New Merit
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The New Merit (Latin: meritum novum) is the regional currency of the Meritocracy, issued by the Meritocratic Central Bank. It is the official currency of all the member nations of the Bank, and is also widely used in international trade and as a reserve currency. Its symbol is ŧ or NM.
The New Merit is freely convertible to gold at the fixed rate of 450 ŧ per ounce. It is fully backed up by the gold reserves of the Meritocratic Central Bank.
Legal status
The status of New Merit as an international currency is protected by the Charter of the Meritocracy:
- A requirement of membership [in the Senate] is that the regional currency of the New Merit be accepted as equal tender for any and all international exchanges, at the exchange rate set forth by the Praetor. It is at the nation's discretion whether or not the New Merit be accepted only for international exchanges, or whether it may also be accepted as the nation's sole or primary currency.
See also
