The Kingdom of Varina is the first of Ultamiya’s three successor states to begin work on its own, unique currency.
The Varinian Florin was announced this morning by King David I, who has already begun proposing designs and identification systems for the pending 18 (That is eighteen, no typo) denominations.
The Florin is pegged to $0.40, a fifth the value of the Katane, and will be divided into twenty Silver, which then splits into ten Copper. One Silver is worth $0.02, and one Copper is worth a fifth of a cent.
Why the strange divisions and decrease of value? “These modifications mean Varinians will be able to trade more efficiently with more denominations,” says David, “and Ultamiya never having had any sort of trade, I believe the Katane’s ridiculous value and lack of subunit denominations played a part in the economic stagnation of the country.”
It is not known whether the Florin will replace the Katane, but His Majesty says that will be likely. “The Katane, in its current form, is purely unwieldy in micronational trade. The Florin will be able to provide for easy, fast trade.”
The Varinian government hopes to have all eighteen denominations produced and minted by April 22nd, the three-year anniversary of the inauguration of the Katane. Back then, the Katane was even less filled, with three coins of 1, 5, and 10 value, and didn’t get its last denomination until September last year.
So, Ultamian Sector currency development has been an ongoing process. Will the Florin continue the pathway forward? As the denominations are produced, we will have to see.