TEXT: OF COINS AND COMMERCE 
  Comments and Context on the Economy of the Adventurer Conqueror King System 
  The economy of ACKS is built from a small number of assumptions, the most crucial of which are (1) that an 
  unskilled laborer earns around 1sp per day of work; (2) that a typical farm yields one quarter of grain per acre; (3) 
  that one quarter of grain sells for 4gp; and (4) that risky investments will yield a rate of return of 3% per month. 
  The first three assumptions are grounded in history, and a more elaborate explanation of them can be found 
  elsewhere in Axioms Issue III. They set the foundation for the wages and costs of everything else in the setting. 
  Mankind’s caloric needs and unskilled labor productivity did not vary much within the timeframe ACKS concerns 
  itself, and so by adjusting for land productivity we could normalize a variety of historical prices for the game.  
  The fourth assumption actually emerged from the other three assumptions of the system; it wasn’t initially 
  designed in. We have previously referred to it as “the secret ratio” of 1:33 (as 1 divided by 33 yields .03 or 3%). The 
  first place the secret ratio appeared was in the average rate of return on gold invested per month in support of 
  mercantile activities, which is 3%. But then it started appearing everywhere.  
  This ratio became very useful as it allowed us to work out the approximate "capital" of individuals with known 
  income, or conversely, the approximate income of individuals with a known amount of capital. (Note that capital is 
  loosely defined here -- a fighter who has spent thousands of gold carousing while bragging of his exploits has 
  essentially "invested" in his reputation. We assumed for the sake of simplicity that coin, equipment, training, 
  carousing, etc. all have an equal rate of return). Using the secret ratio, we can conclude that: 
   
  A peasant, earning 3gp per month, probably has (3x33) 99gp in capital. This is probably seed, farming 
  implements, and perhaps some domestic animals. 
   
  An alchemist, earning 75gp per month, probably has (75x33) 2,475gp in capital - lab equipment, books, 
  chemical mixtures, potions, and coin. 
   
  The emperor of a massive domain, with an income of 360,000gp per month, has capital of around 
  11,880,000gp. 
   
  A warrior (2nd level fighter) with 1,500gp invested in equipment, training, and so on, would expect to 
  earn 45gp per month (1500/33). 
  About 80% of experience points in ACKS are derived from gold, so it was easy to determine the capital of an NPC 
  by multiplying his XP by 80%. That in turn enabled us to calculate the amount of money the character would 
  expect to earn per month. This solved the age-old problem of "how much does it cost to hire an NPC of such-and-
  such level”. Even better, since we knew the average income of various ranks of nobility, it also showed how the 
  wages of characters of various levels compared against that of nobility. At 9th level a character's income from his 
  skills suggested he should be earning as much as an earl or count - which, in turn, suggests that a 9th level warlord 
  who has built a stronghold and carved out a domain can safely style himself as an earl or count. 
  Some reviewers who have encountered the secret ratio find the notion of a 3% per month interest rate absurd. But 
  it wasn’t absurd historically – in fact, it wasn’t even uncommon. In some times and places, it was the default. For 
  example:  
   
   
  
   
  The average 1-year rate of profit on agricultural product during the 13th-14th centuries in England was 
  22.3% for wheat, 29.3% for barley, and 22.4% for oats ("Markets and Economic Growth: The Grain 
  Market of Medieval England", Greg Clark, Department of Economics - UC Davis).  
   
  In Old Babylonia, the interest rate on agricultural loans was 33 1/3%. ("How Interest Rates Were Set, 
  2500 BC - 1000 AD," Michael Hudson,  Journal of the Economic and Social History of the Orient 43, Spring 
  2000).  
   
  Mortgage lenders in pre-modern France typically required interest of 20-30% of the value of their loan 
  and merchants paid as much as 5-8 % interest per week for working capital (An Essay on Economic 
  Theory, Richard Cantillon). 
   
  The rate of return on the silver trade between Rome and India during the Hellenistic era was 100%! (The 
  Middle Ages Revisited, Alexander Del Mar). 
  Such exorbitant rates of profit and interest seem unbelievable to students of modern economics. How could such 
  rates of profit and interest be sustained? Because of all these factors:  
   
  Economic rents on land. Landlords had a monopoly on land and legal rights to force the workers to work 
  the land. Labor was not a free market.  
   
  Economic rents on commerce. Guild monopolies were common, as were royal charters.  
   
  Grossly inefficient markets. Inefficient markets allow for higher rates of return than efficient markets, 
  which arbitrage away high profits. 
   
