As of this writing, The Royal Republic of Elisium does not have a form of currency. I've been considering creating the currency, but that raises many questions. Here are just a few that I'm wrestling with:
1) What real-world asset will the currency be based on?
2) How do we prevent counterfeiting from occurring?
3) What would it be called?
4) What symbol do we use to indicate it?
5) What size and design should be used?
6) Should we try to mint coins?
And, so on and so on. One answer leads to another question. For instance - let's say we base it off of gold. How much of the currency equals 1 ounce of gold? Let's say we call it the "thaler" (which is the name that the "dollar" was drawn from). What do we call partial thalers? Pfennig? Penning? How many pfennigs or pennings make up a thaler? The easy answer would be 100 of the partial thalers make up 1 thaler. However, there's a growing movement to get rid of the penny in the USA. And, with good reason. They actually cost more to mint than they are worth. And, they're horrible for the environment, both in the actual mining and when they end up in water. Do we even want to make coins, considering their environmental impact? What denominations of currency do we want to use? If we use paper money instead of using any coins, how do we effectively differentiate the partial thaler currency from whole thaler amounts?
And, so on and so on...
What if our official currency was just bitcoin? But any kind of cryptocurrency is even more volatile than precious metal markets. And, so the thoughts go around and around in my head as this new country takes shape. Any thoughts would be greatly appreciated! Yes, this is a monarchy, but the monarchy was designed as a protective device for the people. So, I would really love any input that could be offered. If you have any suggestions, please contact me at info@TheRoyalRepublicofElisium.org
Thanks for reading!