Guild of Financiers

The Financial Code

The first of these will have been given away in the above, to oversee the Royal Bank of Palingvyre and the maintenance of a financial code. To this end, hundreds of administrators are employed across the nation, constantly checking and rechecking the transaction and storage of currency and goods. The Bank is not just there to be a secure home for wealth, but also to turn a profit, which it does so through investment and equity. The Bank is an interested party in many of the more modern guilds, but has a strict ‘no conflict’ policy. As such, even when equity may prove lucrative, it will often divest it’s stake to avoid such circumstance.

Any foreign bank wishing to establish itself in Palingvyre must also adhere to this code, something that has caused great consternation among foreign financiers, but has helped to modernise banking in the north.

May 16th, 2022

Taxation and Publicans

Like its fellow ministry, the Guild is proximately close to those who can lobby against it, however it does not have the luxury to make enemies. There will always be a need to train mages, and while most nobles will quietly try to subvert the Arcana Guild, they mostly recognise it is need. The Guild of Financiers however is often decried, primarily for its second duty, taxation.

Any form of taxation to the Crown, no matter the source, must be recorded and checked by a publican of the Guild. These tax collectors are hand picked and are trusted implicitly in their assignation to reap the dues of the population. Most people, of course, are not land owners and thus exempt from most taxation and even where they are it is only in the major cities that it is even feasible to attempt to collect on outstanding dues. In the end, the main taxpayers of the nation are the nobility and there is a long-standing joke that it is the Publican’s List, not the Armigier’s Roll, that is the true test of nobility. The animosity between the taxed and taxer more often than not means the job is well done, recorded accurately by both parties, with no need for any further action. When the need arise however, it is not unheard of for publican’s to be sued by noble houses for over taxation or embezzlement and litigation here can be long, arduous and even bloody.

A publican may count themselves lucky however, if court is their only fear as the job also presents distinct dangers. There is a common misconception that a publican carries with him the taxes he takes, but this is rarely true. In reality, a publican transporting tax would be invisible through the throng of guards that surround them; Guards that are notoriously paranoid and exercise their discretion with extreme vigour. Lone publicans are irregular victims of batteries, (and in some cases worse), so part of publican training includes martial training.

With all the downsides of the occupation, one may therefore ask why one would take up such a role, and the truth is shortages for publicans is common, and taxes often go uncollected. The job does have some perks, with both physical and legal protection, shelter, (sometimes), and provisions, and it is one of the higher paying jobs that requires only basic literacy, however the biggest draw for its largest demographic is that it is considered to be reasonable service for the purposes of exemption from noble taxation. As such, scores of minor nobles, those who would otherwise be seen as a drain on a house, often look to become publicans and are allowed to hang onto their petty titles. Of course, no noble would be trusted to tax his own house, but the scrupulous nature of the publican’s duties allows the system to function, in an odd sort manner.

May 16th, 2022 April 30th, 2024

Currency

All currency is authorised by the Guild of Financiers and produced and distributed by the Royal Mint. The Mint is part of the Guild, but has a certain level of independence from it to prevent conflict of interest, for example, nobility cannot hold positions within the Mint.

Denominations

The Guild of Financiers recognises four denominations of coinage:

The Inferior Denominations

The inferior denominations refer to the two oldest coins currently in circulation, which are most commonly used amongst the peasantry. As currency can only be withdrawn be decree from the Guild, many of these coins are worn and old, having been in circulation for nearly two centuries and may not be recognisable beyond their regular circular shape. Both denominations were reissued in 1202 MH.

Rind, (r) (1202 MH - Present)

The origins of the names of Palish currency date back to the common industries of the past. When the milling of grain was conducted by hand, the tools used in this process became symbolic of a set amount of value. The ‘rind’ is a cross shaped support that holds the upper millstone in place, allowing grain to be crushed beneath it. In the modern day, a rind is the smallest denomination of currency, said to be worth ‘a handful of flour for the day’s meal’ and are cast in copper, bearing the cross upon them.

Burr, (b), (4r), (1202 MH - Present)

‘Burrstone’ was a preferred material with which to make millstones and overtime, a ‘burr’ became synonymous with one half of a millstone pairing. It is the last of the actively used inferior denominations. A burr is equivalent to four rinds and are cast in an alloy of iron. The exact composition of which is a closely guarded secret, both for protection against forgery and the fact it is is resistant to rust. The association with the coins have lead to certain other types of iron being marketed as ‘burr alloy’ to indicate a resistance to corrosion. Burrs are blank, except for a ring of studs on the inner circumference.

Quern, (Q), (8r, 2b), (1086 MH - 1165 MH)

A quern is a hand driven millstone. The quern coins were burr alloy cast, and depicted two hemispheres. These were equivalent to two burs, but where quickly replaced, as once worn, it became difficult to distinguish between them.

Mill, (M), (8r, 2b), (1165 MH - 1202 MH)

A mill has equivalent value to the quern, but unlike querns, were cast in brass alloy instead. Like querns however, they were also withdrawn fairly soon after their introduction, this time due to counterfeiting. They were blank like burrs, but their higher value meant they were bigger targets for fraudsters. Despite their withdrawal, mills are still used consistently by the lower classes who did not have easy access to the Guild to exchange them.

The Crown Denominations

After the inferior denominations are the Crown denominations, so named as they bear the crown insignia.

Silver Crown, (Sc), (4b, 16r) (1202 MH - Present)

The silver crown was brought in to replace the mill and was instantly successful in reducing the counterfeiting. While mills are still used in rural areas, silver crowns are the currency of choice for the middle classes. This has lead to an adjustment over time, where silver crowns have come to be valued at four burrs, as opposed to the original two, further separating them from their predecessor coin. They are cast in burr alloy and silver plated, which can lead to them losing their shine when worn.

Gold Crown, (Gc), (10 Sc, 40b, 160r) (1266 MH - Present)

An economic boom in cities in the mid 1250s lead to even more wealth in urban areas. The gold crown was subsequently introduced to help ease coinage bloat as more luxury goods became available. In reality, the only real demand for this came from noble houses and it is only these nobles, or the very rich, who ultimately use these very valuable coins. Gold crowns are cast from gold alloy and are valued equivalent to ten silver crowns.

Foreign Denominations

After lobbying from the Trademaster’s Guild, the Guild of Financier’s also recognises one foreign denomination of currency.

Rusagan Check (1327 MH - Present)

The Rusagan Check is the primary currency of Rusager and equates to roughly half a gold crown in value. For merchants dealing heavily in foreign goods, checks are preferred as they are one of the most difficult coins to counterfeit. The coins are also acceptable legal tender any Trademaster’s Guild branch making them useful to more than just the mercantile class, especially when dealing in large quantities of goods.

May 16th, 2022 May 17th, 2022

The Financial Code

Taxation and Publicans

Currency

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