  Very short time preferences. When life is nasty, brutish, and short, there’s little incentive to save. That 
  means that interest rates must be very high or actors will simply consume.  
   
  Low capital accumulation. Revenues were consumed rather than capitalized, leading to high rates of 
  profit but low rates of long-term growth.  
  From these four assumptions we erected the edifice of ACKS’s economic system. The rest of this article fills in 
  various gaps in the system that might arise in play. 
  COINAGE 
  How much coin is there in a domain, realm, or world? In ACKS, the amount of coinage in circulation in a realm will 
  equal 24gp per peasant family, consisting of the commonly-used coins reflecting their typical exchange rate. E.g. 
  the 24gp of value will actually consist of 8gp, 80sp, and 800cp.   
  EXAMPLE: A realm of 5,000,000 peasant families has (5,000,000 x 24) 120,000,000gp worth of coins circulating. 
  These consist of 40,000,000gp; 400,000,000sp; and 4,000,000,000cp. At 100 coins per pound, the tonnage in 
  circulation is 200 tons of gold, 2000 tons of silver, and 12,500 tons of copper.  
  A character’s capital or net worth in ACKS is typically equal to 33 times monthly earnings. A typical peasant farm 
  produces 16.25gp per month (shared between ruler and peasants), suggesting net worth of about 536gp is 
  associated with the farm. The 24gp in circulation associated with that farm therefore reflects only about 5% of the 
  farm’s net worth. Put another way, the vast majority of wealth in ACKS is in land, livestock, tools, etc.   
  NOTE: How do these rules stack up to history?  The Persian Empire had a population of 7 million families, so our 
  rules would predict 168,000,000gp worth of coins – about 56 million gold, 560 million silver, and 5.6 billion copper. 
  We know the Persian Empire conquered by Alexander the Great had a store of precious metals worth 200,000 
  silver talents, divided between 10,000 gold talents and 100,000 silver talents. That works out to (60lbs/talent x 100 
  coins/lbs. x 10,000) 60,000,000gp and 600,000,000sp.  Spot on! 
  
  Meanwhile the 2nd Century AD Roman Empire had a population of about 8 million families, so our rules would 
  predict  192,000,000gp worth of coins – about 64 million gold, 640 million silver, and 6.4 billion copper.  We know 
  that the Roman Empire had an annual product of about 10 tons of gold, 200 tons of silver, and 15,000 tons of 
  copper, that allowed it to accumulate vast stores of metal – as much as 500 tons of gold, 10,000 tons of silver, and 
  750,000 tons of copper. That is enough for 100 million gold, 2 billion silver, and 150 billion copper coins. Of course, 
  some of the  silver and most of the copper was used for ornaments or tools, but the Romans certainly had ample 
  metal for the coinage we predict. 
  Finally, the economist Richard Cantillon assessed the typical coinage in circulation of a  pre-industrial economy as 
  equal to around one-ninth the product of the land. In ACKS a peasant family produces 16.25gp per month or 195gp 
  per year, suggesting 21.6gp of coinage in circulation. We selected 24gp per family so that each family would have 
  sufficient coinage to pay their taxes (2gp per month) annually in coin.  
  Should the Judge wish to create a venerable dragon that has accumulated all of the coin of an entire kingdom, he 
  now can do so! Such a treasure will be greatly in excess of the paltry hoards presented in the Treasure Types. 
  COMMISSIONS 
  These rules replace those found in ACKS. A character in an urban settlement can commission equipment. If the 
  volume of equipment normally available in the market is one or more, then 10 times the normal amount available 
  by market class can be commissioned. If the volume of equipment normally available is less than one (e.g., there is 
  just a percentage chance of one item being present), then multiply the percentage chance by 10 to get the 
  percentage chance that one item can be commissioned. (If the result is greater than 100%, then one item can be 
  commissioned per 100%.) 
  The commissioned equipment is not available until the commission is complete. Building and vehicle commissions 
  are completed at a rate of 1 day per 500gp value. Animal commissions are completed at a rate of 1 day per 1gp 
  value (or the rules in Lairs & Encounters may be used to assess training time required). Other equipment 
  commissions are completed at a rate of 1 day per 5gp value. If more than one item is commissioned, the work is 
  performed simultaneously. 
  EXAMPLE: Marcus is in Arganos, a city of 4,000 families (Class III market). He wants to buy a war galley (60,000gp), 
  75 swords (10gp each), and 200 flasks of oil (3sp each). A Class III market has 260 units of any equipment priced 
  1gp or less, so he finds the 200 flasks of oil without problem. A Class III market has only 15 units of any equipment 
  priced 10gp or less, so only 15 swords are available. There is only a 2% chance of a 60,000gp war galley being 
  available, and the Judge rolls a 42; Marcus cannot find that type of ship in Arganos this month. Marcus decides 
  he’d like to commission the town’s armorers to forge more swords, and commission a shipwright to build a war 
  galley. The Judge determines that Marcus can commission up to (15 x 5) 75 swords, which will be ready in 
  (10gp/5gp) 2 days.  For the war galley, the Judge multiplies the chance of availability by 10, so there is a 20% 
  chance that a war galley can be commissioned in Arganos this month. The Judge rolls a 17 on 1d100, so a 
  shipwright is available. It will take 120 days for the war galley to be finished (60,000gp / 500gp per day).  
  Class I markets: In large Class I markets, a character can commission more than ten times the normal amount 
  available, up to (urban families /2,000). 
  EXAMPLE: If Marcus were in Aura, a city of 100,000 families, he could commission up to (100,000 / 2,000) 50 times 
  the normal amount available. 
   
