Gold "Galifars"
Silver "Sovereigns"
Copper "Crowns"
I think those are it. I think they were in the Player's Guide to Eberron, but I'm not sure.
Personally, I've always been a fan of the idea that silver, gold, and platinum pieces were not made of those metals per se, but rather were electroplated veneers of such with an arcane mark to prevent counterfeiting. It'd be a step in the right direction without mussing around with the aesthetics too much.
Eberron has no floating currencies as we understand them in the real world. A gold piece is worth precisely as much gold as it contains. While this is also highly primative for a society that has demonstrably superior options, it is how it is.
Personally, I've always been a fan of the idea that silver, gold, and platinum pieces were not made of those metals per se, but rather were electroplated veneers of such with an arcane mark to prevent counterfeiting. It'd be a step in the right direction without mussing around with the aesthetics too much.
I'm a bit of an amateur when it comes to currencies, but if you have two different coins made from two different metals, don't their values relative to one another shift as the market value of one or both metals changes? Or does their status as money eliminate the trade in precious metals?
I'm a bit of an amateur when it comes to currencies, but if you have two different coins made from two different metals, don't their values relative to one another shift as the market value of one or both metals changes? Or does their status as money eliminate the trade in precious metals?
The trade in precious metals continues even when your currency is the metal itself: When gold is your currency, your monetary policy is set by how much of the stuff is dug out of the ground and put into circulation. Simply coining it for use as does not eliminate its valuation, and subsequent fluxation, in the marketplace.
I always envisioned that the Five Nations have sophisticated enough banking systems so as to be comparable to at least those late Eighteenth Century Europe. This would imply the existence of a central bank that exercises a monopoly, or near monopoly, on the production of legal tender within the territory and such a central bank would possess sufficient reserves to allow for the usage of a superior medium of exchange over literal gold coins. (Even if tradition and aesthetics demand that they're only gold-plated coins.)
I always thought that if you actually use more than one type of precious metal for currency, you essentially have multiple currencies operating at the same time. So, if you have platinum-backed money, gold-backed money, silver-backed money, and copper money, you have four different currencies in circulation.
Unless, of course, you have your currency pegged to a "basket" of precious metals.
Well, in 3.x, there is a base-10 peg: 1pp = 10gp = 100sp = 1,000cp. But all of this rapidly spiraling out of control: It's one thing to overanalyze the military dimension of Eberron. It's quite another to overanalyze its monetary policy. ...though I suspect that's because my knowledge of economics is not nearly as robust as my knowledge of military history.
I don't think you can actually overanalyze the military aspects of Eberron, since the miliary history of Khorvaire is central to the plot of many Eberron campaigns. Analyzing it in-depth can only add further richness to the game.
You are right, however, that analyzing monetary policy is a little much. I was just curious and it started growing into an unholy monster.
Also, I believe that since it's House Kundarak, not any nation, which is in charge of minting coins, they keep the currency the same name and denomination from nation to nation. However, if I recall from my readings, ever since the Last War broke out each nation requests coins minted in the image of its current leader, rather than in the traditional ancient head of King Galifar.
But I could be mistaken.
Also, I believe that since it's House Kundarak, not any nation, which is in charge of minting coins, they keep the currency the same name and denomination from nation to nation. However, if I recall from my readings, ever since the Last War broke out each nation requests coins minted in the image of its current leader, rather than in the traditional ancient head of King Galifar.
But I could be mistaken.
No, that sounds right to me, but I can't cite it.
I think its important to note that the Spanish Empire, in the 16th century or so, found out that you can, indeed, have too much gold. Its (to my knowledge) part of the reason their empire collapsed; inflation was just too high.
Nevertheless, between Kundarak and Sivis, I think they have pretty good control over currency. Anything that doesn't use them is easily counterfitted. Of course, that leads to either Kundarak+Sivis making all the money for the world (impossible, since we know that each nation has its own mintage), or Kundarak+Sivis having a section in all the national mints (kinda odd way to go about it).
