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Kingdom of Überstadt (former)
|Pegged to||½ Hershey bar|
|Mint||Treasury of Überstadt|
The über was the official currency of the Kingdom of Überstadt until 26 October 2013. It was issued by the Überstadti national treasury and used primarily for relatively minor domestic transactions, with the United States Dollar ($) usually employed in international and major domestic transactions. The manner in which its value was determined was known in Überstadt since 2010 as the Chocolate Standard.
The über was named the national currency in the first Überstadti constitution of 2010, pegged to the value of one king size Hershey's Milk Chocolate Bar as determined by its price at a local market placed near Lake Ballinger. This concept was dubbed "the Chocolate Standard." The US dollar was nevertheless used throughout the entire Kritarchial Era, although a few sample banknotes were handmade and issued by the Chief Judge. No record or memory of the actual use of these notes as money exists, however.
During the early Monarchial Era, Acts of Parliament followed the lead of the second constitution in using the dollar for legal purposes. Under the new monarchy, no official currency existed until 24 March 2013, when King Adam issued a royal decree proclaiming the revived über as the official currency of Überstadt, detailing how it was to be backed and circulated. A number of metal discs had been acquired months beforehand in anticipation of the eventual minting of coins, with a design having been decided upon shortly before the decree resurrecting the über.
The über was abolished with the adoption of the Kingdom's Third Constitution, which outlawed national currencies. It was replaced with the Überstadti labor voucher system.
The only physical form of the über was coinage. Fourteen one-über coins were minted. These coinswere engraved individually rather than struck, bearing on the obverse the character "Ü" and on the reverse the Roman numeral I.
Value and exchange rates
The über was, under King Adam's fifth royal decree, pegged to one half the price of a standard-size Hershey's bar as determined by its sale price at Roger's Market in Mountlake Terrace, a variation of the original Chocolate Standard. Its value in United States dollars was 42.5 cents. The following list gives the approximate exchange rate of one über relative to significant macronational and micronational currencies on 26 March 2013:
- British pound sterling: .2806
- Euro: .3306
- Japanese yen: 40.14
- St. Charlian pianeta: .6612
- Juclandian leu: 7.29
- Siroccan simoleon: .812
Backing and circulation
The Treasury was legally required to maintain a reserve of half a Hershey's bar for every über in circulation. Any person could exchange an über for its value in chocolate if a fifty USD cent transaction fee is also paid. Übers were put into circulation in two main ways. The first was through government spending, particularly in the form of paying salaries to members of the military and civil service. The second was by exchanging übers with private persons for US dollars with which to procure chocolate for the reserve.
The über was formerly used throughout all of Überstadt, including its colonies. No other country has legally adopted it, although it was occasionally used in the United States. It is today the legal tender of no state, and all coins are being seized by the Treasury.