Qik

Qik
益
Current coins
ISO 4217
Code	RNG
Denominations
Subunit
​1⁄100	分
Symbol	Rg.
分	¢
Banknotes
Freq. used	Rg. 1, Rg. 2, Rg. 5, Rg. 10, Rg. 20, Rg. 50, Rg. 100
Rarely used	Rg. 500, Rg. 1,000, Rg. 5,000, Rg. 10,000
Coins
Freq. used	2¢, 5¢, 10¢, 20¢, 50¢
Rarely used	½¢, 1¢
Demographics
Date of introduction	Antiquity
User(s)	Themiclesia
Issuance
Central bank	Central Bank of Themiclesia
Valuation
Inflation	2.12%
Source	2016 est.

The qik (益, qik) is the name of the currency of Themiclesia and was until 1952 the official coin of account. In translation, it is also known as the gold catty or Themiclesian gold mark. Formerly based on the gold standard, it was defined in 1879 as ​⁴⁸⁄₁₂₅ of the standard kilogram or 12.3459 troy oz. After decimalization in 1947 – 1952, the coin of account was abolished in favour of a new circulating coin the rang, which is divided into 100 cents, though the name of the coin of account remains that of the currency.  

Etymology

Natively, the "catty" 斤 (krem) is distinct from the "gold catty", written 益 (qik). Both are derivatives of the same basic unit, the Themiclesian tael (㒳, rang), but the catty is 16 taels, while the gold catty is 20 taels. The gold catty was used as a unit to measure the mass of gold and thereby also the value of other moneys or goods, but not their weight. The term "Themiclesian gold mark" was used in some commercial contexts but is no longer common; it is derived from the mark as a unit of comparable mass, not the Ostlandic currency of the same name.

The Shinasthana term for currency, nhwrar (貨), means "things for exchange, merchandise".

History

Gold bullion

1 qik gold coins

As an inherited unit of mass and account from Menghe, the gold catty has persisted, if only in name, from the Classical Period. Until the 17th century, gold lumps and bronze coin were co-official. Exchange rates were periodically altered by order, though an independent market rate typically existed alongside the government rate used for taxation. Native Themiclesian gold originated from only a few locations and was not very common until the opening of the Maracaibean trade in 694. As the Vitric peoples there undervalued gold and liberally exchanged it for Themiclesian fabrics, weapons, and vessels. The influx of Vitric gold encouraged the growth of cities and created an alterative government income from agricultural taxes paid in kind.

Gold was, since Antiquity, the main medium for large transactions, but bronze coins (even thousands of them) were still dominant in local contexts. In several periods, the mining of gold was a royal monopoly. In 281, gold pieces for circulation were first cast by the government mint. Prior to this time, gold was traded by weight. Early coins were heavy by modern standards; the mint and its master were engraved into the mould. Privately cast coins also circulated. There were two standard sizes of gold coin—one qik and ​¹⁄₄ qik, weighing about 383 g and 96 g respectively, the former shaped like a saucer, and the latter, a bar. It is uncertain if these coins saw much circulation, as historian B. Gro observes, "large minted coins are mentioned early exclusively in the context of international bribery." Emperor ′An of Mrāngs (r. 734 – 737) boasted that he had "6,666​²⁄₃ qik in the treasury" (有之府大萬益).

Gold coin

1 tael gold coin c. 920

Other gold coins of fixed weight and appearance are attributed to the monetary reforms in 752, an economically prosperous period in Themiclesia. As trade with Hallians and Meridians grew, so did the requirement of a standard coin of dependable weight and fineness. The Themiclesian court starting in 771 minted the gold one-tael piece, weighing between 19.1 – 19.2 g; though marked as "pure gold tael" (屯黃金㒳), its fineness was fluctuated between 92% and 97.5%, improving over time. The one-tael piece saw international recognition in the Meridian ocean and has been recovered in shipwrecks in the region. Between the late 8th century and the 16th century, the one-tael gold piece and bronze coins were the most widely-circulated Themiclesian coins of precious metal, until overtaken by the silver Themiclesian dollar.

