Pound

From AuroraWiki

The pound (symbol ¶), divided into 100 cents, is the official currency of Odessa. The pound was originally the value of one pound weight of slaughter beef and it's value continues to be based on that commodity.

History

Long before Odessa was an independent country, agriculture played a dominant role in the economy of the region. In the bartering days, commodities were traded on the basis of quantity of measure. In agriculture, the most common measure is weight.

Although Odessans raise most varieties of farm animals, cattle were the most significant. Raising cattle requires feed, whether bought or grown, and there are other animal care matters, such as health, that impact the cost of raising cattle. Similarly, the resulting beef and other products and byproducts have value. Thus, it became typical to consider the economics of farming on the basis of the expected end value—the pound of beef. Many historians belief the term "a pound of flesh" has its basis in this concept.

With the transition from an agrarian society to the industrial age, paper currency was introduced to replace the barter system. This necessity resulted from the growing economy since most urban area residents no longer had cattle or other commodities to trade for their needs and wants. The value of the paper currency was set by the government twice yearly, a practice which continues to the present.

Original paper currency was issued by the occupying colonial power. Before Odessan independence, most banks issued their own banknote in addition to the colonial currency. The banknotes were usually denominated in pounds while the colonial currency was not. Both were accepted as forms of payment and bartering continues to used although it is not a common practice today.

Legal Tender

Laws of legal tender are uniquely complex in Odessa. Banknotes issued by the Odessa State Bank are legal tender. As such, the government must accept them but there is no requirement for other transactions to be made in legal tender. Thus, both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes.

There are some quirks in the laws on legal tender and debt. Shopkeepers can choose to reject any payment, even if it is legal tender, because no debt exists when the offer of payment is made at the same time as the offer of goods or services. Technically, buyers should offer the exact amount due because the law prohibits demanding the making of change. Nonetheless, the use of pound notes is typical in most transactions and the return of change is common practice.

Value of the Pound

As of July 1st, 2014, the value of the pound against the auro (∂) is as follows:

• ¶ 10.2986 = ∂ 1
• ∂   0.0971 = ¶ 1