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Monitary systems and units

Enoki

SOC-14 1K
I just noticed something. Outside the Imperial Credit, there is little to nothing on other monetary systems and units. I'm positive a large number of these have to exist. I know I've even made up a few myself for use.

I can't see other polities using Imperial Credits as their monetary system. I think it would be highly useful if there was more on what other political and economic entities used along with some idea of the exchange rates between the various currencies.
 
I just noticed something. Outside the Imperial Credit, there is little to nothing on other monetary systems and units. I'm positive a large number of these have to exist. I know I've even made up a few myself for use.

I can't see other polities using Imperial Credits as their monetary system. I think it would be highly useful if there was more on what other political and economic entities used along with some idea of the exchange rates between the various currencies.


The Zhodani use the "Abridlnad" in MgT Aliens: Zhodani.
 
While I have not sat down and come up with a wide range of monetary units, I do go with Tech Level 5 and earlier economies using gold and silver for their currency. In Research Station Gamma, gold in bullion form is quoted at 200 Credits per ounce of gold. Up to 1933, the official price of Gold in the U.S. for monetary purposes was $20.67 cents an ounce. I round that to 20, and have the local currency, be it the thaler, peso, mark, ruble, dollar, franc, etc. equal to 20 units to the ounce of gold, or maybe to make things more realistic, push the value in local units up or down a bit from the 20 to the ounce. Silver I generally set at about 20 ounces of silver to the ounce of gold, just to make things simpler, and that is pretty close to what gold and silver would trade at around 1900. It also make the 1 unit coin weigh one ounce.

The coins used are not 0.999 pure metal, but typically the silver coins will be sterling silver, 0.925 per cent silver and 0.775 per cent copper, for strength and wear. The gold coins may be 24 carat or possibly 22 carat, with the fineness clearly stated by the issuing authority.

When an Imperial visitor leaves, typically they will convert their gold and silver back into Imperial currency, again getting hit with an exchange rate differential. In this way, lower Tech Level planets can acquire Imperial currency to conduct interstellar trade with.

Higher population planets will normally have their own monetary unit, while the lower population planets, roughly population exponent of 4 to 5 and lower, will use the Imperial credit as long as they have a fairly high Tech Level.

These lower Technology planets do not take credit cards, and frown on Imperial currency, so visitor have to convert their money to the local currency, generally at a not totally favorable exchange rate.
 
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I just noticed something. Outside the Imperial Credit, there is little to nothing on other monetary systems and units. I'm positive a large number of these have to exist. I know I've even made up a few myself for use.

I can't see other polities using Imperial Credits as their monetary system. I think it would be highly useful if there was more on what other political and economic entities used along with some idea of the exchange rates between the various currencies.

Well, IIRC, in some instances of different currnecies, though all of them based on the ImCr...

In CT:TCS campaign the local credit is given an equivalence to the ImCr (based on starport class and TL), IMHO hintind their currency is different, though no name is given...

In MT:HT some precious metal coins are told about, although their equivalence is again given to ImCr...

In T4 we're told about the Imperial Solars, being in fact Ckr worth coins used for intersystem trade where the bank account cannot reach (or when you will outrun your own credit). This case, though, is still ImCr, though in hard coinage for large quantities...
 
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I came up with this one:

http://www.travellerrpg.com/CotI/Discuss/showthread.php?t=34757&highlight=sliver

I also have created a number of other ones for small empires and polities outside the Imperium like the Anubian Trade Confederation's Florin that trades at about 5 to 1 to the Imperial Credit.

On the whole though, it seems almost nothing has been really done on this subject and it would seem to be a central thing to a game where economics can be critical. I could see a player, particularly a merchant, being a currency trader and actually making money by doing currency exchanges.
 
Currency exchange is central to my Cloud setting.
Confederation to Cloud currency is exchanged at 10:1, prices all expressed as 1/10 of normal, and converted back 1:1.

This is of course a scam to gain Confederation currency for buying necessities and desirables, but also because in an area where there is enough ice to provide oxygen, hydrogen fuel and water but no rock, metal is VERY precious. Doubly so in such a lawless region without an enforced banking or criminal/contract law beyond the roughest of frontier justice.

In fact the metal currency operates as much commodity exchange as money, as today's coins may be melted down tonight to be raw material for tomorrow's micro-industrial production run.
Therefore accurate metal analysis equipment for valuating currency of unknown origin or tampering is highly desirable.
Also, Cloud currency is wildly adhoc and individualized often telling a story or conveying an image the minter wants to convey. They may be of almost any shape or representation, but it will have very standard marking indicating components, weight and percentage.


Wise traders coming to the Cloud to partake of the forbidden goods and services provided won't bother with regular Confed credits, but make their own currency.
And ensure they have enough firepower to keep it.
 
I'd be extremely skeptical of high technology forgeries.

This guy did exactly that:

https://www.washingtontimes.com/news/2015/feb/1/maker-of-high-quality-counterfeits-speaks-of-casin/

He forged casino slot tokens, then proceeded to play the machines and take the payouts.

The casinos picked up on it because they have a finite supply of tokens, say, 10,000 tokens. During a count they discovered they had more tokens.

Part of the technique he used was some kind of machine that could, essentially, create a die from a coin using some electrical method. Obviously, he did more than just that, as he had to match weight and other details. But the duplicating machine was interesting.

Then, of course, there's the continue struggle countries here on Earth have with high level counterfeit operations against their currency.
 
This guy did exactly that:

https://www.washingtontimes.com/news/2015/feb/1/maker-of-high-quality-counterfeits-speaks-of-casin/

He forged casino slot tokens, then proceeded to play the machines and take the payouts.

The casinos picked up on it because they have a finite supply of tokens, say, 10,000 tokens. During a count they discovered they had more tokens.