Silver coinage

Due to trade with Sylva, which brought silver from its colonies, that metal was monetized in the 1500s. As the gold-silver ration in Themiclesia was about 1:8, Themiclesia became a net exporter of gold in the Meridian trade with Casaterrans from about 1520, causing alarm in court. It banned the importation of silver to force Sylvan merchants to import gold instead, but this was impossible to enforce on the high seas and succeeded only in creating a black market, which caused a depression in revenues. In 1545, a source of silver was found and monetized in metropolitan Themiclesia, though the gold export did not abate until exchange rates were brought in line with the international norm. By some estimates, Themiclesia lost about 30 – 40% of its gold within the space of 30 years.

Themiclesia struck silver coins regularly between the 1500s and the 1950s. Early in the era, some coins were struck with the value of the coin in gold, while others were struck with only its weight in silver. The "pure silver value in pure gold" (屯銀金直屯黃) markings disappeared soon after silver coinage became dominant, as the relative values of the two metals fluctuated, causing the markings to become obsolete and prone to dispute. The Sylvan dollar, the most recognized coin internationally, was approximated by a similar domestic coin in 1577 weighing 305 grains (24.4 g) fine silver; the coin usually traded for 20 grains gold and is now known numismatically as the Themiclesian Dollar. It was convenient as twelve of them were usually exchanged for the gold one tael piece, and by extension, 240 equalled 1 qik gold, the principal coin of account. Additionally, the coin was interchangeable with the Sylvan dollar and easily circulated abroad. The Themiclesian dollar and its derivatives gained widespread domestic acceptance and was not superseded until decimalization.

Soon after the monetization of silver, bronze lost its status as a valuable metal but remained in use as coinage. Existing bronze coinage was never demonetized, but their place in transactions was slowly supplanted by small silver coins, which were easier to carry and conceal. Despite representing a quantity of gold, the inscription on bronze coins bears out the weight of the coin in bronze, and not the amount of gold the bronze coin is valued as. Thus, the Two-Thirds (泰半) piece nominally weighed ​²⁄₃ of a tael or 12.8 g, but this was reduced to 8 g without altering the text on the coin. Regardless of the actual weight of the coin or the text upon it, the ​²⁄₃-tael traded as ​2 ¹⁄₃ grain in gold prior to decimalization. The mass of the bronze coin, being less important, became the name of the piece.

Decimalization

Internationally prior to the 19th century, currencies with decimal sub-units existed but were not prevalent. At the conclusion of 17th century, Themiclesia's bimetallic currency was characterized by a statutory conversion rate between the metals, usually 1 unit gold to 15 or 16 units silver. Silver coins were denominated in their value in units of gold, so the Themiclesian Dollar, the major trade coin, was usually worth 2 twa gold, and 12 Dollars (worth 24 twa) made one rang; fractions of the Dollar as well as bronze coins were likewise denominated in units of gold, which was 20 qu. Thus, each gold rang was divisible into 24 twa or 480 qu.

Demands for decimalization surfaced in the middle of the 19th century, with the argument that the existing counting system was based on units of gold bullion and not suitable for quick arithmetics. There were many competing schemes of decimalizations, some taking advantage of the fact that the divisions of the twa was vigesimal, i.e. base-20, so the consolidation of two of its sub-units would create a decimal system. This would, however, require the abolition of the principal unit of account, the gold rang, and so was not favoured by those who tended to see the Themiclesian Dollar as a sub-unit of the gold rang; furthermore, as the international norm was shifting towards the gold standard in the 19th century, voices favouring the abolition of the Dollar and trade in decimal units of the rang also intensified.

A thorny issue facing decimalization based on the rang is the wholesale replacement of the entire coinage, since all coins smaller than it were in fractions of 24 rather than 10, so 0.1 rang would represent 2.4 twa . While it is possible to assemble 2.4 twa with, for example, a 2 twa coin and two 2 qu coins, this process would have to be carried out for virtually every coin when decimal currency is adopted; additionally, very small coins would be difficult to convert into new money. Such replacement would have monumental consequences for the cash economy, since even a conservative estimate would suggest 95% of all transactions were conducted with coins to be affected, and with not banknotes or coins not affected by this scheme.

