Difference between revisions of "Tallent"
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As states began to develop own unique identities, so too did their tallents. State governments began issuing their own tallent notes and accepting them as payment for taxes and banks maintained convertibility to coinage. | As states began to develop own unique identities, so too did their tallents. State governments began issuing their own tallent notes and accepting them as payment for taxes and banks maintained convertibility to coinage. | ||
| − | Following the signing of the [[Mercantilist States#Articles of Confederation|Articles of Confederation]], the Mercantilist Central Bank was created by | + | Following the signing of the [[Mercantilist States#Articles of Confederation|Articles of Confederation]], the Mercantilist Central Bank was created by the Central Banking Act and a national tallent note was issued, exchanged at a 1:1 ratio with the state tallents and maintaining convertibility to coinage. |
When the Great Recession struck the Mercantilist States shortly aftwewards, the Mercantilist Central Bank was forced to suspend convertibility of the tallent. The Mercantilist States then moved to a [http://en.wikipedia.org/wiki/Fiat_money fiat money] system and [http://en.wikipedia.org/wiki/Floating_exchange_rate floating exchange rate] regime in order to soften the impacts of future panics. | When the Great Recession struck the Mercantilist States shortly aftwewards, the Mercantilist Central Bank was forced to suspend convertibility of the tallent. The Mercantilist States then moved to a [http://en.wikipedia.org/wiki/Fiat_money fiat money] system and [http://en.wikipedia.org/wiki/Floating_exchange_rate floating exchange rate] regime in order to soften the impacts of future panics. | ||
[[Category:Currencies]] | [[Category:Currencies]] | ||
Latest revision as of 18:19, 10 December 2007
The Tallent is the currency used primarily on the Tallent Archipelago. It is legal tender in the Mercantilist States and its dominions for all debts public and private. It is issued by the Mercantilist Central Bank located in Decartes.
Legend
The tallent is believed to have its origins on an unknown island in the Tallent Archipelago. Legend says that following the death of a wealthy Emperor, his estate was divided evenly between his twin sons. Among the most prized of his possessions was the Tally Diam, a 50-carat diamond. Finding it more difficult than anticipated to cut, the brothers made an agreement that they each owned half the diamond. One of the brothers used his newfound wealth to establish a village and home for his family; while the other brother, a notorious spendthrift, traveled the island and squandered much of his. After exhausting much of his wealth, the spendthrift-brother began issuing promissory notes for pieces of the Tally Diam, telling recipients they could redeem their share of the diamond at his brother's village. Soon, people from all across the island were coming to the brother's village with these 'Tally-Lents' to claim their share of the diamond.
The village-brother was soon faced with citizens demanding their part of the Tally Diam. Refusing at first, he soon realized he was facing potential revolution. Thus, he declared that he while he could not break up the diamond; he would accept the Tally-Lents as payment for taxes. This was an acceptable offer to the people and soon these 'Tallents' were being used across the island.
Then disaster struck. The village-brother, while traveling Taijitu with the Tally Diam, was lost at sea. Panic struck the island as the Tallents were feared to be worthless. However, the new Empress declared that the Kingdom would continue to accept the tallents and that they would retain their full value.
History
Archaeological evidence shows that tallent coins were first used about three millennia ago on the Tallent Archipelago. The most common coins were made of an aluminum-iron composite, though some gold coins were known to have existed. Tallent coins is believed to have replaced common barter as the primary medium of exchange during this period.
As states began to develop own unique identities, so too did their tallents. State governments began issuing their own tallent notes and accepting them as payment for taxes and banks maintained convertibility to coinage.
Following the signing of the Articles of Confederation, the Mercantilist Central Bank was created by the Central Banking Act and a national tallent note was issued, exchanged at a 1:1 ratio with the state tallents and maintaining convertibility to coinage.
When the Great Recession struck the Mercantilist States shortly aftwewards, the Mercantilist Central Bank was forced to suspend convertibility of the tallent. The Mercantilist States then moved to a fiat money system and floating exchange rate regime in order to soften the impacts of future panics.
