Chapter 104

Chapter 104

#104. Lenslet Currency (2)

What I showed to Entaire was none other than a banknote.

“Ah, it’s a banknote!”

“I’ve named it the Lenslet Currency. We’ll call it ‘Lens’ for short.”

“Ohhhh… With this level of intricacy, there’s no worry about counterfeiting.”

“It’s a banknote issued using the exquisite printing technology only possible in the Northern Region.”

“Indeed… This delicate portrait of His Grace the Duke would be hard even for the Golden Mage Tower to mass-produce.”

“On top of that, we’ve also added enchantment processing as a precaution against counterfeiting.”

“Enchantment? How could you possibly…? In the first place, is there any force capable of counterfeiting such intricate banknotes?”

“Just in case. Even if not now, there might be in the future.”

“Truly, truly thorough.”

Entaire looked at me and the banknote with a slightly exasperated expression.

“We mixed specially enchanted magic stones into the paper when making the banknotes. The printing press is also one I personally enchanted, allowing us to mass-produce enchanted banknotes.”

With a look full of many trials and tribulations, I gazed at the banknote and continued.

“At least it was low-level enchantment, so mass-enchantment was possible. It’s also compatible with existing currency detectors.”

Even though it was low-level enchantment, producing in bulk without magic circuits but only through steam engines and magic circuits along with alchemy required countless trials and errors.

“It was tough, but it was meaningful hardship.”

“Oooohhh!”

‘This feels good. Truly a reaction paradise.’

I felt good seeing Entaire react like this to the results of all that hard work.

“In any case, there were already opinions floating around lately about reusing banknotes as an alternative to the currently insufficient coins. Of course, no one was willing to take the lead.”

Naturally, there had been times in the past empires or various kingdoms where something akin to banknotes like promissory notes had been used.

But just like on Earth’s history…

Here in Arcadia, banknotes have yet to be commonly used for similar reasons.

There were issues with papermaking and printing technologies, counterfeit concerns were significant, but the biggest problem was politics.

Especially when rulers with no economic knowledge caused chaos, the painstakingly built trust in currency could instantly collapse.

Whenever people got excited by the convenience of banknotes, they’d revert to using gold and silver coins, copper coins whose value and lack of forgery risk were certain, whenever it seemed prudent.

They bore the inconvenience of their weight and bulk because it was safer.

Trust and credit are frightening like this.

“Excuse me, may I examine it closely?”

“Of course.”

Entaire held the banknote worth 10 silver pieces and stared at it with his mouth agape.

Like a magician viewing an artifact from the golden age.

Like an artist admiring an unparalleled masterpiece.

Like a teenage boy looking at the girl he loves.

The Lenslet Currency came in six varieties.

Banknotes categorized as 1 Lens, 5 Lens, 10 Lens, 50 Lens, 100 Lens, 200 Lens.

Here, 1 Lens equaled 10 Copper, 5 Lens equaled 50 Copper, 10 Lens equaled 1 Silver, 50 Lens equaled 5 Silver, 100 Lens equaled 10 Silver, and 200 Lens equaled 1 Gold.

Considering future inflation, the design made the currency values quite high by current standards.

The design of the banknotes was largely similar.

On the right side was a portrait of Ariana, and symbols representing the North such as nature, buildings, and local specialties were intricately engraved throughout.

The differences lay in the color of the banknotes, the numbers indicating the amount, and the images.

Since the illiteracy rate was high in this world, besides numbers, corresponding amounts of silver and copper coins were also depicted on the left.

Additionally, Ariana’s portrait varied in artistic style across the banknotes.

For the 1-5 Lens copper-valued green banknotes, it was in the Northern Romantic Art Style.

For the 10-100 Lens silver-valued silver banknotes, it was in the Northern Heroic Art Style.

For the 200 Lens gold-valued gold banknote, it was in the Northern Impressionist Art Style.

“It’s beautiful.”

That was the first word uttered by Entaire after staring at the banknotes for a while.

What he called “beautiful” wasn’t the portrait of Ariana engraved on the right side of the banknote.