Nevertheless, simply put, having Kundarak standardize all the weights of the coins makes it easy for Kundarak to issue credit, move money over borders, and do other financy stuff.
In terms of what's been defined, you also have Droaam, where they use slivers (bits of precious metal) and bounty-marked teeth in place of minted coins... in addition to coins of other nations.
Strangely, unless this is addressed in a Dragonshard, I think the place it comes up is in the glossary of City of Towers (my first novel). It's that section that gives the names of the standard coins of Galifar (crown, sovereign, galifar, dragon) and notes that while these used a standard design while Galifar was united, since the Last War they have become nationalized and that you see unique variations like Breland's double crown of Cyre's silver throne (worth five sovereigns)... or whatever variations you want to add. With that said, the idea is that the Five Nations still follow a standard model of currency because until just a few years ago they were still actively trying to reforge Galifar - just under their particular ruler.
In terms of what's been defined, you also have Droaam, where they use slivers (bits of precious metal) and bounty-marked teeth in place of minted coins... in addition to coins of other nations.
I basically just assumed that Droaamites used hacksilver, literally pices of silver hacked off from jewelry (just like vikings!).
I basically just assumed that Droaamites used hacksilver, literally pices of silver hacked off from jewelry (just like vikings!).
That's the basic idea of slivers. The other is the idea that the Daughters have placed bounties on various dangerous creatures, redeemed by turning in their teeth and claws; thus people will scratch the value onto a wyvern's tooth and use it as a form of currency. Like any form of currency, it's only valuable in a place where it can be redeemed; in Graywall, you can go to the Karda and redeem your teeth. It also means that merchants in Droaam are very good at identifying teeth and claws - though one who isn't simply won't accept them as payment.
Eberron has no floating currencies as we understand them in the real world. A gold piece is worth precisely as much gold as it contains. While this is also highly primative for a society that has demonstrably superior options, it is how it is.
Yeah, but that is probably as much as a favor to the DMs than logic ;) There is no way I would want to deal with intricities of a coin exchange market, especially since PCs are very likely to travel all over the continent and beyond. Although, you can always assume that the PCs have so much cash, whether coin, jewelry or magic items, that they really do not care all that much about loosing a few percentage when paying for local inn ;)
Eberron has no floating currencies as we understand them in the real world. A gold piece is worth precisely as much gold as it contains. While this is also highly primative for a society that has demonstrably superior options, it is how it is.
Yeah, but that is probably as much as a favor to the DMs than logic ;) There is no way I would want to deal with intricities of a coin exchange market, especially since PCs are very likely to travel all over the continent and beyond. Although, you can always assume that the PCs have so much cash, whether coin, jewelry or magic items, that they really do not care all that much about loosing a few percentage when paying for local inn ;)
However, if they have what amounts to a line of credit from House Kundarak, this isn't as much of a problem. Since Kundarak basically acts in the capacity of a central bank (I think, anyway) the whole of Khorvaire (at least the Five Nations) is probably still in some kind of effective economic union. A little strange considering a century of war, but I suppose that's what makes the Dragonmarked Houses so unique; they provide stability in even the most troubling times.
Strangely, unless this is addressed in a Dragonshard, I think the place it comes up is in the glossary of City of Towers (my first novel). It's that section that gives the names of the standard coins of Galifar (crown, sovereign, galifar, dragon) and notes that while these used a standard design while Galifar was united, since the Last War they have become nationalized and that you see unique variations like Breland's double crown of Cyre's silver throne (worth five sovereigns)... or whatever variations you want to add. With that said, the idea is that the Five Nations still follow a standard model of currency because until just a few years ago they were still actively trying to reforge Galifar - just under their particular ruler.
I knew I read this somewhere. That sounds about right. Thanks, Keith.
Jaster, I agree, that's what is interesting about the Dragonmarked Houses. Of course, what makes it more interesting is that while they provide stability in troubling times, they can easily be pushed to provide instability if it will profit them.
Mwa ha ha.