Part of the technique he used was some kind of machine that could, essentially, create a die from a coin using some electrical method. Obviously, he did more than just that, as he had to match weight and other details. But the duplicating machine was interesting.

Then, of course, there's the continue struggle countries here on Earth have with high level counterfeit operations against their currency.

I saw a documentary on casinos, and he was mentioned in one of the programs. I don't kow if it was him or one of the others, but someone produced slot machine tokens the casino couldn't tell from the ones they had had made.

Same thing caught their eyes, too many of them were in the system. The documentary pointed out that if he hadn't gotten gready, say only made less than 10, he likely would never have been caught.
 
1. Partially, scrutiny is discrete, since some casinos act as laundries.

2. I heard that chips are now chipped and RFID'd.
 
I saw a documentary on casinos, and he was mentioned in one of the programs. I don't kow if it was him or one of the others, but someone produced slot machine tokens the casino couldn't tell from the ones they had had made.

Same thing caught their eyes, too many of them were in the system. The documentary pointed out that if he hadn't gotten gready, say only made less than 10, he likely would never have been caught.

if hed had only made 10-20, hed likely not have made back the costs of the counterfeiting.

and that is, in short, the point of a lot of anti-counterfeiting measures. it's not that they cant be duplicated (after all, the mint is pumping out millions of these things), but that the costs of doing so is so high its not worth the effort. this is why most counterfeiter tend to fake larger denominations of notes, because it costs as much to fake a £5 note as a £50 note, but the payoff if its accepted is ten times as big.

the Mint itself isn't bothered about those high costs, as it can A) print in bulk in a way that counterfeiters just simply cant (like I said, millions of notes),and B) isn't trying to make a profit as its state-funded.








On topic, I take the view that the lack of secondary currencies in Traveller is, in part, a game mechanics abstraction, in that the characters might have a mix of notes issued on Mora, Regnia, some Zhodani notes (just in case) and a half dozen other worlds in their regular haunts, but the Players, being here for a game, are not intrested in the minutiae of the conversion rates of Mora credits to whatever the locals on this world use, so we treat it all the same as "Imperial Credits", so that they can get a really quick and easy answer to the questions "how much?" and "can we afford it?"
 
While I have not sat down and come up with a wide range of monetary units, I do go with Tech Level 5 and earlier economies using gold and silver for their currency. In Research Station Gamma, gold in bullion form is quoted at 200 Credits per ounce of gold.
Note that the CR is set to ¼ hour of base labor, conveniently equivalent to $1 in 1977. That make the base labor rate about 1.75×min wage. Gold was about $200 back then. The speculation craze drove it up to a brief peak at $800+, after which it dropped to the $200-300 range for 15+ years.


$1 in 1977 would be around $4-5 today. Gold has been varying in the $1200-1600 for a decade, which is more like CR300. I think prices would stabilize far lower than that once asteroid mining comes to play. Not something that MWM was thinking about, back in the day.
 
Hard Times gives rates for coin as Copper =0.2Cr/50g;Silver=10Cr/30g; Gold=300Cr/30g.

It also has the various core areas and megacorps issuing currency notes, all related to a notional Cr. But that is going to rapidly cause FX fluctuations.

I'm not aware of any specific mention of Vargr currency, and Aslan are notorious for using honour tokens for debts incurred anyway. (Just present this Fierah to my men, state your need and we will honour the debt).

Once the Hard-Times set in, then many forms of debt are valueless anyway...so you have a share certificate for Sharshurshid...that company in Vland...I'm sure they will be happy to talk to you at their head office...And that Credit issued by the Central Bank at Capital...I'll swap it (and 99,999 of its friends) for one issued by Deneb.

The statement earlier in this thread that local planets will use their own scrip...surely this is like some of Zimbabwe's currency. Useful for local transactions only. No one outside the planet is going to take it other than for historic interest of decorative value - and on planet the locals only take it because they have to by law. Any economy with any credibility will use the Imperial Credit because any off-world (or inter-state, on-world) transaction inside the Imperium will be in Imperial Credits by law.

Cross-border transactions between Imperium and Vargr will be in whatever currency is established between the transactors...but most imperials won't take anything but Cr or Specie. Oberlindes is a specialist and probably has some very complex commodity trades for settlement of bulk transactions which it internally prices in Cr.
 
Barter, whether cigarettes, toilet paper or bullets.

Not that I didn't understand how to maintain a monetary system through governmental taxation, I recently learned that the Ming Dynasty changed their taxation collection to silver from commodities, which drove their export industry since the principal silver mines during that period were in South America, and controlled by the Spanish, and that if a couple of silver Spanish galleons sequentially sunk, it caused a liquidity crisis in China.
 
... if a couple of silver Spanish galleons sequentially sunk, it caused a liquidity crisis in China.
Similarly, when a silver (or whatever specie currency you like) strike occurs, your economy would suffer inflation.

It is because of the vagaries of linking an economy to a physical commodity that fiat currency, once discovered, will not likely be displaced.
 
Keep in mind that specie currencies (currencies based upon the value of the metal content) ALWAYS have varied in value by current market fluctuations.

Traveller also already has a method to handle this... the Actual Value table.
this gives a range of ×4 to ×1/5... but that's actually a bit too variable for specie, in my opinion. But that's no big deal... just increase the central bulge: I'd use 4d6 drop the high and low.

The use as currency was surprisingly low volatility.

The MT HT rates are better expressed per g:
Copper 0.004
Silver 0.333
Gold 10.0

THe rates in late medieval tend towards
Gold: 15× to 25× silver by weight, or 652x to 2500x copper value by weight
silver: 50× to 100× copper by weight, usually around 60× to 70× copper.
Both varied as widely by debasement, clipping, and mine output changed...
 
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