It was said regarding everything that constituted this banknote.

Not just the physical banknote in hand, but also the system that would issue and operate these banknotes.

To someone born to be a merchant, this Lenslet Currency must have seemed like a grand orchestra.

“It’s… more than sufficient! Given that Arad Company is absorbing almost all the gold and silver coins on the continent, establishing this Lenslet Currency should be more than feasible!”

The pure excitement of a child shone through Entaire.

“So this was why you wanted to create an independent bank for the North!”

“Yes. Since we needed to independently issue currency, it was unavoidable.”

“However, Mr. Jin, there’s still one worrying point.”

Calling me “Mr.” has been irking me since earlier. I’m the chairman now…

“Please proceed.”

But such trivialities can’t interrupt the flow of conversation.

I resolved to clarify the “Chairman” title and the reorganization of Arad Group later and listened attentively to Entaire.

“The greatest trust supporting the banknote system comes from the belief that if you bring these banknotes to the bank or government, you’ll receive the equivalent amount in gold and silver coins.”

“That’s correct.”

“The problem arises when banks or governments naturally end up printing more banknotes than the gold and silver they hold.”

“You’re talking about the issue that occurs when a bank does both deposits and loans, right?”

“Yes! Exactly.”

What Entaire mentioned was what almost all modern banks on Earth do.

For example, if you deposit 10 silver pieces,

The bank lends out those 10 silver pieces plus interest to ten different merchants.

Since the 10 silver pieces are physical coins and can’t be copied,

The bank either issues its own checks or requests the government to print 10 banknotes each worth 10 silver pieces and gives them to the merchants.

This way, an additional 100 silver pieces worth of virtual money is created in the world.

In essence, it’s a kind of legal Ponzi scheme that only the government and banks can perform.

In this world where trust in banks and governments is still lacking, it’s practically theoretical.

“No matter how successfully the Lenslet Currency settles, if this dilemma accumulates and eventually bursts…”

A genuine concern showed on Entaire’s face.

As a merchant, that worry was close to fear.

“You don’t need to worry about that. We’ll add extra security to the currency by including something else besides gold and silver.”

I dismissed Entaire’s concerns as if they were nothing.

“With something else?!?”

“Bishop Mr., surely you know that the demand for magic stones is increasing day by day.”

“…!”

“As magical engineering advances, the demand for magic stones will increase exponentially. Regardless of quality.”

“Surely not?!?”

“In the future, we’ll institutionalize that magic stones can only be purchased with Lenslet Currency in the North.”

“!!”

That’s the tech tree the US Dollar took on Earth.

“When the empire gives gifts, they should be used immediately. It’s a matter of courtesy to the giver.”

Since the imperial delegation essentially recognized us as an independent country with embassies and all, I decided to proceed immediately.

Why don’t you try some patience sunshine here?

* * *

When the empire offered peace and brought gifts.

Clearly given with bad intentions, but nonetheless, gifts are gifts.

It’s best to use them well once received.

“The empire has finally fully recognized us as an independent nation!”

“Now we’re really Lensretians!”

“There’s no more talk of Northerners or Northern people!”

“The North is Lenslet! The Northerners are Lensretians!”

The news that the Empire granted the Duchy status to the North spread throughout the High City within half a day after the delegation’s audience.

In the North, this news drew more attention than the repeal of the 20 Northern People Ban Law.

“Not just banknotes, but let’s issue our own gold, silver, and copper coins too!”

“Right!”

“Do we lack gold mines in our Lenslet? Silver mines? Metallurgy skills?!”

As soon as the news spread, they started minting coins under the name “Lenslet Currency,” following the banknotes.

Having gold, silver, and copper coins unique to the Northerners.

That was the long-held wish of the High City and the Lensretians.

Until now, to guard the last line, they only exported minerals and never dared to issue their own gold, silver, or copper coins.

But not anymore. The last restraint of the North has been lifted.

“Hahaha…”

Duke Sedes of the Imperial Delegation watched with astonishment as the North, seemingly waiting for this moment, started minting coins alongside banknotes.

While maintaining an awkward smile until the very end.

