The Simoleon

The simoleon (symbol: §; code: SIM; subunit: céad = 1/100) is the official currency of the 48 countries that have ratified the Uniform Monetary Agreement of 1945, which established a single unified currency to be adopted as legal tender by the signatory nations. Since its introduction, the simoleon has become the commonly accepted currency across most of Heremonia, and has made inroads in Heberia. It is currently the largest reserve currency in the world, as well as the most traded currency on foreign exchange markets.

The simoleon was introduced to financial markets as an accounting currency on 1 Erzmonat 1948. Actual simoleon coins and banknotes were first issued on 1 Erzmonat 1949. By Siamonat 1949 it had completely replaced former currencies, becoming the operating currency of the original member countries. The simoleon is administered by the International Reserve Bank (IRB), located in Ballmargath, Érevon. The IRB works in partnership with the central banks of member countries (collectively the Uniform Monetary Authority) to set monetary policy. The central banks oversee the printing of banknotes and minting of coins in their respective countries, and administer the UMA payment system.

In keeping with the longstanding popular preference for coins over banknotes, paper money is reserved for higher denominations. Copar coins are issued in 1c, 5c and 10c denominations. The 25c, 50c and §1 denominations are struck in silver, and the §5, §10 and §20 coins are minted in gold. All circulating coins have a common reverse face, showing the value of the coin surrounded by a wreath of oak leaves and the year the coin was struck, while the obverse, or "national side," depicts an image specifically chosen by the issuing country.

Simoleons are also issued as banknotes in §50, §100, §500 and §1,000 denominations. The size of the note increases with its face value. All simoleon banknotes have a common design, which varies only where the issuing central bank is indicated. Simoleon banknotes are circulated in all denominations as both gold and silver certificates, redeemable in coin at any nationally chartered bank of any signatory country.

History

The simoleon was established by the Uniform Monetary Agreement of 1945, which also set strict economic, fiscal and monetary criteria for membership in the Uniform Currency Zone (UCZ). The agreement also established the Commission for the Creation of a Uniform Currency (CCUC) to set exchange rates relative to historical currencies, based upon market rates on 31 Dusanmonat 1947.

The new currency was introduced for accounting purposes, and in other non-physical form such as traveler's cheques and inter-bank wire transfers, on 1 Erzmonat 1948. The old coins and notes continued to act as legal tender, but their exchange rates were locked against each other and fixed to the simoleon from that point forward. New simoleon coins and banknotes were issued on 1 Erzmonat 1949. The period during which the old coins and notes could be exchanged for new simoleons was set by the treaty at three years, but member states were allowed to shorten or extend the conversion period as they saw fit.

Simoleon (§)

§20 Gold Coins

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Denominations

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Subunit:

Céad (1/100)

Plural:
^Simoleon:

Simoleons

^Céad:

Céada

Symbol:
^Simoleon:

§

^Céad:

c

Nickname:

Smolie

Coins:
^Copar:

1c, 5c, 10c

^Silver:

25c, 50c, §1

^Gold:

§5, §10, §20

Banknotes:

§50, §100, §500, §1,000

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^{IMAGE CREDIT:
Brightstars / Getty Images}