I've seen a lot of RPG servers on Xbox that have their own currency. It seems that almost every server has a different currency, ranging from paper to diamonds to redstone. I was just wondering which currency is the most effective because I am currently working on a town and would like to establish a simple yet solid system for trading.
How much paper should I start the town out with, then?
The best thing to do is do some research and find out what values you want to assign your currency. For my server, our currency is more or less backed by a "diamond standard" meaning that for all the money that's printed, it can be backed by diamonds. We issue out 8 paper per diamond, 4 for gold, and hardly anything for iron. We keep all the paper in a bank and people can either get paid for doing jobs or turning in ore. That's it.
Use snow balls, they require a good shovel to dig lots of them, never run out, and can be turned into snow for storage. Just make sure you have a snow biome far from your city so getting rich is not easy
The only reason I don't like using snow is because of how easy it is to get it. You might as well use dirt as your currency if you're going to make it that easy to get. The reason I like paper is because we can have our guards search the city for sugar cane farms and I've already searched most of the map for sugar cane so it's not easily accessible. I record most transactions and that makes it more difficult for the dupers to get away with duping. We've caught about 5 dupers so far.
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"When you play the game of thrones, you win or you die."
I use the Bullion-Credit system, comprised of Iron and Gold being translated into credits. I am too lazy to retype the information, so just look at some of my older posts to learn more about it. I know people with small villages think that a currency is pointless, but you have to make one when your city is going to be able to hold over 400 different people. :/
Well, if you're going for a gold standard economy, then I think moss stone would be the way to go (assuming you don't dupe). People may have to work to earn their moss stone in the beginning (from the host). I personally have found that the game isn't really set up for a good currency. Then again, it's up to the players to try and make anything work. We just use the policy (you take something, you leave something).