“Still the North… no, Lenslet. As expected from a place where architecture and metallurgy have developed since ancient times, they make coins like works of art.”

The Mint, where banknotes are printed, is a confidential matter, so it wasn’t shown to the imperial delegation, but coin production, being widely known metallurgical techniques, was open for inspection by the delegation anytime.

“The banknotes are so artistic they’re almost too precious to use as money.”

Instead of focusing on the freshly minted silver coins, their entire attention was drawn to our commemorative banknotes.

“To think they’ll even make it so that magic stones can only be bought with Lenslet Currency in the future… What a brilliant idea. Hahaha…”

The forced smiles on Duke Sedes and the imperial delegation’s faces were quite amusing.

Minting their own coins was no big deal for the North.

But banknotes were different.

Moreover, this so-called magic stone standard felt like a very serious issue just hearing about it.

“No matter what, this is something that should be discussed with the royal family…”

One of the nobles in the delegation tried to voice a bold objection midway,

Ziiit!

“Hem! No, never mind.”

Their words were quickly silenced by the sharp gazes of the Lensretians.

This place is practically enemy territory. A den of ferocious tigers.

They merely silently memorized every detail of the current scene thoroughly.

‘They must want to rush back to the empire and report this fact. But the High City is so cold that the imperial carrier pigeons can’t reach here.’

I recently learned that the Imperial Mage Tower hasn’t distributed magic communication devices yet.

If my knowledge of the Golden Mage Tower’s capabilities is correct, they should have distributed magic communication devices long ago.

Instead, a well-trained and systematic carrier pigeon system seems to be quite widespread.

Apparently, it has been pushed back in the Golden Mage Tower’s priorities.

‘The reason for delaying the development of magic communication devices is probably similar to mine.’

For Yulkaneis, who enjoys being cooped up in the Mage Tower doing research, magic communication devices must have been pure annoyance and interference.

Initially, magicians used familiars instead of magic communication devices, so they likely didn’t find communication particularly inconvenient.

‘I shouldn’t show the magic communication device to the imperial citizens for now.’

I thought while glancing at the imperial envoys before me.

“By the way, Lord Arad Jin, why didn’t you engrave His Grace the Duke’s visage on the coins?”

At that moment, Duke Sedes, the representative of the imperial delegation, caught my eye with a hint of hope in his gaze.

As he said, the silver and gold coins, as well as the coppers currently being issued in Lenslet, did not feature Ariana’s face.

Instead, symbols representing the North were engraved.

Winter Hawks on the silver coins, Golden Carriages on the gold coins, and the core herbs of Arad Salt—snowflower roots and snowy leaves—were engraved on the copper coins.

“Could it be… Could we interpret your decision not to engrave His Grace’s visage on the coins as a gesture of respect towards the empire and His Majesty?”

“…?”

What nonsense is this? Myself and the Lensretians tilted our heads upon hearing Duke Sedes’ words.

“If that were the intention, you wouldn’t have included His Grace’s visage on the banknotes either.”

“Ah…”

I bluntly shattered their delusions.

“Then… why not on the coins?”

“In the case of coins, it’s because they’re frequently split in half.”

I showed them a halved imperial silver coin.

It was a recent silver coin with Khanbraman’s face engraved, but to make a 50 copper piece, the right side had disappeared, leaving only the poor left side of the face.

“Split… in half?!”

“Is this your first time seeing it?”

The duke and the delegation were shocked at the sight.

“Noble gentlemen don’t have to split gold, silver, or copper coins for use. Mr. Jin.”

At that moment, Entaire whispered from the side.

“To be honest, in the empire, coins bearing the emperor’s face aren’t usually cut in half.”

“Then how do you divide values below copper?”

“Typically, barter exchange is done, or if not, silver or copper coins issued by other kingdoms are split and used.”

“So, we can do it too, right?”

Understanding Entaire’s explanation, I shook the halved imperial silver coin.

“…”

Faced with my actions, the imperial delegation ultimately seemed to give up on thinking.

Every time they saw the halved imperial coins, they strained to look away with cloudy eyes.