  
  CONSUMPTION OF URBAN FAMILIES 
  The average income of a peasant family is between 4 and 6gp per month (see The Economics of Peasant Families in 
  Axioms III).  In comparison, the average income of an urban family is between 25 and 75gp per month, or about 
  five to ten times higher. However, this does not mean that most urban families are wealthy. The average is skewed 
  by wealthy urban elites, such as bankers, lawyers, magistrates, master craftsmen, and merchants. The median 
  income of an urban family is only 6 to 12gp per month. The median urban income is greater than that of the 
  peasantry, but of course offset by higher costs.  
  NOTE: To understand how these values were derived requires a slight diversion into the circular flow of an 
  agricultural economy. Assume a simple domain with 80 peasant families, 20 urban families, and 1 ruler. If each 
  peasant family produces 16.25gp of farm goods and consumes 4.25gp of farm goods, that leaves 12gp of farm 
  goods unconsumed, which pass to the local ruler (960gp total). The ruler could reasonably spend 50% of his 
  income on farm goods (including grain, meat, cheese, beer, wine, oil, honey, firewood, horse fodder, etc.) but the 
  remaining 50% (480gp) will be spent on finer goods only available from the artisans and craftsmen of urban 
  settlements. To get money for this, he sells the farm goods to the urban settlers for 480gp, then buys 480gp of 
  urban goods from them. The urban families, in turn, are only spending 50% of their income on farm goods, so they 
  must have a collective income of 960gp (2 x 480gp), with the other 480gp of income coming from the sale of their 
  own urban goods to each other. (E.g., the candlemaker buys cloth from the clothier, who buys candles from the 
  candlemaker.) The urban families therefore produce on average (960gp/20) 48gp each.  
  But these variables can easily change depending on agricultural productivity, consumption pattern, and population 
  distribution. Given the same agricultural productivity and consumption pattern, an increase in urban population 
  means a decrease in per-capita urban income, and vice versa. In a realm where 30% of the population is urban, 
  urban income would drop to 28gp per month, with large numbers of “urban plebs” living in the cities. If only 10% 
  of the population is urban, but half of consumption is urban, urban income would increase to 96gp per month.  
  Given the same agricultural productivity and population distribution, an increase in consumption of urban goods 
  means an increase in per-capita urban income, and vice versa. For instance, if the nobility spends 55% of its 
  income on urban goods, and the peasants spend 35% of its income on urban goods, then the urban families will 
  have 2 x [ (960 x .55) + (80 x 4.25 x .35) ] 1,296gp in income, or around 65gp each. But if a manorial system 
  develops in which the countryside is largely self-sufficient, then the nobility might spend as little as 35% of its 
  income on farm goods and the peasantry spend nothing at all; in this case the urban families will have 2 x (960 x 
  .35)  672gp in income, or around 33gp each. 
  Likewise, given the same population distribution and consumption pattern, an increase in agricultural productivity 
  means an increase in urban income, and vice versa. For instance, if the peasant families produce 20gp of farm 
  goods each, and consume 4.25gp of farm goods and 4gp of urban goods, then the urban families will have 2 x [ 
  (960 x .5) + (80 x 4) ] 1,600gp in come, or 80gp each.  
  All of these trends would interact with each other. If a realm’s central government becomes weak and power 
  decentralizes into landed nobility, this will tend to lead towards more self-sufficient manors that purchase fewer 
  urban goods. That will decrease the income of the urban families, which will lead to some families fleeing the cities 
  for the countryside, until a new equilibrium arises. Or, if a realm’s agricultural productivity becomes so high that all 
  of its agricultural needs are satiated, then the peasantry will abandon the country and move to the city, which in 
  turn will drive down urban income. We will leave such calculations to future developers of our industrial-age 
  Proletariat, Revolutionary, Dictator expansion….  
  
