Kelssek dollar
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The dollar (currency code KSD) is the currency of Kelssek and the monetary basis of its economy. A fiat currency, it is backed by reserves of precious metals, Kelssek's resource industries, and holdings of foreign currency. It is controlled and administered by the country's central bank, the Bank of Kelssek.
Cash denominations include coins of 1¢, 5¢, 10¢, 25¢, $1 and $2, and are minted at the National Kelssekian Mint in Clayquot. Banknotes are in $5, $10, $20, $50 and $100 denominations and are printed by the Bank of Kelssek Currency Printing Agency.
See also: Kelssek Ministry of Finance website for full-size versions of the banknotes
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Security features
The primary anti-counterfeiting measure of the banknotes is double-side alignment, made possible by a special printing process which prints both sides of the note at once. When held up to light, the maple leaves on the front and back of the note should align perfectly. A watermark showing a maple leaf and the note's value should be visible on the bottom right corner (over the word "Kelssek") and under ultraviolet light, the Kelssek coat of arms and the value of the note will be visible on the front and back respectively. In addition, the notes are made of a composite paper-polymer material with a characteristic "feel".
Foreign exchange and capital controls
As all of Kelssek's trade is essentially the barter of goods through the International Fair Trade Agreement, the Kelssek dollar is seen in foreign exchange usually for the purpose of tourist visits to and from Kelssek. Trade of the currency on foreign exchange markets is allowed but the outflow of the Kelssek dollar is naturally limited and the monetary authority intervenes on currency markets to ensure a stable value at about 1.25 Universal Standard Dollars.
As no more than KSD 100,000 may be taken out of Kelssek without a permit from the Minister of Finance, the currency is often used as a means of capital control, and effectively gives the Kelssek government veto power over large international transactions. In addition, laws exist which criminalise currency speculation which is "significantly detrimental to the interests of the Kelssek nation", although to date there have not been any prosecutions for such activity.
Legal tender
Bank of Kelssek notes are legal tender in Kelssek and must be accepted for payment if offered, although a transaction may legally be settled through any form of payment agreeable to all parties involved. In some cases, refusing legal tender may entitle the person offering the payment to obtain the good or service for free; such disputes, however, are typically settled in a small claims court. Concerns over counterfeiting have, however, led many small shop owners to refuse $100 notes for small purchases, and there are growing calls for laws to be revised to take these considerations into account.
Banknotes
| Value | Colour | Obverse | Reverse |
|---|---|---|---|
| $5 | Blue | Peace Tower | Polar bear |
| $10 | Purple | Remembrance Hall, National War Memorial | Red and white poppies |
| $20 | Green | Kieran Pearson (Prime Minister 1956-1964) | Mallard |
| $50 | Red | Arctic wolf | Crystal Mountains |
| $100 | Orange | Radarsat, Spaceship One | Twinklespring Valley landscape |
Coins
| Value | Material | Obverse | Reverse |
|---|---|---|---|
| 1¢ | Copper-plated steel | Maple leaf | Kelssek coat of arms |
| 5¢ | Nickel-plated steel | Maple leaf | Beaver |
| 10¢ | Nickel-plated steel | Maple leaf | Courage galleon |
| 25¢ | Nickel-plated steel | Maple leaf | Caribou |
| $1 | Bronze-plated nickel | Maple leaf | Common loon |
| $2 | Ring: Nickel Centre: bronze-plated nickel |
Maple leaf | Polar bear |
