| Deca | |
|---|---|
|
| |
| ISO 4217 Code | PRD |
| User | Pacifican Republic |
| Subunit 1/100 |
Cent |
| Symbol Cent |
Đ đ |
| Plural Cent |
Decas Cents |
| Coins | đ0.01, đ0.10, đ0.20, đ0.50, Đ1 (minting ended 1 January 2010) |
| Banknotes | đ0.01, đ0.05, đ0.10, đ0.25, đ0.50 Đ1, Đ2, Đ5, Đ10, Đ25, Đ50 Đ100, Đ200, Đ500, Đ1000 |
| Issuer | Ministry for Monetary Funding |
The Deca (Cascadian: Déxá) is the official currency of the Democratic Republic of the Pacific. The United States dollar is still used in trade, however, not officially and is not accepted by any nationalized companies. The deca is represented by the symbol Đ, and is subdivided into 100 cents (đ). Unlike any other nation, the Ministry for Monetary Funding of the Pacifican Republic ended the minting of all coins on 1 January 2010 citing costs and an evolving economy. All cents are now produced in banknotes, and has been since 1 December 2009.
Issued by the Ministry for Monetary Funding, the sole authority on printing and distributing currency within the country, which prints banknotes and, prior to 1 January 2010, minted coins. Currently, the Ministry for Monetary Funding is accepting the Californian dollar (CA$) at a rate of 1.59CA$ to 1Đ, and the United States dollar (US$) at a rate of 4.21US$ to 1Đ.
History[]
The deca was first introduced in June 2009 to replace the US dollar, rapidly declining in value, and the counter the production of the new currency from California. The Ministry for Monetary Funding was created on 3 May 2009 to administrate and coordinate the production of the official currency for the Pacifican Republic. In a contest, the name deca and the symbols đ and Đ was selected as the name and symbols for the new currency.
Introduced throughout the summer of 2009 to counter the production of the Californian dollar, designed to overrule Pacifican attempts to localize their economy, the deca quickly gained trust in the international economy as the Pacifican government converted many of its investments from dollars to euros - increasing its value. The deca's design was not to be backed by metals, but by that of trust and the value of the reserve currency: the euro. This concept of "dead money" allowed for the Pacifican Government to circumnavigate the absence of any precious metal reserves to back their currency.
In November 2009, the Ministry for Monetary Funding announced that it'll no longer mint coins for the deca beginning on the New Year, 2010. Citing the lack of metals to produce the coins, an evolving economy, and the costs of operating a formal mint. The ministry also announced that the coins would be replaced by banknotes of the denominations, with printing beginning on 1 December 2009. The National Assembly decreed that all coins will remain legal tender indefinitely and that coins transfered to national banks will be placed into vaults, not to be released.