Prsänëan credit

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Credit
1 Prsanean Credit.png
One-Eighth PPR Shilling Coin Pattern.jpg
Official users Prsanea Flag.png Grand Duchy of Prsänëa
Pegged to 22.5 Grams of Silver or Equal Metal
(exchanged in US dollars)[1]
Symbol Ȼ (or PKȻ)
Code PKC
Plural Credits
Sub-unit Shilling ç (1/20)
Penny ᵽ (1/1000)
Coins 1/4ᵽ, 1ᵽ, 2.5ᵽ (common)
Ȼ1/10, Ȼ1/4, Ȼ1/2 (rare)
1/8ç (unique)
Banknotes 1/8ç, 1/4ç, 1/2ç, 1ç, Ȼ1/10 (common)
Ȼ1/4, Ȼ1/2, Ȼ1 (rare)
Central bank Royal Bullion Depository
Printer Royal Georgetown Mint
Mint Hollister Mint
Royal Georgetown Mint (G)

The Credit (known internationally as the Prsänëan Credit or the GDP Credit; Prsänëan: Crevix; French: Crédit; Esperanto: Kredito) is the currency issued and recognised in the Grand Duchy of Prsänëa. The Credit is designed around a nondecimal organization based off of the predecimal British Pound. The currency is utilized for minor transactions in the borders of Prsänëa, but the US dollar is the leading currency in use for its more widespread usage.

Units

A Prsänëan Credit is divided into a total of ten divisions of itself. The significant subunits of the Credit are the Penny and the Shilling, which are one thousandth and one twentieth of a Credit respectively. Each of these is referenced to in addition to Credits when discussing values and debt. The Credit can further be broken into parts ranging from the Farthing at one four thousandth of a Credit, to the Ryal at one half Credits. After a Ryal, the Crown at one fourth and the Disme at one tenth Credit follow. Subsequently, the Shilling also has values of one half, one quarter and one eight of itself. The Penny is also followed at two and a half times by the Twaning. All units, besides the Shilling, its derived parts, and the Credit are valued based on a US Coin (the Credit is valued at two times a silver US Half Dollar instead of one silver US dollar, as the silver dollars contained more than two times the half dollar in silver).

The English Shilling was an inspiration for the nondecimal Credit and the PPR Shilling

Symbols

The symbols used to represent each of the main units of the Credit (the Penny, Shilling and Credit) are modified forms of the Prsänëan spellings at the time of establishment of each of the main units. The Penny has a lowercase P with an intercepting horizontal bar (ᵽ), derived from the previous spelling of "pêë". The Shilling, with its original Prsänëan spelling of "cilën", is shown by a lowercase C with a circumflex (ç). A variation of this system is used for the Credit. The two letter abbreviation utilizes a Cyrillic К with a vertical bar, followed by a basic lowercase C (Ҝc), which showed both the PPR language’s spelling at the time and the English spelling, "Kredit" and "Credit" respectively. Because of a reform of Prsänëan in late 2011, the modern spellings in the language of the different units no longer conform to their symbols.

Comparison table

This /of/ That Credit Ryal Crown Disme Shilling 1/2 Shilling 1/4 Shilling 1/8 Shilling Twaning Penny Farthing
Credit 1 2 4 10 20 40 80 160 400 1000 4000
Ryal .5 1 2 5 10 20 40 80 200 500 2000
Crown .25 .5 1 2.5 5 10 20 40 100 250 1000
Disme .1 .2 .4 1 2 4 8 16 40 100 400
Shilling .05 .1 .2 .5 1 2 4 8 20 50 200
1/2 Shilling .025 .05 .1 .25 .5 1 2 4 10 25 100
1/4 Shilling .0125 .025 .05 .125 .25 .5 1 2 5 12.5 50
1/8 Shilling .00625 .0125 .025 .0625 .125 .25 .5 1 2.5 6.25 25
Twaning .0025 .005 .01 .025 .05 .1 .2 .4 1 2.5 10
Penny .001 .002 .004 .01 .02 .04 .08 .16 .4 1 4
Farthing .00025 .0005 .001 .0025 .005 .01 .02 .04 .1 .25 1