  LAND PRICE 
  In ACKS, we note that “if the character simply wishes to buy civilized land, he will find it very expensive; an acre of 
  good land costs about 50gp.” This leaves several questions unanswered: (1) what is “good” land? (2) how much 
  does “bad” land cost per acre? (3) does the price vary for borderlands and wilderness domains?  
  For game purposes, the two determinants of cost per acre are the land value (gp/month per peasant family) and 
  the classification (civilized, borderlands, or wilderness). The former determines the land’s productivity and the 
  latter determines how much it costs to protect it, and what risk it faces of domain encounters. The table below 
  provides a cost per acre for land of various classifications and land values.  
  Classification and Land Value 
  Cost per Acre 
  Monthly Return 
  Civilized, land value 9 
  71gp 
  0.5% 
  Civilized, land value 8 
  64gp 
  0.5% 
  Civilized, land value 7 
  57gp 
  0.5% 
  Civilized, land value 6 
  50gp 
  0.5% 
  Civilized, land value 5 
  43gp 
  0.5% 
  Civilized, land value 4 
  36gp 
  0.5% 
  Civilized, land value 3 
  29gp 
  0.5% 
  Borderlands, land value 9 
  24gp 
  1% 
  Borderlands, land value 8 
  21gp 
  1% 
  Borderlands, land value 7 
  18gp 
  1% 
  Borderlands, land value 6 
  15gp 
  1% 
  Borderlands, land value 5 
  12gp 
  1% 
  Borderlands, land value 4 
  9gp 
  1% 
  Borderlands, land value 3 
  6gp 
  1% 
  Wilderness, land value 9 
  3gp* 
  3% 
  Wilderness, land value 8 
  2gp* 
  3% 
  Wilderness, land value 7 
  1gp* 
  3% 
  Wilderness, land value 6 or less 
  0gp** 
  3% 
  *If owned. Unclaimed wilderness has no cost.  
  **If owned, low-value Wilderness Land purchase might cost a few silvers or coppers per acre (Judge’s discretion). 
   
  MERCANTILE VENTURES 
  In ACKS, the market class of an urban settlement exclusively determines the toll charged to enter the market, the 
  number of merchants and shippers interested in transactions, and the number of passengers interested in booking 
  passage. However, the city magistrates ought to charge a higher toll to the commander of a six-ship fleet than to 
  an itinerant peddler with a single wagon. Conversely, more of the city’s traders ought to be interested in doing 
  business with a mighty merchant-captain than a lowly peddler. To reflect these various circumstances, each 
  market class is assigned a baseline merchant cargo, ranging from 640 stones to 60,000 stones.  
  Market 
  Class 
  Baseline 
  Cargo 
  Standard 
  Fleet* 
  Standard 
  Caravan** 
  Standard 
  Toll 
  Standard 
  Passengers 
  Standard  Merch. 
  /  Shippers 
  Loads 
  Each 
  I 
  60,000 st 
  6 small ships 
  80 large wagons 
  4d8x10gp 
  2d4+1 
  2d6+2 
  6d8 
  II 
  10,000 st 
  1 small ship 
  20  large wagons 
  4d10+10gp 
  2d4 
  2d4+1 
  4d6 
  III 
  5,000 st 
  8 sailing boats 
  10  large wagons 
  4d6+2gp 
  1d4 
  2d4 
  3d4  
  IV 
  2,500 st 
  4 sailing boats 
  5  large wagons 
  2d6+1gp 
  1d4-1 
  1d4 
  2d4 
  V 
  960 st 
  2 sailing boats 
  3 small wagons 
  2d3gp 
  1d3-1 
  1d4-1 
  1d4 
  VI 
  320 st 
  1 river boat 
  1 small wagon 
  4d4sp 
  1d2-1 
  1d3-1 
  1d2 
  * 1 large ship = 3 small ships = 50 sailing boats = 100 river boats. 1 small ship = 16 sailing boats = 25 river boats. 
  **1 large wagon = 2 small wagons = 3 large carts = 4 small carts. 1 small cart = 2 heavy horses = 3 camels = 4 mules = 10 donkeys.  
  
