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| sparth.com |
Once the 100 year war ended, it was recognized that having two different currencies would be problematic. Talk was made to maintain the Imperium Credit as the monetary standard, but hardliners from the Federation balked. The Imperium was willing to compromise on issuing a new form of currency, but with a catch. The Federation would be responsible for printing and distributing this new money note. Both governments agreed and with a considerable expense, the newly minted Galactic Credit began circulation 18 years ago.
Credit notes are almost impossible to counterfeit. Made of plastic fibers woven under high pressure and temperature, they compose of a variety of anti-counterfeit measures such as various colors, holographic images, and DNA tagging all of which is incorporated into the material of the credit itself (instead of being printed). The resulting credit note is rectangular with the texture and thickness of paper along with a 21 digit alphanumeric code. Credits as plastic notes are issued in 5, 10, 50, 100, 500, 1000, and 10,000 denominations. For smaller value transactions, plastic coins are used in denominations of 1/10, 1/4, 1/2, one, and five credits. Credit coins utilize similar anti-counterfeit technology during production as seen with the plastic notes.
Most commercial transactions within systems do not utilize physical currency. Instead digital commerce using electronic transfers through established accounts are used instead. Individuals which primarily deal in credit notes are travellers. As they jump from system to system, they have a delay in digital financial records catching up with them. Because of the potential for criminal activity, most systems will not take any digital currency from travellers, and insist on credit notes instead. Starports will always request fuel and expenses be paid in physical credits. Only long established local system residents have the luxury of paying expenses through USIN financial transfers.
However, local systems can readily open USIN bank accounts for travellers. They recognize some may be hesitant about about possessing large amounts of GalCredits on their person. While credit loans are impossible to attain, banks willingly open USIN debt accounts if a traveller desired (as long as they provide cash up front as a balance). However they will have to close out the account once they leave the system, with the financial institution charging a modest fee. These accounts are always non-interest and banks charge a small fee (1/10th credit) for transactions. Because of these limitations most travellers rely on carrying credit notes and only bother opening an account if staying in a system for several months (or if worried about theft of their credits on hand).
The Federation has contracted printing and distributing galactic credits to almost every megacorp over the years. Because of these efforts the GalCredit is now a commonly seen currency throughout the galaxy. However Imperium notes still can be seen in circulation. Since money is difficult to destroy, they are slowly being removed from circulation as established banks collect older Imperium credits and replace them with the new GalCredit. As tracing of Imperial credit bills is nearly impossible but still recognized as legal tender, they are highly desired by criminal organizations.
