The currency was first minted in 1909 to replace the Pound Sterling and French Franc which were used before the Dollar's inception. It was becoming increasingly difficult to import enough Pounds and Francs to meet with demand, so it was decided to use bank notes and coins to represent a portion of the gold reserve that had already grown significantly and was being used by Arcacia to trade with other nations. The use of the Gold Standard has seen the Arcacian Dollar remain the most stable currency in the world. During major global financial crises, the price of gold has risen and this has meant that Arcacia is able to conduct business as usual throughout the turbulence. Arcacia was untouched by either the Great Depression or the recent "Credit Crunch."
Bank notes: $1, $2, $5, $10, $20, $50, $100, $500, $1000
Coins: 1c, 2c, 5c, 10c, 20c, 50c
The $500 and $1000 notes can be exchanged for gold ingots weighing 1/2 an ounce and 1 ounce respectively.
Proposed Changes Edit
The Government of Arcacia is currently debating whether to phase out the 1c & 2c coins and replace the $1 & $2 notes with coins. Polls indicate that Arcacians are apathetic to losing the 1c & 2c coins, but do not support the replacement of the $1 & $2 notes with coins.