  When a character (or party of characters) enters a market, the Judge should determine the party’s market impact 
  based on the number of boats, ships, wagons, carts, and pack animals they have entered the market with. The 
  character or party’s market impact is equal to the total capacity of its ships and wagons divided by the market’s 
  baseline merchant cargo, rounded down.  
  The toll charged, number of passengers, number of merchants, and number of shipping contracts for the market 
  are multiplied by the character or party’s market impact. The Market Impact table shows the baseline merchant 
  cargo for each market class, along with the toll charged, number of passengers interested in transit, number of 
  merchants interested in transactions, and number of shippers interested in contracts when the market impact is 1. 
  (For convenience, the table also shows the number of loads each merchant or shipper will transact in, but these 
  values are not increased by market impact.) 
  EXAMPLE: Zenobia arrives at Alakyrum at the head of a caravan of 2,000 camels. Camels have a maximum load of 
  60 st, so her cargo capacity is 120,000 st. Alakyrum is a Class I market, so its baseline merchant cargo is 60,000 st. 
  Zenobia has a market impact of (120,000 / 60,000) 2. She will pay a toll of 4d8x20gp, and be able to transact with 
  4d4+2 passengers, 4d6+4 merchants, and 4d6+4 shippers. Each merchant or shipper will have 6d8 loads. 
  Maximum Impact: If the characters are entering a Class II market or smaller, their maximum market impact is 10 –
  the market simply cannot service a fleet or caravan any bigger.  The maximum market impact permitted in a Class I 
  market, however, is equal to its urban families / 2,000.  
  EXAMPLE: En route from Alakyrum, Zenobia arrives at a small village at a nameless oasis. The village is a Class VI 
  market with a baseline merchant cargo of 640 st. With a cargo capacity of  120,000 st, Zenobia’s market impact 
  would be (120,000 / 640) 188.  She’s in a Class VI market, so she treats her market impact as 10.  
  Standard Fleets and Caravans: Judges can quickly approximate the party’s market impact by comparing their fleet 
  or caravan to the vessels and vehicles listed in the Standard Fleet and Standard Caravan columns of the table. This 
  avoids having to calculate the cargo capacity manually, though it’s less precise. 
  EXAMPLE: Marcus, Quintus, and Viktir arrive at Arganos with a fleet of 3 small ships. Arganos is a Class III market, 
  so it has a standard fleet of 8 sailing boats. 1 small ship counts as 16 sailing boats, so the party’s market impact is 
  (3 x 16 / 8) 6. The party will pay a toll of (4d6+2)x6 gp, and be able to transact with 12d4 passengers, 12d4+6 
  merchants, and 12d4 shippers. Each merchant or shipper will have 4d6 loads.   
  Parties: A group of characters arriving together can decide when entering the market whether to do so as a party 
  or to enter separately. Their market impact is determined accordingly. However, when a party of characters enter 
  the market separately, the maximum market impact is equal to 10 divided by the number of characters. 
  EXAMPLE: Marcus, Quintus, and Viktir could have chosen to enter Arganos separately, with 1 small ship each. Each 
  of them would then have had a market impact of (1 x 16 / 8) 2. 
  No Market Impact: If a character’s market impact is 0,  he can still transact in the market. However, he treats the 
  market as being of the next lower market class. If his market impact is still 0, reduce the market class again, 
  repeating this procedure until the character’s market impact is at least 1. A character can always trade in a Class VI 
  market as if he had market impact 1.  
  EXAMPLE: In a tragically bad game of dice, Viktir loses a lot of his wealth. He is forced to reduce his fleet to 2 sailing 
  boats. When he next enters Arganos, he treats it as if it were a Class V market. 
  
