Draft:Austral Dollar
| Austral Dollar | |
|---|---|
| The Austral | |
 Example image | |
| Denominations | |
| Subunit | |
| 1/100 | Cents |
| Symbol | ₳ |
| Cents | Being Designed |
| Nickname | = Australs |
| Cents | = Boreals |
| Banknotes | |
| Freq. used | 1 Austral, 5 Australs, 10 Australs, 20 Australs, 25 Australs, 50 Australs, 100 Australs. |
| Rarely used | 2 Australs, 2.5 Australs, 250 Australs, 500 Australs, 1000 Australs, 2000 Australs. |
| Coins | |
| Freq. used | 1 Boreal, 5 Boreals, 10 Boreals, 25 Boreals, 50 Boreals, 1 Austral, 5 Australs, 10 Australs, 20 Australs, 25 Australs, 50 Australs, 100 Australs. |
| Rarely used | 2 Australs, 2.5 Australs, 250 Australs, 500 Australs, 1000 Australs, 2000 Australs. |
| Demographics | |
| Date of introduction | 2024 |
| User(s) |  -Austral Republic |
| Issuance | |
| Central bank | Bank of the Austral Republic |
The Austral Dollar is the official currency of the Austral Republic. To ensure the currency holds its value, it is minted out of pure precious metals in the form of coinage and banknote bars (bars in the shape of banknotes)
Etymology
The Austral Dollar is not related to the former Argentinian Austral and the president of the Austral Republic was unaware of the Argentinian currency at the time of designing the Austral Dollar. Nevertheless, since the Argentinian Austral is now defunct, we will be adopting the (₳) symbol.
The Austral Dollar is officially known as Australs and fractions commonly known as cents in other currencies are known as Boreals.
Units
The Austral Dollar can be divided into 100 Boreals (cents).
Current units consist of:
- 1 Boreal
- 5 Boreals
- 10 Boreals
- 25 Boreals
- 50 Boreals
- 1 Austral
- 2 Australs
- 2.5 Australs
- 5 Australs
- 10 Australs
- 20 Australs
- 25 Australs
- 50 Australs
- 100 Australs
- 250 Australs
- 500 Australs
- 1000 Australs
- 2000 Australs
(units are subject to change)
History
The Austral Dollar was created in 2024 by Jake Griffith, the current president of the Austral Republic. After witnessing various fiat currencies around the world lose value, he decided to create a currency for his nation that was entirely made up of precious metals rather than being backed by them. after considering traditional paper banknotes, he decided against them because they do not represent physical value and the value of paper banknotes is only promised by whatever backs the currency.
Coins
Every denomination including Australs and Boreals will be minted in coin form. larger denominations over ₳100 will be more uncommon as they likely won't be used frequently.
Banknote bars
Banknote bars are bars of precious metal, usually over one troy ounce in banknote format. Most Australs will be offered in banknote bars as well as coins. Boreals won't be offered in Banknote bars unless there is demand for them.
Value
Since the Austral Dollar is based off of precious metals, the value of the currency will be closely tied to the value of precious metals. The difficulty of basing a currency off the value of precious metals is that the price of precious metals is fluctuating often so therefore the country will base the value of the currency off of a pegged precious metals price. if the precious metal price fluctuates 20% in either direction than the country will adjust the pegged amounts.
current precious metal pegged prices per troy ounce in USD:
- Copper - 25¢
- Silver - $25
- Gold - $2,000
(list is subject to addition of other types of precious metals)
Legal status
Currently the Austral Dollar is only recognized and accepted as legal tender by the Austral Republic but since it is minted out of pure precious metal, it can be accepted as legal tender anywhere in the world that accepts precious metals as legal tender.