Luziycan lira

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Luziycan lira
₤5 banknote
₤5 banknote
ISO 4217 Code LUL
User(s)  Luziyca
 Phaonam
Unofficial users:
 Mazaristan
Inflation 2.1 (2016)
Subunit
1/100
Symbol
c
Plural Lira
senti
Coins
Freq. used 1c, 5c, 10c, 25c, ₤1, ₤2
Rarely used 50c
Banknotes
Freq. used ₤5, ₤10, ₤20, ₤50
Rarely used ₤100
Issuing authority Central Bank of Luziyca

The lira (symbol: ) is the currency of Luziyca and Phaonam, and has been unofficially used in Mazaristan since the start of the Mazari Civil War. Subdivided into 100 units known as senti in Luziycan, centesimi in Lombardian, öre in Swedish, and fen in Nantainese, it comprises of coins denominated in both senti and lira, as well as banknotes denominated in lira. The lira has been a free-floating fiat currency since 1956 when it abandoned the gold standard.

While the lira is nowhere as prevalent as the Aininian louré in international markets, due to Luziyca's historic colonial empire, its influence over the former Esquarian Union, combined with its large economy and macroeconomic stability, the lira has been perceived to be a secondary reserve currency.

History

In 1863, the lira (₤) was adopted, but until 1870, when the Central Bank of Luziyca was formed, Inleda, Bethlehem and Lombardia issued their own coins and notes, and functioned as tender. In 1870, the ability to mint liras were given to the Central Bank, and would define the lira as the official currency. To facilitate the unification of Luziyca, it was decided that one "united lira" would be worth 100 senti.

On March 25th, 1956, the lira ceased to use the gold standard and from that date became a fiat currency.

(TBC)

Legal tender

The lira banknotes issued by the Central Bank of Luziyca are legal tender in all nations that use the lira. However, commercial transactions may legally be settled in any manner agreed by the parties involved.

Legal tender of Luziycan coinage is governed by the Currency Act, 1919, which sets out limits of:

  • ₤40 if the denomination is ₤2 or greater but does not exceed ₤10;
  • ₤25 if the denomination is ₤1;
  • ₤10 if the denomination is 10c or greater but less than ₤1;
  • ₤5 if the denomination is 5c;
  • 25c if the denomination is 1c.

Old coins can still be used, with any coins below 1 senti having a maximum of 25 senti. The 2c maximum is 2 lira, and the 20c maximum is ten lira. If they are cashed, they are sent to the Central Bank, where they are melted down.

Retailers in Luziyca may refuse bank notes without breaking the law. According to legal guidelines, the method of payment has to be mutually agreed upon by the parties involved with the transactions. For example, stores may refuse ₤”100 bank notes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that the retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.

Coins

In circulation

The coins of the lira come in denominations of 1c•, 5c, 10c, 25c•, 50c, ₤1, and ₤2. The coins have a common reverse, on which the value of coins is displayed, with the head of state, and the actual value in smaller font at the top. Each nation has its own design for the obverse, which is the same for all denominations, and consists of a national symbol in the center, with the state title written around it. Note that the years in parentheses are the current composition.

They all use coin orientation, unlike other currencies where they use medallic orientation.

Value Composition Obverse Reverse Diameter Introduction
1c Copper-plated steel Huswa Varanken on a horse President Stanley Azubah 19.05mm 1870
5c Nickel-plated steel Mountains Pope Derghun II 21.2mm 1870 (1864 as one solidus coin)
10c Cupro-nickel A soldier Giovanni Sciloh 18.03mm 1870 (1864 as two solidum coin)
25c Cupro-nickel Sailboat Bald eagle 23.88mm 1870 (1864 as five soldium coin)
50c Cupro-nickel Coat of Arms of Luziyca President William Bush 27.13mm 1870 (1864 as ten solidum coin)
₤1.00 Aluminum bronze Loon President Huswa Varanken 26.5mm 1987
₤2.00 Ring: Nickel-plated steel
Center: Aluminum bronze, brass plating
Congressional Palace Incumbent president 28mm 1996

Out of circulation (decimal)

Note all these coins are legal tender within Luziyca, but if cashed, they will be melted down. They include the "mil", worth 1/1000 of a lira, which are only used for gas prices. They also are coins that are retired and are not going to be issued again.

Value Composition Obverse Reverse Diameter Introduction Retired
1m Tin 1 MIL 1 MIL 12.70mm 1870 1934
½c (5m) Copper ½ SENTI Latin Cross 25.4mm 1870 1934
2c Copper President Huswa Varanken Coat of Arms 25.4mm 1870 1940
20c Silver Pine tree Presidential Palace 30.00mm 1870 1875

Banknotes

Until 1987 and 1996 respectively, there were ₤1 and ₤2 notes respectively, but since the introduction of coins, these have dwindled. Likewise, until 1934, there were ₤500 and ₤1,000 notes in circulation, and while all banknotes are still accepted, the ₤1, ₤2, ₤500, and ₤1,000 notes are to be destroyed and removed from circulation after being cashed. Currently, the circulating notes are five lira, ten lira, twenty lira, fifty lira, and one hundred lira.

Circulating banknotes

Header text Obverse Reverse Introduced (current series)
₤5 Luziycanlira1.jpg Luziycanlira1a.jpg 2012
₤10 Luziycanlira2.jpg Luziycanlira2a.jpg 2011
₤20 Luziycanlira3.jpg Luziycanlira3a.jpg 2011
₤50 Luziycanlira4.jpg Luziycanlira4a.jpg 2010
₤100 Luziycanlira5.jpg Luziycanlira5a.jpg 2010