  Mercantile Networks: Whenever venturers engage in mercantile ventures in a market they have previously visited, 
  they may either treat the market as if it were one market class larger than its actual size or they may take a +1 
  bonus to market impact, whichever is more useful.  
  MERCANTILE INVESTMENTS 
  Rather than consume or hoard their wealth, characters can invest some or all of it in the hopes of earning returns 
  on the investment. For simplicity, mercantile investments are categorized into three types – establishing 
  businesses, funding mercantile expeditions, and lending money – as well as six levels of risk – safe, cautious, 
  balanced, risky, and perilous. The type of investment determines what sort of vagaries may occur, while the level 
  of risk determines the base rate of return per month and influences the vagaries. 
  Safe investments prioritize the protection of capital above all else. Safe investments include loaning money to 
  chartered banks and investing in licensed guilds with local monopolies. They have a base rate of return of 0.25% 
  per month. 
  Cautious investments seek a steady return with limited risk to capital, such as investing in civilized farms, investing 
  in large, established businesses, and loaning money to large private landowners. They have a base rate of return of 
  0.5% per month. 
  Balanced investments seek a balance between return and risk, such as investing in border farms, funding short-
  distance mercantile ventures, and loaning money to stable realms. They have a base rate of return of 1% per 
  month.  
  Risky investments aim for high returns, but may incur substantial losses in some years. Risky investments include 
  investing in wilderness farms, funding long-distance mercantile ventures, loaning money to unstable or warring 
  realms, and investing money in small businesses. They have a base rate of return of 3% per month on average.  
  Perilous investments offer very high returns at exceptional risk, such as funding adventuring expeditions, funding 
  private military campaigns, and investing in criminal syndicates. Perilous investments have a base rate of return of 
  9% per month or more – but most perilous ventures will be bankrupt within a year.   
  Making an Investment: To make an investment, a character allocates 
  1gp or more, and chooses the investment’s type (business 
  establishment, mercantile expedition, or money lending) and level of 
  risk (safe, cautious, balanced, risky, or perilous).  The character must 
  be in a market in order to make an investment. There is no minimum 
  investment, but there is a maximum investment per month 
  determined by the market class. The adjoining table below the 
  maximum mercantile investment permitted each month in a market. 
  If multiple characters. (If desired, the Judge can limit agricultural and urban investments to these values as well.) 
  Once an Investment is made, the Judge will roll 1d100 on the Vagaries of Investment table each month and apply 
  its results. Unless noted otherwise by the vagary, the character will then receive a return on his investment, equal 
  to the current value of his investment multiplied by its current rate of return. (Both the value of the investment 
  and the rate of return may vary over time.) Returns are not automatically compounded, although characters may 
  choose to re-invest profits into the same or a new investment when they re-enter a market. Characters do not 
  earn XP from mercantile investments. 
  Market Class 
  Max Investment / Month 
  I 
  100,000gp* 
  II 
  25,000gp 
  III 
  10,000gp 
  IV 
  5,000gp 
  V 
  2,000gp 
  VI 
  1,000gp 
  *Per 20,000 families 
  
  Liquidating an Investment: Characters can liquidate an investment to recover their capital. A safe investment can 
  be liquidated immediately. It takes one month to liquidate a cautious investment, two months to liquidate a 
  balanced investment, three months to liquidate a risky investment, and 1d6+3 months to liquidate a dangerous 
  investment. During that time, the character continues to earn a return and risk vagaries. It is possible to be wiped 
  out by a bad vagary while trying to liquidate! 
  Vagaries of Investment: For each investment each month the Judge will roll 1d100 on the Vagaries of Investment 
  table, cross-referencing the die roll, the level of risk, and the type of investment to determine the result affecting 
  the character’s investment. 
  1d100 Roll by Risk 
         S                      C                       B                         R                         D 
  Business  
  Establishment 
  Mercantile 
  Expedition 
  Money 
  Lending 
  - 
  - 
  01 - 
  02 - 
  O5 -  
  Bankruptcy 
  Annihilation 
  Default 
  - 
  01 - 
  02-03 
  03-07 
  06-10 
  Calamity 
  Delay 
  Deferment 
  01 - 
  02-03 
  04-06 
  08-12 
  11-15 
  Fee 
  Decimation 
  Writedown 
  02-03 
  04-06 
  07-10 
  13-17 
  16-20 
  Disrepute 
  Rival 
  Bailout 50% 
  04-05 
  07-10 
  11-15 
  18-22 
  21-25 
  Racket 
  Brigandage/Piracy 
  Bailout 25% 
  07-10 
  11-15 
  16-20 
  23-27 
  26-30 
  Return -200% 
  Return -200% 
  Bailout 5% 
  11-15 
  16-20 
  21-25 
  28-32 
  31-35 
  Return -150% 
  Return -150% 
  3 Month Extension 
  16-25 
  21-28 
  26-32 
  33-37 
  36-40 
  Return -100% 
  Return -100% 
  2 Month Extension 
  26-40 
  29-40 
  33-42 
  38-42 
  41-45 
  Return -50% 
  Return -50% 
  1 Month Extension 
  41-60 
  41-60 
  43-58 
  43-58 
  46-55 
  Return 
  Return 
  Return 
  61-75 
  61-72 
  59-68 
  59-63 
  56-50 
  Return +50% 
  Return +50% 
  Return 
  76-85 
  73-80 
  69-75 
  64-68 
  61-65 
  Return +100% 
  Return +100% 
  Return 
  86-90 
  81-85 
  76-80 
  69-73 
  66-70 
  Return +150% 
  Return +150% 
  Banking Fee +50% 
  91-94 
  86-90 
  81-85 
  74-78 
  71-75 
  Return +200% 
  Return +200% 
  Collateral 5% 
  95-97 
  91-94 
  86-90 
  79-83 
  76-80 
  Patron 
  Protector 
  Collateral 10% 
  98-99 
  95-97 
  91-94 
  84-88 
  81-85 
  Acclamation 
  Monopoly 
  Collateral 20% 
  100 + 
  98-99 
  95-97 
  89-93 
  86-90 
  Windfall +2d10% 
  Discovery +2d10% 
  Principal 
  - 
  100 + 
  98-99 
  94-98 
  91-95 
  Windfall +2d6x5% 
  Discovery +2d6x5% 
  Repayment 
  - 
  - 
  100 + 
  99 + 
  96 + 
  Windfall +100% 
  Discovery +100% 
  Maturation 
   