It was in the 1930s when consensus arose within the government to decimalize the coinage in the manner it was eventually done, at the recommendation of the Exchequer. The scheme required the rang itself to be redefined as 20 instead of 24 twa, whose value stayed constant, so that each rang contained 400 instead of 480 qu; since 400 is divisible by 100, each rang could then be easily divided into 100 subunits, and as a result, a large share of existing coins could be retained and traded with equivalents in new denominations. The revised rang was to be written as currency rang (行金㒳) to distinguish it from the rang used for trading gold by weight, which still contained 24 twa. Additionally, objects of large value would not have their written prices altered dramatically, which was feared to stoke public uncertainty.

However, the decimalization effort was repeatedly delayed by the Pan-Septentrion War, during which it was deemed unwise to launch a major currency reform, and the government only announced in 1945 that the currency reform would be going forward. Actions first occurred in 1947 with the withdrawal of the ¼ qu coin, which was too small to be of practical use and difficult to harmonize with the new system; the 5 qu coin, which would be valued at an inconvenient 1.125 per in the new system, was withdrawn in the same year. In Jul. 1948, the 8 qu coin was introduced, intended to be traded as the new 2 per denomination after decimalization. At the same time, coins with both old and new denominations went into circulation. "Changeover Day" ocurred on Jan. 1, 1952 when all banks were to convert their records into the new system and provide money in new demonations.

As it could be seen, 4 qu became 1 per in the new system; smaller coins (2, 1, ½, and ¼ qu) were retained as binary, rather than decimal, fractions of the per. Earlier efforts to find decimal equivalents for them without causing major difficulties had been futile, and it was anticipated that rising prices would soon render such fractions obsolete. To some extent that anticipation was correct, and the ⅛ and ¼ per coins were withdrawn in 1960 and 1988 respectively, but the ½ per remains in circulation today. Thus, Themiclesian money is today not completely decimal, it being possible to have a half-per in prices.

Old denom.		Metal	Mass (g)	Diam. (mm)	Height (mm)	New denom.	Notes
4 twa		50% Silver	53.6	46.6	3	Rare, withdrawn 1952
3 twa			40.2	42.8	2.7	Rare, withdrawn 1952
2 twa	Silver Dollar		26.8	38.4	2.2	10 per	Same weight and dimensions
1 twa	Half-dollar		13.4	30.8	1.7	5 per	Same weight and dimensions
10 qu	Quarter-dollar		6.7	24	1.5	2.5 per	Same weight and dimensions, withdrawn 1955
8 qu			5.4	22	1.4	2 per	New coin, introduced 1948
5 qu	Eighth-dollar		3.4	18.4	1.2	Withdrawn 1947
4 qu			2.7	18	1	1 per	Same weight and dimensions
2 qu			1.3	13.4	0.9	1/2 per	Same weight and dimensions
1 qu		Bronze	18.2	36	2	1/4 per	Same weight and dimensions
1/2 qu			9.1	28	1.65	1/8 per	Same weight and dimensions, withdrawn 1960
1/4 qu			4.6	23	1.3	Withdrawn 1947

Debasement and downsizing

Citing the rising prices of silver, the government debased all circulating silver coins from 50% fine to 25% fine in 1961, and then from 25% fine to 10% fine in 1965. In 1971, silver ceased to be coined, and all coins were then strick in cupronickel, which mimicked the appearance of silver. Due to the lower density of each succeeding metal, newer coins increased in size such that each coin retained its weight; this was because many institutions tallied large quantities of coins with a coin scale, which required the masses of coins be proportional to their values.

Notation

Pre-decimalization

The notation of the qik prior to decimalization in 1879 is governed by common usage.

• 3 mace, being ​¹⁄₈ of a tael, was noted as ／, the top half of the symbol for 6 mace.
• 6 mace, being ​¹⁄₄ of a tael, was noted as く, being one third of the shorthand for ​³⁄₄ of a tael (viz. below).
• 8 mace, being ​¹⁄₃ of a tael, was noted as 少 sm′aw, shorthand for 少半㒳, smaw-prān-rang or "smaller division of a tael".
• 12 mace, being ​¹⁄₂ of a tael, was noted as 平 bring, sort for 平半㒳, bring-prān-rang or "even division of a tael".
• 16 mace, being ​²⁄₃ of a tael, was noted as 大 lats, short for 大半㒳, lats-prān-rang or "larger division of a tael".
• 18 mace, being ​³⁄₄ of a tael, was noted as 巛, being the top half of the character 甾, which originally meant 6 mace.

