Wiltogian Togs - time dollars
In Wiltogo, unlike many standard countries, the currency is time based. In other words, the country of Wiltogo has an economy that uses bills that are based off of hours of work rather than having a currency backed up by the faith of the people put into it. Each item is worth how long the worker spent creating it. Likewise, each service is worth how long the worker spent in his service. However, it is possible for services and items to fluctuate in their price according to how the worker believes each is truly worth. Nevertheless, the King, with the permission of the majority of Parliament, can have the price of a service or an item decreased if he feels the citizens are being overcharged. Members of Parliament and leaders of Government Agencies will be paid by how long each worked on their specific objective or goal. Nevertheless, the King will have the final say on the income each member receives.
This is an example of a 1 Tog or 1 Wiltogian Time Dollar. Any attempts at cheating or creating counterfeit will result in a citizenship removal. The faces that appear on each Tog are people who have significantly contributed to the invention of clocks. In this picture Jost Burgi was a Swiss clockmaker who invented the minute hand and created important inventions that improved the accuracy of mechanical clocks.
Historically, Time based currency has been very successful around the globe. Time Banks have been established in 34 countries, with at least 300 Time Banks established in 40 US states and 300 throughout the United Kingdom. Time Banks also have a significant presence in Japan, South Korea, New Zealand, Taiwan, Senegal, Argentina, Israel, Greece, and Spain. Time Banks have been used to reduce recidivism rates with diversionary programs for first-time juvenile offenders; facilitate re-entry of for ex-convicts; deliver health care, job training and social services in public housing complexes; facilitate substance abuse recovery; prevent institutionalization of severely disabled children through parental support networks; provide transportation for homebound seniors in rural areas; deliver elder care, community health services and hospice care; and foster women's rights initiatives in Senegal.1
Exchange rate
Currently the nation of Wiltogo is not recognized by the UN as a sovereign country. Therefore any current attempt to exchange Togs for euros, dollars, pounds, etc. is not possible - yet. However, in the event that Wiltogo is recognized by the UN and Togs are able to be exchanged between different country's currencies, King Isaac I of Wiltogo has developed a plan after much research.
Since Wiltogo's currency is based off of time, the exchange rate from Wiltogian Togs to another country's currency would depend on how much time is valued. Take the United States for an example. Currently the value of volunteer time is equivalent to $22.14 dollars/hour.2 Therefore one Tog would be equivalent to $22.14 USD. After the exchange of Wiltogian Togs, it would then be possible to exchange the United States dollars for any other nationality's currency. Keep in mind this is only a plan.
Since Wiltogo's currency is based off of time, the exchange rate from Wiltogian Togs to another country's currency would depend on how much time is valued. Take the United States for an example. Currently the value of volunteer time is equivalent to $22.14 dollars/hour.2 Therefore one Tog would be equivalent to $22.14 USD. After the exchange of Wiltogian Togs, it would then be possible to exchange the United States dollars for any other nationality's currency. Keep in mind this is only a plan.