Within the Republic, the banking system is quite centralized and revolves around the Bank of Arcadia. Which is housed on Arcadia and regulates all of the money that is in circulation; this means how it is designed, how much is printed, as well as interest rates. It also prints all of the money that is in circulation through the Republic National Mint. As far as money goes, the Republic still uses old fashion coins and bills with online banking as well. The Republic has a liking to having physical currency mostly from a cultural perspective, as for many it gives them confidence that what they have in their pocket is what they actually have. Not to mention it makes international trade with other space faring empires somewhat easier.
Fenavrian physical currency is made up of bills/coins, with a larger focus on coins. Often these coins are made out of solid metal, usually gold or silver, or are a steel coin coated in a thin layer of gold or silver. This currency is called “Golden Royals” which is then divided into “Silver Credits” approximately, 100 Silver Credits make one Golden Royal. Golden Royals are divided into denominations of 1, 5, 10, 15, 25, 50, 100, and 150.
How one can authenticate a coin is by looking for any sort of bite marks on it, these bite marks are usually of the right canine tooth and would be focused around the edges of the coin. When the coin is first printed the inspector will look over the coin and bite it with their right canine. Over the right canine, the inspector would have a sleeve that has a very fancy ‘RNM’ on it. RNM stands for Republic Mint. Once it has been approved it will be placed into circulation and everytime it is used the merchant will look it over and bite into the edge of it, adding their own tooth mark to the coin. Another way of authenticating is to visibly see if there is a RNM mark on it, then followed by a very faint grove cut into the coin. This grove will run on the side of the coin and would usually be of high quality steel that is only made for the Republic National Mint.
For further security and authenticity, within the proof mark and the proof mark sleeve there is a small chip that activates the internal identification number. This will also change the color of the steel band from a very dark grey to a very light shade of grey, indicating that this coin is already in circulation and has been authenticated. These chips and their tooth sleeves are only given out to inspectors and are expected to be handed over at the end of the day. Then the codes are switched every day or at the start of a new batch of coins. These codes are then recorded in a national database that records serial codes of every coin in circulation.