We know the NCR once used gold reserves to back its currency. However, the destruction of their reserves by the Brotherhood destroyed the value of the NCR dollar.

If you ended up making an independent Mojave (with you in charge) or went with House: it would be best to be in control of the Mojave's currency rather than depending on the value the Hub and caravans decide.

So what would be a good backing for currency in the Mojave? Bottle Caps are based on water which would be a good option. Ideally, it would have to be something that is precious though less sparse than gold, unlikely to deteriorate or be destroyed.

What would you use?

How about Sierra Madre Casino Chips?

Backed by the gold from the DLC, and the Courier would be in complete control of the supply of them in the Mojave.

Of course first we will need to agree on what constitutes a currency...

I think they'd be good in terms of controlling supply and they're unlikely to deteriorate.

But gold has some intrinsic value as well, just like water.

Issue with gold is that though the NCR has a depleted supply, it still has some reserves, possibly much more than the Courier will.

I suppose they would really be backed more by "The Courier Says So" than by gold.

If the Courier lets others use the vending machine in the bunker, that would set a value for them.

I find the SM Casino chips to be interesting because they have a set value based on the vending machine, yet they also trade 1 for 1 with pre-war money, which has a varied value based on Barter.

There's some optimal ratio there that I haven't figured out yet.

Are the Sierra Madre chips the only things that work with the machines? (in lore terms, not in the game) - if so, then I can see their value then.

AFAIK the SM chips are the only things that work, according to lore and in the game.

There is a perk from Christine that allows you to make SM chips from fission batteries, so that would increase the supply somewhat, if anyone besides the Courier learns how to do it.

But Christine stays in the Sierra Madre, so the Courier can restrict knowledge of that perk.

edit - called Coin Operator, it lets you make 50 SM chips from a fission battery and two scrap metals.

I think main issue is that the chips can also be created using most items via the vending machines. However, if you alone control access to the machines then that is less a problem.

There is no "best backing" for Mojave currency because Currency is only a symbol of value, and thus worthless outside of being used as that value. They are simply a promise to trade, and the actual currency is whatever value the people put on them.

"Currency is only a symbol of value" Except for gold, silver, and SM casino chips, which do have value outside of their symbolic value.

Back to the SM chips, the most chips you can get for item trade-in is 20 chips for a carton of cigs. Clothing trades-in for 2 - 5 chips apiece.

Given that you receive 1000 chips every three days, it seems unlikely that enough trades-in would occur to upset your value setting for the chips.

And that's assuming you let everybody stroll into the bunker and trade in whatever they want. Which you might want to, as that would spread the SM chips out faster.

Gold and Silver are not used all that much in the real world, and in game, you only find bars (which a stupid item to have in a game) and coins (and the coins only have whatever value people are willing to take them for). The Sierra Madre Chips, on the other hand are CASINO chips, and have no real value outside of the casino and vending machine.