Adoki yen

The yen was the currency of Adoki prior to the formation of the Confederated Peoples. It will continue to be accepted as currency in Adoki until 1 July 2007 although its value during this period will not be determined by the market but instead will be tied to the Confederal dollar according to a fixed rate whereby 360 yen are equal to one dollar. Although the yen will no longer be accepted as a circulating currency after 1 July, the Confederated Peoples will redeem yen in the possession of private citizens at the same rate until 1 January 2008. After that time, the Confederated Peoples will only redeem yen held by foreign states or Confederal Members, although it will continue to do this at the same fixed rate as long as there remain yen yet to be so redeemed.

Etymology

The Adoki yen derives its name from the Japanese yen. In standard Japanese, the yen is pronounced "en" but the spelling and pronunciation of "yen" is standard in English, due to a historical Portuguese transliteration. The inclusion of the letter y is based on romanization of an obsolete writing of the word which included the kana ゑ (ye/we), examples of which can also be found in such words as Yebisu, Iyeyasu, and Yedo. Like the spellings of names of people outside Japan, the romanization of yen has become a permanent feature.　En literally means "round object" in Japanese, as yuan does in Chinese, referring to the ancient Chinese coins that were circular in shape and widely used in Japan up to the Tokugawa Period.

History

Introduction

The yen was introduced by the Imperial Government in 1871 as an attempt to modernize and follow the example of Japan. The Imperial Currency Act established the yen as an official currency and established a decimal accounting system. The coins were round and cast after the Western fashion. The Act also established a bimetallic standard with the value of the yen being fixed in terms of both gold and silver.