Galactic Credit standard

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Article Theme/Topic: Galactic Credit Standard

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The Galactic Credit Standard or Credits was the main source of currency utilized by the Galactic Republic and the Galactic Empire.

Republic Credits were utilized all throughout the galaxy especially in the Inner Rim and Core Worlds of the Republic, however some systems such as Tatooine did not like to use credits and preferred other forms of currency or favors. This led to a lot of trafficking and selling within these Outer Rim systems that preferred payments such as “Spice” or weapons. The Republic Credits were enforced and backed by the InterGalactic Banking Clan and used this system to fund both sides as they played a neutral part in financial contributions in the Clone Wars.
Some systems used their own currency in order to be financially independent from the Republic such as the planet of Milvayne that used the “Milvayne Credit.”

During the reign of the Galactic Empire, the Republic Credits were changed to the Imperial Credits and also enforced by the InterGalactic Banking Clan, however the organization was hesitant to fund the Rebellion due to its contract with the Empire.

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Galactic Credits were often carried around as “Credit Chips” and were often kept in vaults and secure locations throughout the galaxy.

The Republic Credit was formed as a way for the Galactic Republic to have and regulate its own currency throughout the galaxy. Beforehand many planets would enforce local currency which became hard to track and dictate each value of currency, therefore the Republic created the Credit as one universal standard for banking. The IGBC would also take the opportunity to handle the financial obligations of the new currency and regulate it as a means to fund and create profit. When the Empire was established the IGBC continued to regulate Credits but soon phased out the Republic Credit for the Imperial ones and the old credits were no longer in circulation, nor an acceptable form of currency.

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Many merchants on Outer Rim worlds did not accept the value of Credits as they already used other forms to legitimize businesses. One such merchant was Watto from EP I where he refused an offer of 20,000 Republic Credits from Jedi Master Qui-Gon Jinn in order to buy his hyperspace drive.

Another example of those who didn’t like using credits was the Galactic Pirates on Felucia, who preferred using “Spice”, weapons, or other currency to carry out business practices. as well as smuggling and seizing assets. The Confederacy of Independent Systems also had its own currency but would accept Republic Credits from the IGBC to fund war efforts.