Galra Economy

[aimway921]

Unlike many other nations, Galra still holds on to the Gold Standard that it used for several hundred years. That means that all paper money and coins in the Galra currency (the Dollar) are backed by a certain amount of gold reserves - and can be exchanged for said amount of gold, and vice versa, at a bank. The value of gold varies depending on how much is stored in the reserve.

[aimway921]

Silver Dollar

One of the most direct links the Galra currency - the Dollar - has to the precious metals is the Silver Dollar. Minted to direct proportions to set the value rate, the coin contains 1.5625 troy ounces of pure silver, and has the face value of $1.00. This sets the value of silver of 65 Cents per 1 troy ounce. However, this also makes it the heaviest coin in circulation, making it rather cumbersome for daily use.


Silver Certificate

Sometimes used interchangeably with the regular Dollar banknotes, the Silver Certificates, released at face values of $1, $5 and $10. They can at any time to be exchanged for Silver Dollars.


Dollar Banknotes and Cent coins

While not directly tied to precious metals, their value directly is thanks to the Gold Standard. As it stands, 1 troy ounce of gold is worth $20.67. 

Dollar Banknotes are released at face values of $1, $2, $5, $10, $20, $50 and $100. Cent coins are released at face values of $0.01, $0.05, $0.10, $0.25 and $0.50.


Gold Certificate

Anyone in Galra, should they wish, can purchase gold bars, all minted to 10, 20, 50 and 100 troy ounces. However, over the years, the public has found it inconvenient to store physical gold. For that reason, a system has been introduced, where gold is stored in banks, and the individual receives Gold Certificates, printed in face values of 10, 20, 50, 100, 200, 500, 1000, 5000 and 10000 troy ounces. They can be at any time be exchanged for physical gold or Dollar Banknotes and Cent coins, which is required for circulation, as gold certificates are not accepted as payments in most businesses.