After the successful issuance of the treasury bonds, the treasury had ample gold reserves, and the next thing Roland had to do was to set up a national mint and legislate to gradually withdraw the large number of imperial coins from circulation and replace them with new coins issued by the kingdom of Koras.

Roland was interested in the economic history of the East and the West before he traveled through the country, and read a large number of literature and treatises in related fields, and the most crucial part of economic history is "monetary history".

Throughout the history of human currency, it is not difficult to summarize a rule: in the era of the gold (silver) standard, the gold (silver) content of a coinage directly reflects the financial situation of the minting country.

When a country's financial situation is good, the gold content of the coinage issued is probably very high, and at this time, it is its own gold content that provides credit support for the face value of the currency, the so-called "real gold is full of red"; When a country's finances are in dire straits, it often collects money by reducing the gold content of the coinage, which contains a large amount of base metals, and the real value is much lower than the face value, which can only be enforced by the state power, and depreciation is inevitable.

Roland used the above laws as an analytical tool to examine in detail the monetary systems of the countries of Vares, and the imperial currency "Dugar", as the recognized international currency in the world today, has the largest circulation and the widest circulation, and is certainly the most worthy of his in-depth study.

Since the establishment of the Kingdom of Kolas, Roland has begun to collect gold coins issued by the Assanian Empire at different times to compare the changes in gold content. The results confirmed his suspicion that although the appearance of the gold coin had not changed much in the last two centuries, the gold content of the coin also showed a downward trend as the portrait of the emperor on the obverse of the coin continued to change. If you draw a coordinate system, with the gold content of the gold coin as the vertical axis, the time is the horizontal axis, you will get a downward curve, especially in this century, the slope of the decline increases sharply, the gold content of the gold coin fell from 90% to 80% It took 40 years, and the gold content fell from 80% to less than 70% after only another ten years, and this slide-like depreciation phenomenon occurred precisely during the reign of Emperor Charles IV, which shows that the people's criticism of the emperor's "great joy" and "extravagance and waste" is indeed well-founded.

Emperor Charles's extravagance and waste is reflected in his youthful admiration of feasting and the construction of palaces in various places, and as he has grown old, his majesty has restrained a lot in the past ten years, and no longer indulges in extravagant life as before, why is the depreciation of the imperial gold coins intensifying, and the financial situation is deteriorating?

The reason for this is that in recent years, the empire has gradually lost the absolute hegemony established in the past 15 centuries, and the surrounding princely states have become more and more unruly, challenging the dominant international order of the Holy Assanian Empire in various ways.

Who would have thought that that small island nation would take the lead in the two epoch-making changes of magic industrialization and constitutional monarchy after entering the new century, and in recent years become the first modern country to complete industrialization, its native territory is only one-tenth of the territory of the empire, and its population is less than 10 million, only equivalent to one-twentieth of the population of the empire, but it has the most powerful naval fleet in the world, and issued the following rebellious declaration to the imperial authorities:

The major turning point in international geopolitics in this century is reflected in the fact that sea power will eventually replace land power, and Fei Zhen, who has the world's strongest navy, has the obligation to play a more important role in the international political arena.

In fact, Fei Zhen Zhen did exactly that. From the Meteorite Ocean to the Stormy Ocean, the Phizhen fleet and armed merchant ships swaggered and rampage, and the "New World Colonial Company" controlled by the Phizhen government landed in Wilnoa and Grabelen one after another, ignoring the imperial authorities' repeated reaffirmation of their suzerainty over the New World, openly establishing their own colonial strongholds, and rapidly expanding their sphere of influence, thereby breaking the Empire's monopoly on trade in the New World.

Just eight years ago, in the summer of 1612 in the Age of Light, the Imperial Navy and the Phi Zhen Navy shocked the world in the largest naval battle of the century on the Stormy Ocean.

Emperor Charles had long realized that the Imperial Navy was probably not the opponent of Fei Zhenren, but he never expected that the outcome of this battle would end in the total annihilation of the Imperial Navy! More than 300 sail ships of all classes were annihilated in the ocean by Fei Zhenren's ironclad steam fleet, and half of them were chased and killed by Fei Zhen's detachment on the way to escape and were forced to sink in despair.

The Battle of the "Stormy Sea" sounded the death knell of the era of sail battleships, and also symbolized the replacement of the empire as the overlord of the sea. Emperor Charles was not willing to give up control of the sea, and made a painful decision to build a modern fleet with magic steam engines and steel armor, and for this purpose he did not hesitate to invest hundreds of millions of dollars in the naval military budget every year.

The battlefield of the "Stormy Ocean Naval Battle" is far away from the empire and the mainland of Feizhen, but it is at the doorstep of the Sea Blue Marquis. The Hailan Fleet blocked all ports from the Coral Sea to the coast of the Bologni Peninsula, allowing only the Feizhen warships to enter the port for supply and maintenance, but refused to allow the Imperial Warships to dock, which was also the root cause of the Imperial Navy having to flee thousands of miles after the defeat and being chased and annihilated by the Feizhen Fleet.

After the Battle of the Stormy Ocean, the Sea Blue people also realized the importance of new warships, so they accelerated the construction of a naval fleet, which in turn stimulated the empire to increase military spending. The arms race between the three navies became a heavy burden on the empire's finances, and taxes alone could not make up for the huge deficit, so they had to resort to some shady means to improve the financial situation, such as reducing the gold content of the coinage, and using power to push these sharply depreciating coinage into circulation, thus invisibly imposing a large amount of seigniorage.

There is nothing new under the sun, and the change in the gold content of the imperial coinage "Golden Duga" makes Roland naturally think of the changes in the coinage of the Roman Empire on the earth.

At the height of its military expansion, the Roman Empire was also on a downward trajectory from prosperity to decline, and the empire's revenues became increasingly difficult to meet its ballooning expenditures. During the reign of Nero, the silver content of the Roman dinar was reduced to 90%; By Trajan's time, the silver content had fallen to 85%; During the reign of Marcus Aurelius, the silver content continued to depreciate to 75%; By the end of the 2nd century AD, only 50% of the dinar had been silver. As the silver content of the currency deteriorated, the once-powerful empire was irretrievably fragmented and collapsed.

PS. It's the last day of September, and don't forget to vote for the monthly pass, thank you for your support..