The Birth of the Sol

To unify trade across two continents, Emperor Richard I Baratheon established a paper-based currency known as the Sol.

Named for the golden sun, the symbol of renewal and strength, the Sol replaced the myriad of coins and currencies once used by the Seven Kingdoms and the Free Cities.
Design: Each Sol note bore the seal of the Golden Throne, backed by the dragon-and-stag sigil of the Baratheon dynasty. Higher denominations carried embossed imagery of dragons, the Imperial Palace of Rygoros, or the Golden Throne itself.
Metal Backing: While paper notes circulated, the Empire continued to hold vast reserves of gold, silver, and Valyrian treasures to guarantee the value of the Sol.

The Sol standardized prices, taxes, and trade, ending centuries of confusion caused by differing coinages like gold dragons, silver stags, copper pennies, and the varied coinage of Essos.

The Iron Bank as the National Bank

In a bold stroke, the Emperor integrated the feared and powerful Iron Bank of Braavos into the Imperial structure:

It became the National Bank of the Empire, the central repository of wealth.
All tax revenues from governors, provinces, and guilds were deposited into the Bank.
Provincial treasuries drew funds as needed for defense, public works, or famine relief, but always under the oversight of the Imperial Treasury.

This move both strengthened the Empire’s finances and prevented rebellion: governors and nobles depended on Imperial favor to access their wealth.

The Account System

For the first time in history, common citizens and merchants were invited to keep their wealth safely within the Iron Bank.

Every citizen of the Empire could open an Account in their nearest bank office.
Deposits were stored in the Iron Bank’s vast vaults in Braavos, Rygoros, and other regional capitals.
Withdrawals were made by presenting Imperial seals or paper chits, reducing the need to carry coin.

This innovation brought stability and trust: merchants could conduct trade across seas with letters of credit, and peasants no longer feared bandits stealing their meager savings.

Imperial Revenue System

The Empire’s economy relied on three primary sources:

Taxation
- Land and agricultural taxes, collected from each province.
- A fairer system was instituted, overseen by Imperial auditors to prevent corruption.
Trade Tariffs
- Levies on goods crossing ports, especially in Braavos, Aegon’s Landing, Viseryon, and Sarnor.
- Silk, spice, and slave tariffs from Essos contributed heavily, though the slave trade itself was increasingly restricted under Daenerys’s influence.
Imperial Holdings
- The mines of Westeros (gold of Casterly Rock, silver of the Vale, tin of the North) were administered as Imperial monopolies.
- Dragon breeding and dragonfire-forging became an industry of its own, with Valyrian steel reforging funded by the crown.

Impact on Daily Life

Merchants: Thrived under a unified currency, safe trade routes protected by the Order of the Golden Sun, and the Account system of the Iron Bank.
Smallfolk: Gained security for their savings and access to food and supplies even in famine years, as the Bank redistributed Imperial reserves.
Nobles and Governors: Lost some autonomy but gained steady, predictable revenues. Rebellion became more difficult, as Imperial finance was centralized.

Legacy of the Sol

The establishment of the Sol and the Iron Bank as the National Bank is remembered as one of Emperor Richard’s greatest reforms. It turned a fractured continent into a single economic body. The Empire was not only united by dragons and armies, but by coin, credit, and trust—a far subtler power that endured even after Richard’s death.

A Maester’s Treatise on the Sol

Compiled at the Citadel for the study of economic unification under Emperor Richard I Baratheon.

I. The Nature of the Sol

Material: The Sol is a paper-based currency, a marvel unknown in Westeros before the Empire.
Guarantee: Every Sol note is backed by gold and silver reserves stored in the vaults of the Iron Bank, now the National Bank of the Empire.
Designs:
- 1 Sol: bearing the emblem of the blazing sun.
- 5 Sols: adorned with the image of the Golden Throne.
- 10 Sols: depicting the Imperial Palace of Rygoros.
- 20 Sols: featuring the great dragon Caesarion, first mount of the Emperor.
- 100 Sols: showing Emperor Richard’s crowned visage, surrounded by the sigils of the unified provinces.

Security Measures: Each note bore threads of golden ink, invisible to the eye save under flame-light, making forgery perilous.

II. The Iron Bank as National Custodian

The Iron Bank became the keystone of the Imperial economy:

Provincial Deposits: All governors deposited their revenues here, recorded in the Book of Accounts.
Citizen Accounts: Merchants and smallfolk alike could deposit their coin and notes. A withdrawal required a wax-sealed chit recognized in any Bank office across the Empire.
Letters of Credit: Traders could travel from Rygoros to Braavos to Qohor carrying only paper, not coin, and find their wealth secure.

III. Denominations and Daily Life

The Sol entered every corner of society:

Peasant Transactions:
- A loaf of bread might cost a quarter Sol.
- A cow might cost 2 to 3 Sols.
- Peasants paid their rents in Sols rather than in-kind goods, easing burdens.
Merchant and Guild Contracts:
- Large transactions were handled with letters of credit, redeemable at the Iron Bank.
- Guilds began to pay workers in Sols, standardizing wages across provinces.
Military Pay:
- A soldier of the Order of the Golden Sun received 1 Sol per week, with bonuses in times of war.
- Officers and commanders were paid in higher denominations, fostering loyalty to the Imperial throne rather than provincial lords.

IV. Taxation and Imperial Oversight

Land Taxes: Collected in Sols, ending the chaotic barter of grain, furs, or timber.
Trade Duties: Tariffs at ports were levied in Sols, strengthening the Imperial treasury.
Audit System: Imperial auditors, known as Sun-Collectors, were dispatched to every province to ensure governors sent their full share of Sols to Rygoros.

V. The Spread of the Sol

In Westeros, the Sol replaced gold dragons, silver stags, and copper pennies entirely within two decades.
In Essos, it replaced the coins of the Free Cities (now provinces). Merchants in Lys, Volantis, and Braavos accepted Sols as readily as they once had their own coinage.
Even beyond the Empire’s borders, in places like Qarth and Yi Ti, the Sol gained recognition as a mark of Imperial stability and wealth.

VI. Legacy of the Sol

The Sol is remembered as one of Emperor Richard’s most lasting reforms:

It bound together nobles, merchants, and peasants under a single system.
It eliminated provincial rivalries in coinage.
It granted the smallfolk security: for the first time, they could save wealth beyond the reach of bandits and greedy lords.
The Iron Bank, though once feared, became the trusted vault of the realm.

As the Archmaester of Coin once wrote:

“If dragons were fire and steel, then the Sol was the gold that bought loyalty. With dragons, the Empire conquered; with the Sol, it endured.”

Illustrated of the Sol Currency

the World of Storm and Fire

Friday, 26 September 2025

The Economic System of the Empire of Westeros and Western Essos