Nordkronn is a shared currency used by Altavia, Bloregia, Eäßnordælånd and Ulerolånd. It is governed by The Union of Northern Banking (UNB), which has its headquarters on an island in Gaffelsbyen. The island and the very headquarter building is divided by national borders to prevent any country from claiming primary rights to the currency.
The Great War in mid 20th century hit hard on the small countries North-Western Uletha. The question arose, why peoples with so much common cultural heritage and shared values ended up in war with each other. To prevent this from ever happening again, the Ursic Treaty (UT) was established in 1955. At the same time, Vinnic Economic Community (VEC) was founded, joining Vinnic Sea countries in a free trade area with a similar objective. Some countries became members of both these communities and sought for an even deeper collaboration to ensure peace and prosperity. A common currency was first proposed in 1989 and it became reality in 1995 for the three countries sharing the island in Gaffelbyen. Other countries have joined the Nordkronn area later on.
New Nordkronn countries are accepted through an evaluation process. Generally, only North-West Ulethan parliamentary democracies come into question. Application is first sent to the UNB board. Then VEC, UT and each country's government is asked for a statement. Taking into account the given statements, UNB either rejects or accepts the application. If accepted, the membership is then to be ratified by the parliaments of all Nordkronn countries.
Coins and banknotes