Thus, 1 tael and 8 mace would be written as 㒳小, short for 㒳又少半㒳, "tael and smaller division of a tael". 150 qik, 19 tael, and 18 mace would be noted as 百又五十益又十又九㒳巛, "hundred and fifty qik and ten and nine rang and eighteen mace".

• 16 taels was written as 金 krem or "gold". This practice was common in the jewellery business, which also writes 艮 ngul or "silver" to note 16 taels of silver.  krem does not co-exist with qik in notation: 36 taels cannot be expressed as 益又金, "qik and krem", even though their sum is 36 taels.

Anglian-style

It was common in certain trades, though not all and especially not in the accounting profession, to use an Anglian-style notation to specify taels, maces, and grains separated by hyphens.

• 19-23-7 would stand for 19 taels, 23 maces, and 7 grains, i.e. 1 grain short of 1 qik.
• 12-0-7 would stand for 12 taels and 7 grain.
• 0-0-7 would stand for 7 grain.

This kind of notation was never used to specify quantities in qik. After decimalization, the Anglian-style notation remained in use, only reflecting new currency.

• 52-3-2 would stand for 52 new taels, 3 maces, and 2 grains; however, this figure could also be expressed as 52.32 in other trades.

Coins

Ancient Menghean currency appearing on the reverse of the 1p piece

All coins of the gold catty are marked for denomination in Shinasthana and in Tyrannian (by latent text) on the obverse; plain text denomination in Shinasthana and Tyrannian, year of minting, and one of several graphical designs, which may be pictorial or geometric.

Denom.	Value 2020 Int'l$	Material	Obverse	Reverse	Diameter
1g	$0.04	92% Al, 8% Cu	Bird	Spade currency	15 mm (0.59 in)
The 1p piece is no longer minted regularly
5g	$0.20	92% Al, 8% Cu	Marine life	Spade currency	18 mm (0.71 in)
1m	$0.39	89% Cu, 10% Sn, 1% Zn	Geography	Turtle	21 mm (0.83 in)
5m	$1.98		Navigation	Whale	26 mm (1.0 in)
10m	$3.95	Plug 80% Cu, 20% Ni; ring 95% Cu, 5% Sn	Mythology, astronomy	Map of Themiclesia	33 mm (1.3 in)

Notes

There are two classes of banknotes issued by the Central Bank of Themiclesia; the more common are the "General Notes" (通貨, l′wang-nhw′rar) that have legal tender status for the payment of debts, and the lesser-encountered "Convertible Notes" (易貨, liks-nhw′rar), which are instruments redeemed at the Central Bank to the bearer. General Notes are denominated in rang, while convertible notes in qik. Convertible Notes are not legal tender for transactions except between banks, when physically counting and checking each note transferred is impractical or undesirable, or to satisfy laws requiring that a certain amount of money be kept available centrally or at each branch.

€50, 1951

All Themiclesian notes since the 1950 revision of the third series possess the following common features: 75% cotton, 25% silk paper; intaglio printing for denomination, issuer, official seals, images, Guilloché patterns, dots for the visually impaired; reflective metallic foil strip; watermark; ultraviolet text, images, fibres; infrared text and Guilloché patterns; latent text and images; serial number; visible and ultraviolet microscopic print. Convertible Notes possess a very thin layer of silk, woven with special fibres and into patterns with text, around which paper pulp is poured and the substrate formed; these are considerably thicker than notes in general circulation.