History

"reformed" years

Seal of the defunct PrSR Ministry of Monetary Affairs

The Prsänëan Credit has its beginnings in the original state of the Prsänëa People’s Republic, the Royal reformed States of America, where a currency had been requested by the citizenry as a way to encourage patriotism through a nationally influenced system of commerce. The Royal reformed Dollar was then established at a standard of one silver gram and on the same unit structure as the United States dollar. The RrD, as it was abbreviated, was used on multiple occasions for transactions in the RrSA.

Follow the reformation of the RrSA into the People's reformed States Republic, the Royal reformed Dollar was carried over and renamed as the People’s reformed Dollar, respective to the leftist nature of the new nation. Following the change in government, the RrD’s 2009 edition banknotes (being the only ones made) printed in the years of the Royal reformed States of America were recalled and scrapped by the PrSR government, to be redeemed at par with the new edition of the currency. However, with a lack of follow up by any holders of the Royal reformed Dollar, the PrD was not implemented and the currency fell into disuse. A further attempt to restart the program, by renaming the currency once again as the People's reformed Currency, failed also, and no editions of the PrC or the PrD were ever made.

First edition of the PPR Credit before the reformation

Prsänëa PR

After the unsuccessful use of the People’s reformed Currency in the PrSR, the currency of Prsänëa continued to be on a hiatus until March of 2011 when the Chamber of Electorates delegation from the Willand electorate proposed a motion on behalf of the Prsänëan government to allow the republic to issue its own currency separate from any federal reserve (of which none currently exists). Quickly following, the newly established Prsänëan Credit succeeded the former Dollar and Currency systems from the former embodiments of Prsänëa, and was begun on the same principles of the former editions. Banknotes were designed, printed and used in transactions within one month following the granting of the rights to do so. The use of the Credit slowly declined in the months after the printing of the notes.
Seal of the Prsänëa Republic Depository

In late July of 2011, the Credit was reorganized once more by the Prsänëa People’s Republic into a nondecimal organization. This was ordered by the Premier of Prsänëa, James Wilary, with the "Currency Reform Act in Prsänëa of 2011", in order to make the Credit both more suitable to be used with US dollar coinage, and to have the Credit use a system that would be both unique and more interesting to discuss[2]. The changes called for in the act were put into place within a week of its establishment, and the call for the designing and printing of banknotes was put under way.

1/8 Shilling coin pattern

Pattern productions

During early October, 2011, the Prsänëan government declared that a contract had been reached for the minting of a coin. Following, a coin comprised of a copper core and a silver exterior was pressed for the PPR. Although it cointains no marks of its nationality or of its value, the coin is a legal tender piece of the Credit system and assayed as a 1/8 Shilling. Because of the high cost of the production process, the piece was left as a single pattern. Shortly following, a second piece that had been pressed by the same mint was rediscovered in Georgetown bearing a date three years prior, around the founding of the Royal reformed States of America. A solid bronze piece, the coin was declared to be legal tender on the same lines as the 1/8 Shilling, but assayed at one Twaning. Both unique specemins are held as collector's pieces of Prsänëa coinage in the republic's currency collection.

Coins

The coins used by Prsänëa are all United States dollar issues and minted coinage. There are no coins minted by the PPR for currency because of the lack of required facilities. Certain ones are recognised and valued in Credits and are used within the Credit system.

