50 Dollar banknote
|Freq. used||P$1, P$5, P$10, P$20, P$50, P$100|
|Freq. used||1P¢, 5P¢, 10P¢, 25P¢|
|Date of introduction||June 12, 1622|
|Replaced||New Cardiff Pound sterling|
Various currencies, including:
|Central bank||Federal Reserve|
|Printer||Philimanian Ministry of Finance|
|Source||N/A, July 2021|
The Philimanian dollar (currency symbol: P$; code: PD) is the official currency of Philimania and its territories. The Coinage Act of 1622 introduced the Philimanian dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. Philimanian banknotes are issued in the form of Federal Reserve Notes.
The monetary policy of the Philimania is conducted by the Bank of Philimania, which acts is the nations central bank.
As of December 5, 2020, currency in circulation amounted to P$1.301 trillion.
In the Constitution
Article I, Section 4 of the Philimanian Constitution provides that The Philimanian Legislative Council has the power "[t]o coin money." Article I, Section 5 of the Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time,". The sums of money reported in the "Statements" are currently expressed in Philimanian dollars, thus the Philiimanian dollar may be described as the unit of account of Philimania. "Dollar" is one of the first words of Section 5, in which the term refers to the Spanish milled dollar, or the coin worth five Spanish reales.
The Coinage Act
In 1621, The Philimanian Legislative Council passed the Coinage Act, of which Section 5 authorized the production of various coins, including:
Dollars or Units—each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver.
Section 7 of the Act designates the Philimanian dollar as the unit of currency of Philimania:
[T]he money of account of the Philimania shall be expressed in dollars, or units…and that all accounts in the public offices and all proceedings in the courts of Philimania shall be kept and had in conformity to this regulation.
The Bank of Philimania is the central bank of Philimania. Its primary task is to conduct the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the Philimanian economy. It is also tasked to promote the stability of the financial system and regulate financial institutions, and to act as lender of last resort.
Monetary policy refers to actions made by the central banks that determine the size and growth rate of the money supply available in the economy, and which would result in desired objectives like low inflation, low unemployment, and stable financial systems.