  Acclamation: The business has gained a reputation for excellence. The business’s current rate of return is doubled 
  this month and for the next 1d6 months. A “Disrepute” vagary cancels this vagary as soon as it occurs. 
  Annihilation: The expedition has been utterly destroyed. The character earns no return this month, and his 
  investment is completely lost. 1d4 survivors report that the cause of the annihilation is (roll 1d8): 1 – mysterious, 2 
  – a rival expedition, 3 – a natural disaster, 4 – a group of monsters, 5 – an enemy army, 6 – brigands or pirates, 7 – 
  betrayal from within, 8 – betrayal from trading partners. 
  Bailout: The debtor needs more funds. The character is asked to invest additional sums equal to the value of his 
  investment multiplied by the percentage shown. If the character provides the bailout, he collects his return based 
  on the new value. If he does not, he can take a “Writedown” vagary or seize the debtor’s assets in repayment. 
  Seizing the debtor’s assets reduces the current value of the character’s investment by 2d6x5% and liquidates the 
  investment. 
  EXAMPLE: The Zaharan ruinguard Moruvai has taken up predatory lending. He has made a dangerous money-
  lending investment valued at 20,000gp with a base rate of return of 9% per month. The Judge rolls a “Bailout 25%” 
  vagary. Moruvai may either lend another 4,000gp, accept a Writedown of 2d10% of his investment, or seize the 
  debtor’s assets, losing 2d6x5% of his investment and liquidating it.  
  Banking Fee: The character is able to secure an additional fee from the debtor. The return on the character’s 
  investment is increased this month by 50% . The fee is (roll 1d6) 1 – origination fee, 2 – late payment fee, 3 – legal 
  expense, 4 – certification, 5 – appraisal, 6 – prepayment penalty. 
  
  Bankruptcy: The business goes bust. The character earns no return this month, and his investment is completely 
  lost. The reason for the bankruptcy is (roll 1d10): 1 – mysterious, 2 – casualty, 3 – theft, 4 – loss of key personnel, 5 
  - corruption, 6 – competition, 7 – government interference, 8-10 bad judgment.  
  Brigandage/Piracy: The expedition has become the target of an organized company of brigands or fleet of pirates. 
  The expedition’s current rate of return is reduced by 33% for the next 1d6 months. The enemy will consist of NPC 
  brigands or pirates with wages equal to ½ the losses they are causing. Despite their predatory nature, the brigands 
  keep worse things at bay, so slaying them increases risk by one level (e.g. from Cautious to Balanced) for 1d6 
  months unless the PC takes steps to address it (Judge’s discretion). A “Protector” vagary cancels this vagary as 
  soon as it occurs. 
  Calamity: A calamity has wrecked the business’s storefront and/or inventory. The character earns no return this 
  month, and the value of his investment is reduced by 2d6x5%. The calamity is (roll 1d6) 1 – arson, 2 – vandalism, 3 
  – burglary, 4 – riot, 5 - accidental fire, 6 – flood.  
  Collateral: The debtor deposits collateral worth 5% - 20% of the investment value with the character. In the event 
  that the character loses any investment value in the future due to a “Default,” “Deferment,” “Bailout,” or 
  “Writedown” vagary, the character may seize the collateral to make up for the loss. The character may also apply 
  the value of collateral towards a bailout. The collateral is (roll 1d6) 1 – common merchandise, 2 – precious 
  merchandise, 3 – gems, 4 – jewelry, 5 – silver, 6 – gold. 
  Decimation: The expedition has been decimated. The character earns no return this month, and the value of his 
  investment is reduced by 2d10%. The cause of the casualties is (roll 1d8): 1 – mysterious, 2 – a rival expedition, 3 – 
  a natural disaster, 4 – a group of monsters, 5 – an enemy army, 6 – brigands or pirates, 7 – betrayal from within, 8 
  – betrayal from trading partners. 
  Default: The debtor defaults and has no assets; the value of the loan must be written off completely. The character 
  earns no return this month, and his investment is completely lost. The reason for the default is (roll 1d10): 1 – 
  mysterious, 2 – casualty, 3 – theft, 4 – loss of key personnel, 5 - corruption, 6 – competition, 7 – debt jubilee, 8-10 
  bad judgment. 
  Deferment: The debtor is unable to make payments and has asked to defer payment on his loan. If the character 
  agrees, he earns no return this month or for the next 1d6 months. Do not roll vagaries during this time. If the 
  character refuses, he may seize the debtor’s assets in repayment. The current value of his investment is reduced 
  by 2d6x5% and then the investment is liquidated. 
  Delay: The expedition has been gotten lost, become imprisoned, had its inventory impounded, or otherwise held 
  up. The character earns no return this month. If the expedition attempts to escape or push ahead, reduce the 
  value of its investment by 2d6x5%. Otherwise, the character earns no return for the next 1d6 months, during 
  which time no vagaries occur. The cause of the delay is (roll 1d8): 1 – mysterious, 2 – lost in wilderness/at sea, 3 – 
  halted by inclement weather, 4 – held up at customs, 5 – imprisoned by government, 6 – captured by brigands or 
  pirates, 7 – inventory impounded, 8 - internal crisis. 
  Discovery: The expedition has unearthed something of great worth. . The current value of the character’s 
  investment is increased by the percentage shown (2d10%, 2d6x5%, or 100%), or the discovery may lead to an 
  adventure (Judge’s discretion). The discovery is (roll 1d6) 1 -  a treasure map, 2 – buried treasure, 3 – a hidden 
  urban settlement, 4 – a new trade route, 5 – the confirmation of a legend, 6 – a place of power.   
  
