Minting coins for our Republic

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Re: Minting coins for our Republic

Postby Tiberius Aquillius Cato » Sun Nov 20, 2016 7:06 am

I am far from an expert but basing this on a few things namely gold and silver prices. It would be my recommendation to have smaller coins that are more affordable of maybe a lower silver content or even copper and have higher value coins that are purer and larger. A set conversion rate would have to be maintained in regard to the silver market (a review to readjust would have to be done on a periodic schedule). Another option would be to set coinage to a standard and mint with cheaper metal that could be backed up by the standard(either gold or silver). Then you could make "proof sets" in gold or silver for purchase

Just my thoughts since id be interested in coinage if it had set regulations.
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Re: Minting coins for our Republic

Postby Marcus Aurelius Seianus » Sun Nov 20, 2016 8:10 am

Salve,
While thinking about the coinage, a few things came to mind, first cost of shipping coins, second valuation of coins, third, exchange of denarii between members

First, cost of shipping. Now I will use USPS for shipping since they have flat rate upto 70lbs. Now suppose each coin weighs 1/2 and ounce, that means 2240 denarii can be shipped without going over weight restrictions. Now for some, thats not an issue, but for others it could pose an issue. Yes, orders may have to be broken up into multiple shipments, but its something to consider.

Second is the valuation. As of current, 1 USD equals 4 denarii. I seriously do not think we we'll be able to sell the denarii coins at 25 cents each and make any type of profit, unless we find a really good deal. I am not saying we can't, but it may be a bit harder. So, the valuation of virtual denarii may not equal physical. If the valuation does change, how will that effect current denarii holders? Some of us have quite a few. Now relating back to the first point, those who hold denarii, how will they be awarded their coins? We could be looking at a huge profit loss is we are to cover the cost of supplying those who already hold currency. As a member of Ordo Equester, I hold a fair amount, and continue to assist the Republics operating costs with adding more to my purse.

Lastly, with the current virtual system, we have a good checks and balances system. We can easily see that one citizen paid and one received. With the physical currency, we lose that transparency. Its the same principle as why you don't send cash through the mail. How can we maintain that transparency? Would we have to create an escrow account?

These are things we need to consider before jumping the gun.

Vale
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Re: Minting coins for our Republic

Postby Gaius Curtius Philo » Sun Nov 20, 2016 3:05 pm

All good points M. Auguste. I can right now answer one of them. Regarding Denarii costing too little: We can always set a lower limit to denarii minting. Instead of minting One Denarius for example we start with one Aureus (which is 25 denarii or 6.25$).
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Re: Minting coins for our Republic

Postby Gaius Curtius Philo » Sun Nov 20, 2016 7:08 pm

Anyone has any idea how much it would cost to make a 6.25$ golden coin of normal size (with the minimum amount of impurity but knowing it surely WILL have to be very impure)?
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Re: Minting coins for our Republic

Postby Marcus Livius Horatius » Sun Nov 20, 2016 7:40 pm

There so no way you will get even the flimsiest gold plated coin for $6.25.

The value of the coin should be related to the treasury of the Republic, not the material it is made out of.
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Re: Minting coins for our Republic

Postby Marcus Livius Horatius » Sun Nov 20, 2016 8:20 pm

Good news friends!

I spoke to a friend who often works with Chinese manufacturers. He has secured us a quote from an Asian manufacturer.

We can get 100 coins made for $50. The mound will cost $100 for two sides. The coin would be 35mm and 3mm thick. It would be silver plated.

Total cost is $150 for 100 coins. We could make 200 for $190.
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Re: Minting coins for our Republic

Postby Gaius Curtius Philo » Sun Nov 20, 2016 8:25 pm

Marcus Livius Horatius wrote:Good news friends!

I spoke to a friend who often works with Chinese manufacturers. He has secured us a quote from an Asian manufacturer.

We can get 100 coins made for $50. The mound will cost $100 for two sides. The coin would be 35mm and 3mm thick. It would be silver plated.

Total cost is $150 for 100 coins. We could make 200 for $190.


This is perfect Horatius! Do they have examples we can see?
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Re: Minting coins for our Republic

Postby Marcus Livius Horatius » Sun Nov 20, 2016 8:46 pm

Here is an image of a coin they sent as an example of previous work.

Image

I just got off the phone with them. 200 coins plus shipping is $300. They can make them in 2 weeks and shipping is between 2-4 weeks. We could start offering these coins in about 6 weeks if we go ahead.
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Re: Minting coins for our Republic

Postby Gaius Curtius Philo » Sun Nov 20, 2016 8:49 pm

If we make 200 coins we would use 0.95$ per coin, which is a great production cost. We could make it worth 6,25$ (25 Denarii or 1 Aureus) and add the 0.95$ in the price so the treasury keeps itself in equal quantity of Denarii to dollar ratio. Would work like a tax. So 7.20$ in total cost. That would be a 15.2% difference though... If there was a way to lessen that it would be best. A good solution is for the Republic to absorb most of this discrepancy at first and attempt to fix it with other forms of revenue like the ones already mentioned before. So we could sell at around 6.5$ or something of the sort instead. As of now our treasury isnt in synch with our Denarii amount so I dont believe it would be a problem at present.

Sorry if this text was confusing. I was just thinking while typing lol
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Re: Minting coins for our Republic

Postby Marcus Livius Horatius » Sun Nov 20, 2016 8:54 pm

They would make nice prizes for ludi. Maybe 50% denarii prize can be in physical currency?
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