Base metal

Base metal coins used for the Farthing and the Twaning

In the Credit system of currency, the Prsänëan Penny is utilized as one copper USD Cent, or all those cents minted between 1909 and 1981. During those years, USD Cents were composed of three and one ninth grams of 95% copper, now worth at a value one one thousandth of the price of a Credit[3]. For use with the Farthing, a zinc variation of the USD Cent, minted between 1983 and still under production currently, has been placed in active currency status. The two and a half grams of 97.5% zinc values at one fourth of its copper predecessor[4]. 1982 is used for neither US Cent as both editions were minted that year and distinguishing them apart is an overly complicaed task for Prsänëa to undertake. The Twaning is standardized at the value of one USD Five Cent piece, and with two and a half times more value than the Penny coin. There is five grams of 75% copper and 25% nickel, all minted since 1938 (exempting the 1942 through 45 years as those were comprised of silver instead of the lesser valuable nickel)[5].

US silver coins used for the Credit system

Silver

Silver coins minted before 1965 in the United States (as that was the first year there were none minted owning to the transfer to copper), are rarer due to the fact that large quantities of circulation viable coins are not as easily came by. Although the newer form of the Credit was established so that the silver forms of two half dollars, four quarter dollars and ten dimes would conform to the system in even amounts, the ability to utilize this norm is constricted to accounting purposes of the bullion stores of the Prsänëan republic. However, regardless, the relationships of the contained 90% silver[6] in the previous editions of the dime, quarter dollar and half dollar are to the Credit as they were to the US dollar; one tenth, one quarter and one half respectively.

Banknotes

The use of paper notes for the Credit is the majority of transactions in Prsänëa. As the coinage of convenient values of currency is not possible for the government of Prsänëa to undertake, the subdividing of currently held bullion is simplified by issuing banknotes in their place. The additional ability for more chances to add meaningful symbolism to the currency of the Prsänëan Credit is derived from the ease of manipulation of banknotes from metal coin pieces. Values of banknotes are quotes in terms of Shillings for the values of one twentieth or less of a Credit, and those larger than one twentieth, in terms of parts of or multiples of Credits. The one tenth, one quarter, one half and one Credit notes are utilized the least often because of their high values, stemming from the Credit's equivalent of around thirty dollars US.

Value and exchange

Silver is the main backing of the Credit

The Credit is pegged at twenty-two and a half silver grams per credit. As not all bullion held by the PPR is silver, other metals (copper, zinc and nickel) are also used as backing for the currency. These are used in relation by their value to silver. In recent months, the value of silver and other metals have climbed. In response, the value of the PKC, and the previous editions of the same currency, has doubled in purchase power of USD. If the Credit was a macronational currency, its value would be the highest in the world, ahead of the Kuwait Dinar by a factor of around ten times. At current, one imperial ounce of silver is equal to about forty US dollars, and because of the Prsänëan Credit's pegged value, is almost four fifths of that price (around 32 US dollars)[7].

Exchange rates

The following list is the exchange rate of one Prsänëan Credit relative to significant macronational currencies, generally those seen most often as reserve macro currencies. The values are the number of that currency required to buy one Credit. It was last updated as of June 3rd, 2012.

  • United States dollar: 20.5249
  • Australian Dollar: 21.1924
  • British Pound Sterling: 13.3513
  • Euro: 16.535
  • Japanese Yen: 1603.4067
  • Kuwait Dinar: 5.7675
  • Swiss Franc: 19.8579

Legal status

Flag of the PPR, the only user of the Credit
Because of the nonexistence of a federal bank or reserve in the Federated Republics of A1, a national currency has yet to be implemented. The request of the Prsänëa People's Republic then, to print and mint its own currency, would conflict with the lacking of a federal body to control its value and status. Therefore, with the passing of the Motion to Allow Prsänëa to Issue Currency, it was included in the document, the fact that such a currency issued by the republic would not be regarded as legal tender in any other republic of A1, unless requested so. The stipulations enacted by the motion, gave the Prsänëa Credit legal status only in Prsänëa as a legal tender. As no other entities have requested its legal status, the PPR remains the only body to utilize the Credit.

See also

References