Draft:Sheeplandic Pound

Sheeplandic Pound
Sheeplandic Pound
	One Sheeplandic Pound sample image
Denominations
Subunit
1/100	Sheeplandic cent
Plural	Sheeplandic Pounds
Sheeplandic cent	Sheeplandic cents
Symbol	SP
Sheeplandic cent	SC
Nickname	Sheep Quid, Pound
Sheeplandic cent	Cent
Banknotes
Freq. used	SP1
Rarely used	SP2, SP5, SP10, SP20, SP50 (Doesn't exist yet);
Coins
Freq. used	No coins minted yet
Rarely used	SC5, SC10, SC25, SC50, SP1 (Doesn't exist yet)
Demographics
Date of introduction	11 July 2023
User(s)	Sheepland
Issuance
Central bank	Central Bank of Sheepland
Website	https://sites.google.com/view/sheeplandrepublic/bank
Valuation
Inflation	0%
Source	Central Bank of Sheepland, 2024 est.

Submission declined.

On it's way to get published, but still has a lot of very short sections that need expanding right now. Also consider making the exchange rates a table.

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The Sheeplandic Pound is the national currency of the Republic of Sheepland. It was created on May 22nd, 2023 before the micronation of Sheepland was founded. It was originally intended as a sales tax evasion idea for a hypothetical small farm. However, after the micronation of Sheepland was founded, the president decided it should become the national currency of Sheepland since there was already a banknote design and gold peg in place. It uses the Gold Standard and is currently pegged at 50 Sheeplandic Pounds per gram of Gold. Due to using the gold standard, it is one of the few (if not the only) micronational currencies that is stronger than the US dollar both in terms of value and stability.

Etymology

The origin of the name "Sheeplandic Pound" came from one of the demonyms for Sheepland "Sheeplandic" (Inspired by Icelandic) and the British Pound Sterling. Naming it after the British Pound instead of another currency like the dollar was done because the value of the Sheeplandic Pound was very similar to the value of the British Pound at the time of its creation.

History

Creation

The first design of the One Sheeplandic Pound banknote was created on 22 May 2023, which was 51 days before the micronation of Sheepland was founded. It was originally intended as a sales tax evasion scheme for a hypothetical small farm. However, once the micronation of Sheepland was founded, the President of Sheepland decided that it would become the official currency of Sheepland since there was already a banknote design and gold peg in place..

Currency Reform

On 28 May 2024, a reform was enacted by the President of Sheepland to switch the Sheeplandic Pound to Fractional Reserve Gold banking, changing the ratio of gold reserves to currency printed from 1:1 to 1:2. The reform requires the Central Bank of Sheepland to hold half of the amount of gold by value compared to the value of the currency it prints. This means that the Central Bank is now allowed to print 100 Sheeplandic Pounds per gram of gold that is has in reserve, while the exchange rate of the Sheeplandic Pound remains set at 50 Sheeplandic pounds per the value of a gram of gold.

The official government document proclaiming the reform: File:Sheeplandic Pound Reform Document.pdf

Coins

As of 2024, coins have not been minted yet due to the high upfront costs of the machines required to mint coins.

Banknotes

2023 Series

The 2023 Series of Sheeplandic Banknotes was never printed by the Sheeplandic Central bank, and only consists of the 1 SP note design that carried over from the sheep farm idea from before the micronation of Sheepland was founded. The layout of the 2023 series One Sheeplandic Pound banknote is heavily based on the design of the $1 USD bill.

2024 Series

The 2024 Series of Sheeplandic banknotes are still in the design phase and none have been printed yet. The 2024 series notes are expected to have increased security features and multiple denominations of banknotes (SP1, SP5, and SP10) unlike the 2023 series. The 2024 series has much less resemblance to United States currency and had taken some inspiration from dutch banknotes while also developing a style of its own.

Value

The Sheeplandic pound uses the Gold Standard. It is pegged at 50 Sheeplandic Pounds per gram of Gold. To calculate the exchange rate from another currency, find the current gold price per gram and divide it by 50. To calculate the exchange rate to another currency, divide 50 by the current gold price per gram. The Sheeplandic pound can be exchanged back to another currency at a 10% fee, but it can not be exchanged directly to gold as that could become an exploit for getting gold at spot price.

Units

The sub-unit of the Sheeplandic Pound is the Sheeplandic Cent. 100 Sheeplandic Cents are worth a Sheeplandic Pound.

Exchange rates

Click here for exchange rates updated daily

The Sheeplandic pound generally is worth around 1.1 British Pounds, 1.3 Euro, or 1.5 USD. The exchange rates fluctuate a lot so please check the "exchange rates updated daily" link above. The site was created by the President of Sheepland and it automatically analyzes currency conversion rates and the value of gold every day to get very accurate exchange rates for the Sheeplandic Pound without needing to be manually updated.

Legal status

The Sheeplandic Pound has legal validity in and is the national currency in the Republic of Sheepland. It is currently not used by any other micronations and is not legally recognized as a currency by any macronation. However, there are no regulations against using the Sheeplandic Pound in other countries and individuals and businesses who wish to use it outside of Sheepland can use it as a currency.

External links

https://sites.google.com/view/sheeplandrepublic/bank Central Bank of Sheepland (Issuing authority)

References