a currency in 2009 and the Penrith Pound - a voucher system – has been in operation for more than two years.

B ut the Lake District is the first region in the UK to adopt such a scheme.

The notes will be available at currency exchange points at tourist information centres and post offices across the Lake District.

While they may not have the ultra-high security safeguards of the new polymer currency, the LD£ can't just be photocopied. They do feature several security features – including thermochromatic ink and silver foil.

There is also a UV layer on each design showing the night sky over Cumbria under ultraviolet light, plus a number of covert safeguarding measures.

The currency can be used interchangeably with and alongside sterling, but can only be spent in locally owned, independent businesses and tourist attractions.

They can then swap their Lake District Pounds back to sterling any time during their period of validity, at an exchange point or by sending them back to the Lakes Currency Project.

Every time someone keeps an LD£ as a memento, it creates proceeds that will be divided between Cumbria Community Foundation and the Lake District Foundation.

Such schemes encourage people to use local businesses. Studies have proven that money spent in independent local stores and businesses

Research on spending by local authorities shows that for every £1 spent with a small or medium-sized business 63p stayed in the local economy, compared to 40p with a larger business.

In addition, people will also be able to buy a LD£ Passport to fill with unique stamps from local businesses as they explore the region .

Every pound unspent will go to help run the project and to the Lake District Foundation and the Cumbria Community Foundation.

Keith Jackson is a former retail analyst at the University of Cumbria, now partner with Thomas Jardine and Co, consultants for food and family businesses.

He thinks the Lakes £ will float, rather than sink: “It is a good idea. The intentions are good and if it raises the profile of the area a bit more nationally, that is good for business.

“In this day and age, anything like that is good stuff.

“It is a great way of raising money for the area.

“All those people who do not spend them, their money will go to the two charities.

“I think a fair few will just take some as a souvenir.”

Viv Dodd, secretary of The Carlisle City Centre Business Group says the new currency is valuable for raising the profile of the area.

“It is good publicity. I can't say it is going to solve all of Carlisle or Cumbria's economic difficulties, but it is good for the area.”

Mr Royall, who lives near Windermere, said: “The Lake District Pound is a new way for people to explore the distinctive culture of our region and feel part of the community, both by interacting with the currency itself, but also by visiting our unique local businesses and meeting the people who own them.

“ We also know that people love to collect local currencies.

"If locals or visitors choose to collect Lake District Pounds as mementoes of their experience, they can do so knowing that the money will fund projects that look after our landscapes and local communities.

"All proceeds will be divided between Cumbria Community Foundation and the Lake District Foundation – it’s a rewarding way for locals and visitors to help look after the landscape they love.”

For more information on the project, participating businesses and how to buy the currency go to www.lakedistrictpound.com