€50, 1951

General Notes

Denom.	Value Int'l$	Colour	Obverse	Reverse	Dimensions
€1	$3.95	Blue	Watermark strawberries, rice paddies	Ice age fauna	7 1⁄4 in × 3 7⁄8 in (184.2 mm × 98.4 mm)
The €1 note is considerably less common than the 10m coin.
€2	$7.90	Turquoise	Watermark blueberries, hothouses	Bunnies	7 3⁄8 in × 4 in (187.3 mm × 101.6 mm)
€5	$19.75	Aqua	Watermark oranges, digital logic	Primitive humans in cave scene	7 5⁄8 in × 4 1⁄8 in (193.7 mm × 104.8 mm)
€10	$39.51	Gold	Watermark canteloupe, library scene	Tropical forest flora and fauna	7 7⁄8 in × 4 1⁄4 in (200.0 mm × 108.0 mm)
€50	$197.53	Teal	Watermark peaches, science laboratory scene	Mesozoic life scene	8 1⁄8 in × 4 3⁄8 in (206.4 mm × 111.1 mm)
€100	$395.07	Red	Watermark mangosteen, particle accelerator	Permean life scene	8 3⁄8 in × 4 1⁄2 in (212.7 mm × 114.3 mm)
€500	$1,975.34	Crimson	Watermark pears, bronze vessels	Cambrian to Carboniferous life scene	8 5⁄8 in × 4 5⁄8 in (219.1 mm × 117.5 mm)
€1,000	$3,950.69	Crimson	Watermark watermelons, ancient land survey	Ediacaran biota, flat worms	9 in × 4 3⁄4 in (228.6 mm × 120.7 mm)
€5,000	$19,753.44	Crimson	Watermark plums, royal court sene	Cnidarians, Ctenophora, Acoelomorpha
€10,000	$39,506.88	Crimson	Watermark taro, ancient astronomers	Porifera

Convertible Notes

Denom.	Value Int'l$	Colour	Obverse	Reverse	Dimensions
Q100	$39,506.88	Grey	Central Bank building	"The Central Bank of Themiclesia guarantees this note will be converted upon demand into good Themiclesian money in the amount indicated."	10 in × 5 in (254.0 mm × 127.0 mm)
Q1,000	$395,068.82	Grey	Central Bank building	do.	10 in × 5 in (254.0 mm × 127.0 mm)
Q10,000	$3,950,688.22	Grey	Central Bank building	do.	10 in × 5 in (254.0 mm × 127.0 mm)

Size issue

When printed in the first half of the 20th century, Themiclesian banknotes (starting at 7.375 in. in length) in normal circulation were not unusually large. However, since many Casaterran states adopted the printing of smaller notes (average 6 in.), Themiclesian notes appeared much larger. In Casaterra, large notes were in circulation with smaller ones until the 50s. By 1959, the Themiclesian Central Bank prepared to shink its notes, but political and economic uncertainty in the 60s, then economic stagnation in the 70s, required the Central Bank to shift its attention, which left the notes unchanged. By the 90s, Themiclesia was one of very few states still issuing "large" notes, which sometimes failed to fit into slimmer or shorter wallets.

At this point, the Union of Wallet Makers in Themiclesia lobbied heavily against shrinking the banknotes, which served, in effect, as a barrier to entry for foreign wallet manufacturers. The Central Bank itself was disinclined to reduce the size of notes as well, stating that shrinking the notes would require a complete replacement of almost all printing apparatus in the mint, as well as the obsolescence of a large variety of banknote-counting machines already in use in private and public institutions. As such, the fourth series, which began to circulate in 2000, retained their original size, much to the chagrin of tourists.

Previous issues

Series	Issuer(s)/Theme(s)	Issue/Revisions	Denominations	Stopped issuing	Demonetized	Notes
I	Coastal Bank Mercantile Bank	1817, '54, '61	Notes: €1, €5, €10, €50, €100 Coins: ¼p ⅓p ½p 1p, 2p, 5p, 1₥, 5₥, 10₥, 20₥, 50₥	1872(?)	1950
II	C&C Bank: ships CMC Bank: plants	1870, '80, '95	Notes: €1, €5, €10, €50, €100, €500, €1,000, €5,000, €10,000 Coins: ⅓p ½p 1p, 5p, 1₥, 5₥, 10₥, 50₥	1913	1950
III	CBT: central bank building	1917, '30, '48, '63, '80, '98	Notes: €1, €5, €10, €50, €100, €500, €1,000, €5,000, €10,000 Coins: 1p, 5p, 1₥, 5₥, 10₥, 50₥	2007	Circulating
IV	CBT: prehistoric life	2003, '17	Notes: €1, €5, €10, €50, €100, €500, €1,000, €5,000, €10,000 Coins: 1₥, 5₥, 10₥, 50₥	Current	Circulating

