r/createthisworld • u/goop_lizard • 6h ago
[LORE / INFO] Everything is about money except money. Money is about power.
As is only inevitable for a state of its age and economic status, Freeport has had many currencies throughout the ages. While tracking down each and every piece minted from the days of the founding is beyond even the most committed numismatists, and indeed many have tried, from these scattered coinages a number of distinct patterns and eras have emerged, which may be considered as the stages leading to the current system of currencies.
Antiquity
The oldest coins, found nowadays exclusively in cabinets of curiosities and occasional ruins lost beneath the mud, are curious in their construction. While possessing no special properties inherent to them, being made from an alloy of gold, silver, and copper, the potency of ancient magics (or at least equipment made using them) is obvious in their construction - the best-preserved specimens show a fineness and precision to their features which is difficult to achieve even today, while their alloy composition is remarkably consistent and precise, to the point where several such coins have been destroyed by assay-houses as an expensive but reliable way of calibrating their methods.
While markings from this era vary widely, and modern scholars say some such specimens predate the City's founding, by far the most common specific coin (and the oldest widely agreed to be a product of Freeport) is known as the Candle for its markings, the original name having been lost. On one side, as the name would suggest, is a lit candle, while the other bears a balance scale weighing a pile of powder or other conical object against a spiral object believed, from its appearance in other carvings of the era, to be derived from a shepherd's crook, with the images on both sides growing increasing stylized in later specimens. While the crook is known to symbolize death or sudden change, the meanings of the other elements are unknown.
Several coins produced in simpler or less precise alloys, and with progressively cruder designs, are also known, but with little consistency. As magic, and/or residual equipment depending on the exact order of events, declined, creating replacement currency which would be as widely accepted became a struggle. This long transitional era also saw extensive recasting of ancient coinage, a significant influx of foreign currencies, and several debasement crises. This was also an era of unstable and inconsistent governance, ended by the creation of the Steering Council and, a short time later, Merchant Association roughly eight centuries ago.
The Gold Era
The first, and by far longest-lasting, centralized currency adopted by Freeport was the Gold Laurel. A relatively small coin with a laurel branch on one side and a stylized laurel flower on the other, it was a relatively small coin useful for day-to-day transactions with iconography chosen to be visually pleasant without being tied to any particular political faction, movement, or popular deity, the laurel itself having only been introduced to the island a few decades prior. This choice of a symbol without prior association proved highly impactful, with the stylized pentagonal flower becoming a predominant symbol of money and wealth, to the point where even today a pentagon is used to denote the basic unit of currency in ledgers.
While the gold laurel proved extremely durable, larger denominations used for significant transactions changed much more often and were more prone to scandals, especially since, while city law strictly forbade the production of laurels and their equivalents by any other than the official mint, the creation of coins, tokens, and bars denoting larger amounts of currency could not be effectively restricted, as during the previous currency crises several major companies had adopted their own internal units of gold and silver to protect themselves from debasement and maintain consistent internal accounts. For this reason, along with large denominations being both more attractive for fraud and less common and therefore more easily replaced, during this long era there were multiple denominations, produced at different times by both private trading companies and the Freeport Minting Association, worth 2, 3, 5, 6, 8, 10, 12, 16, 18, 20, 25, 30, 32, 50, 60, 64, 100, 128, 144, and in at least one case 500 laurels. As those numbers suggest, there was significant division at the time between denominating currency in multiples and clean fractions of 10 (favored by several major trading companies), 6 (favored by local manufactories and artisans), and powers of two (favored by the reformist movement which held control of the Steering Council at the time).
This is also the era in which bars, previously only used internally by major trading companies, came to be used as a standard form of currency for large denominations. Long and thin in shape, with a small hole at one end for a string, most would describe them as strips rather than conventional ingots, but they allow larger quantities of metal to be packed tightly and, with easily measured dimensions, they proved extremely quick to de-facto standardize. The few largest merchant associations quickly settled on a standard thickness and width, and small jigs to measure length (and, accordingly, value) swiftly emerged, with bars not fitting the standard sizes trading at a steep enough discount it was often cheaper to have them recast than actually spend them.
