Post by Josephus I on Dec 13, 2017 14:35:54 GMT
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Coinage;
1. In accordance with the Economic Reform Act 2017 all legal tender within the Kingdom of Nova England is backed wholly by gold.
2. The following coins shall be minted by the National Redoubt Reserve;
a. Denarii
b. Scréad; One hundred Scréad shall value one Denarii.
c. Dínor; Five Dínor shall value one Scréad.
d. Prica; One hundred Prica shall value one Dínor.
3. The denominations of the Denarii shall be produced of a gold-tin alloy, with a weight, diameter and thickness that represents their value.
a. Denarii; 23.22g of gold, to a thickness of 3mm and a diameter of 22.58mm.
b. Scréad; 15.50g of Gold-Tin Alloy to a thickness of 3mm and a diameter of 30mm.
c. Dínor; 6.88g of Gold-Tin Alloy to a thickness of 3mm and a diameter of 20mm.
d. Prica; 2.58g of Gold-Tin Alloy to a thickness of 2mm and a diameter of 15mm.
4. Only coinage minted by the National Redoubt Reserve shall be considered legal tender for monetary exchange within the territories of the Kingdom of Nova England.
5. Design of coinage will be set by the National Redoubt Reserve in its role as the sole authorised mint of all Nova English coinage.
a. All designs of coinage minted by the National Redoubt Reserve shall bear the following markings;
i. National Redoubt Reserve authenticity of metal content mark.
ii. Appropriate and clear marking illustrating the denomination of the coin.
iii. Year that the coin was produced.
iv. Coins that do not feature the above will be considered as counterfeit and unacceptable as a form of payment.
b. Proposed designs will enter into production following approval from the Witan.
c. The National Redoubt Reserve reserves the right to issue limited runs of coins signifying specific subjects. These limited runs require authorisation from the Chief of the Witan.
6. Counterfeiting of coinage will carry a minimum charge of ten years imprisonment inclusive of hard labour, the full length of the term being set by the proceeding judge in line with the severity of the offence.
a. Counterfeiting is defined as the act of defrauding the value of coinage by but not limited to; reducing its weight, changing the composition, minting replicas, etc.
7. Foreign currency is not legal tender within Nova England, however organisations may exchange foreign currency with Nova English coinage and vice versa with the value of exchange established through the following means;
a. Should the currency be backed by a gold standard then the rate will be calculated by the difference of weight that the currency is pegged to.
b. Should the currency be a fiat currency, then the value shall be calculated on the basis of the current value of gold within that state. With exchanges being made in gold in lieu of the foreign state’s fiat currency.
c. The Witan and the National Redoubt Reserve retain the right to intervene on matters concerning foreign exchange, where security to the nation or the national economy are at risk.
Members of the Witan are invited to vote for the above Bill - There are two days for your vote to be cast. (Voting Ends - 15/12/17)
Coinage & Currency Bill 2017
Coinage;
1. In accordance with the Economic Reform Act 2017 all legal tender within the Kingdom of Nova England is backed wholly by gold.
2. The following coins shall be minted by the National Redoubt Reserve;
a. Denarii
b. Scréad; One hundred Scréad shall value one Denarii.
c. Dínor; Five Dínor shall value one Scréad.
d. Prica; One hundred Prica shall value one Dínor.
3. The denominations of the Denarii shall be produced of a gold-tin alloy, with a weight, diameter and thickness that represents their value.
a. Denarii; 23.22g of gold, to a thickness of 3mm and a diameter of 22.58mm.
b. Scréad; 15.50g of Gold-Tin Alloy to a thickness of 3mm and a diameter of 30mm.
c. Dínor; 6.88g of Gold-Tin Alloy to a thickness of 3mm and a diameter of 20mm.
d. Prica; 2.58g of Gold-Tin Alloy to a thickness of 2mm and a diameter of 15mm.
4. Only coinage minted by the National Redoubt Reserve shall be considered legal tender for monetary exchange within the territories of the Kingdom of Nova England.
5. Design of coinage will be set by the National Redoubt Reserve in its role as the sole authorised mint of all Nova English coinage.
a. All designs of coinage minted by the National Redoubt Reserve shall bear the following markings;
i. National Redoubt Reserve authenticity of metal content mark.
ii. Appropriate and clear marking illustrating the denomination of the coin.
iii. Year that the coin was produced.
iv. Coins that do not feature the above will be considered as counterfeit and unacceptable as a form of payment.
b. Proposed designs will enter into production following approval from the Witan.
c. The National Redoubt Reserve reserves the right to issue limited runs of coins signifying specific subjects. These limited runs require authorisation from the Chief of the Witan.
6. Counterfeiting of coinage will carry a minimum charge of ten years imprisonment inclusive of hard labour, the full length of the term being set by the proceeding judge in line with the severity of the offence.
a. Counterfeiting is defined as the act of defrauding the value of coinage by but not limited to; reducing its weight, changing the composition, minting replicas, etc.
7. Foreign currency is not legal tender within Nova England, however organisations may exchange foreign currency with Nova English coinage and vice versa with the value of exchange established through the following means;
a. Should the currency be backed by a gold standard then the rate will be calculated by the difference of weight that the currency is pegged to.
b. Should the currency be a fiat currency, then the value shall be calculated on the basis of the current value of gold within that state. With exchanges being made in gold in lieu of the foreign state’s fiat currency.
c. The Witan and the National Redoubt Reserve retain the right to intervene on matters concerning foreign exchange, where security to the nation or the national economy are at risk.