Counterfeiting

Debasement and clipping

Themiclesian currency has been subject to debasement and clipping since antiquity. When the value of the coin was supposedly linked to the amount of metal used to make it, lightening the coin by removing some of its metal content (called "clipping") resulted in reduced desirability; carried to the extreme, this led to such difficulties while trading that coins ceased to be liquid at all, even valued for metal content only. Currency made with precious metals were subject to a different measure, debasement, which is the adulteration of precious metal with a less valuable one, usually done without disturbing the mass of the piece to avoid easy detection. While chipping results in lightened currency that may still be accepted due government fiat declaring all recognizable coins to be equal in value, merchants are much less likely to do so for precious metals. Testing for debasement is generally much more difficult than chipping.

Forgery

In the modern age, clipping is no longer common as a measure to extract metal from coins; nor is debasement, since precious metals are no longer found in circulating currency. Forgery of banknotes have assumed the vast majority of counterfeit currency, by piece and by value, in modern Themiclesia. The notes of the highest denominations, €1,000, €5,000, and €10,000 are rarely subject to forgery, since they are only legal tender at the Central Bank, which maintains special authenticating measures that are not disclosed to the public for these notes. The €500 and €100 notes, though legal tender, are likewise unpopular targets, since their large value again prompts merchants to examine each note much more carefully. Most counterfeit notes are €10, €5, and €1 notes, which account for around 99.2% of all circulating notes.

In the late 1990s, it was revealed that Themiclesian notes of the €100 and €500 denominations have been subject to particularly concentrated efforts at counterfeiting. This situation may have escaped notice for several years due to the convoluted way in which the fraudulent money was exchanged. After extensive investigation by the Yugoslovenski authorities, various criminal associations based in Yugoslovenski have been producing counterfeit €100 and €500 notes in very remote places and then exporting them to the Organized States to exchange into the OS Dollar, and then subsequently converted into Yugoslovenski's Dinar. The OS authorities did not notice these irregularities initially, due to the relative rarity of the €100 and €500 denominations, which meant forgeries were not as easily discerned. By 1998, around €1,220,000 (approx. $35 million OSD) in counterfeit had been exchanged at various small-scale currency exchange operations or remote bank branches, and a roughly equal amount has been withdrawn from the Yugoslovenski treasury. This operation, along with several others, eventually prompted the Central Bank of Themiclesia to issue new notes in 2003, with additional security features that addressed most of the weaknesses that allowed the Yugoslovenski forgeries to transpire.

High-denomination issues

While it is technically illegal to refuse a large-denomination note that is legal tender, courts have been lenient on sellers if the note offered was unreasonably high-valued for a small purchase, or when the purchaser refuses to use more friendly denominations, if any he had. In addition, courts have also accepted that if the merchant did not have sufficient cash on hand to produce change for a given payment, then the transaction can be cancelled without any penalty to either party. These decisions have caused a considerable share of small vendors to refuse notes above a given denomination (e.g. €10), to avoid receiving highly-valued counterfeit notes at great cost; when reported with the police, policemen have been known to guide the purchaser to a nearby bank to exchange for lower denominations.

Some experts have assessed the lingering presence of €10,000 to €500 notes "a relic of a non-digital era", when transporting large amounts of banknotes would have been more common, and higher denominations between two trusted parties would have made transactions more manageable. Not all of them agree that these denominations should be demonetized; some state that such notes are so rare, that counterfeiting is a non-issue in casual transactions, in which counterfeit notes, except the most sophisticated ones, mostly circulate. The historical interpretation gains credence when these notes are measured: their large size meant they fit better in a folder or suitcase than wallet, probably indicating that the Central Bank never meant for them to stay in one.

See also

• Themiclesia