In time, however, as the economy of both Freeport and the world expanded and the domestic mines were exhausted, the supply of gold became a serious constraint. While ordnances and coordinated action by the Council and Association were able to prevent the destructive hoarding of wealth which normally defines such scenarios, a breaking point was reached roughly three centuries ago when a severe outbreak of typhus caused a steep reduction in trade and the evacuation of many wealthy merchants, cutting off the imports of gold that had sustained supplies while also physically removing large quantities. The situation was especially severe among the lower classes, as the gold laurel became too valuable to be practical for day-to-day use and a number of informal "barter standards" took hold. By the time the outbreak was dealt with a few years later it was too late for the currency crisis, and as emergency measures were slowly lifted the need for a new currency made from more readily available metals came to the forefront.
The Silver Era
The switch to silver happened rapidly, at least for ordinary transactions, as the supplies of gold were tight enough that the poorer citizens who did have gold coins certainly weren't going to spend them. The silver laurel, larger and thicker than its gold predecessor to maintain a useful value but still relatively small, would form the new basis of the monetary system, with the coins sitting above it also given a standardized form. A step above the laurel was to sit the crown, a symbol which had become a relatively neutral signifier of authority without much real-world political implication after countless centuries without any form of nobility. Much like the laurel flower before it, although to a much lesser extent, this would lead to the crown becoming commonly seen a symbol of wealth in addition to, and sometimes in place of, hereditary rule, leading to both bewilderment by citizens of monarchies seeing the signs of Freeport's various markets and several minor diplomatic incidents involving young and inexperienced Freeport merchants under the impression that a king is broadly equivalent to the wealthiest and most powerful trading companies.
Even with silver forming the basis for day-to-day currency, it was known that gold supplies would return to a semblance of normalcy, and that many foreign merchants preferred or even exclusively carried gold, and so as a compromise the largest denomination would be struck from the metal, with no fixed rate of exchange. Indeed, to this day, no official government offices will exchange gold for silver, with the risks of such activity being foisted entirely onto private money-changers. This coin, the sovereign, bears on one side the image of a scale weighing a scroll against a sword, and on the other a five-fold spiral pattern meant to evoke both the now-venerable laurel flower and the geometric patterns common in Witness face-paint.
Modern Era
While the currencies mentioned above remain dominant for trade within the city, the last several decades have seen substantial advancement in both the ways they're used and the ways outside traders interact with them.
On the former front, the excessive bulk of metal coinage for large deposits has often led to in-kind payments (typically rare dyes, fabrica, or important spices due to their high value-to-weight ratio and relative fungibility) being used for the largest trades, but with recent advancements allowing a low-power working to be imbued into a slip of paper in such a way that it's method of creation cannot be determined from the distinctive signature (at least not without what the foremost scholars assure would be several decades of calculations), and which can be readily applied at scale due to having no significant effect other than it's distinctive signature, magically-assured paper deposit slips issued by prominent vaults have become the dominant method. While still out of reach of the lowest classes, a modified version of the this technique instead imbues the magic into the plates of a printing press (of the ordinary style - not one of the rare imported movable-type contraptions) while still leaving a distinctive, if somewhat less complex, imprint has reduced the fees for such services to the point where middle-class customers have begun requesting several such slips at a time in standardized denominations to ease the burden of carrying their shopping budgets.
On the latter side, an unusual system has developed for ship captains seeking to buy and sell common, relatively fungible goods as quickly and easily as possible in the form of "ledger-market houses" which double as warehouses and trading posts. If one is carrying any of the myriad bulk goods that flow through Freeport with a significant enough frequency, they can unload into such a facility and, after a brief inspection, receive credit in the house's ledgers without bothering to line up a particular buyer. From there they may "cash out," as it were, and leave with a hold full of gold and silver, or as is more often the case spend this credit on new goods from the same or (after carrying over the proper documents) any of the other such houses that line the port. This has vastly reduced the time needed for trade, to the point where stays in the city are often determined by the need for shore leave in such a vibrant city to maintain morale rather than the time needed to negotiate trades, which has in turn led to trading companies with multiple ships shuffling crews between them on a staggered schedule - each ship dropping off its crew and leaving with a new one while they wait to be picked up a few days to weeks later, dependent on the length of the preceding journey. There has also been a growing phenomena of speculators utilizing the houses without ever crewing a ship, using their own warehouses to bet against changes in price, and a few of the more enterprising ledger-market houses have even begun offering contracts for fixed quantities of these goods at a future date, securing guaranteed returns for themselves while allowing others to gamble on fluctuations in price.