  Disrepute: The character’s business has fallen into disrepute due to slander by the competition, shady business 
  practices, or just bad luck. The business’s rate of return is halved this month and for the next 1d6 months. This 
  vagary can be cumulative in its impact, halving the rate of return each time it occurs. An “Acclamation” or “Patron” 
  vagary cancels this vagary as soon as it occurs.  
  Extension: The debtor is unable to make his payment this month and asks for an extension. If the character agrees, 
  the amount will be paid in 1, 2, or 3 months, as noted. If the character refuses, he may seize the debtor’s assets in 
  repayment. The current value of his investment is reduced by 2d6x5% and then the investment is liquidated. 
  Fee: The business suffers a burdensome fee equal to 2d10% of the value of its investment. The fee is (roll 1d6) 1 – 
  tariff, 2 – fine/penalty, 3 – legal expense, 4 – liturgy, 5 – licensing fee, 6 –bribery / extortion by magistrates. If the 
  business is in a domain ruled by the party, this vagary can be ignored if desired.  
  Maturation: The debtor’s creditworthiness has substantially improved. All future rolls on the Vagaries of 
  Investment table are made as if the investment were one level less risky. 
  Monopoly: The expedition has gained a monopoly over its services. The monopoly is both local and temporary, but 
  the expedition’s current rate of return is doubled this month and for the next 1d6 months. A “Rival” vagary cancels 
  this vagary as soon as it occurs. 
  Patron: The business has secured the patronage of a powerful or important customer. If the business is suffering 
  from a “Disrepute” or “Racket” vagary, those are immediately cancelled. For the next 1d6 months, the business’s 
  rate of return is increased by 33% due to the patron’s generous contribution and referrals. If an adventurer openly 
  owns the business, the patron may be interested in the adventurer in some way (Judge’s discretion). The patron is 
  (roll 1d10) 1 – magistrate, 2 – senator, 3 – merchant, 4 – master craftsman, 5 – specialist, 6 – fighter, 7 – thief, 8 – 
  mage, 9 – cleric, 10 – unusual (Judge’s choice). 
  Principal: The value of the investment has increased due to changes in the market. After collecting this month’s 
  return, the character may immediately increase the current value of his investment by 2d10% and liquidate the 
  investment if desired. If the character does not liquidate the investment, however, the value is not increased. 
  Protector: The expedition has garnered the protection of a powerful and authoritative figure in the region. If the 
  expedition is suffering from a “Brigandage/Piracy” vagary, it is immediately cancelled. For the next 1d6 months, 
  the expedition can ignore any “Annihilation,” “Delay,” “Decimation,” or “Brigandage/Piracy” vagaries it suffers. If 
  an adventurer openly owns the expedition, the protector may be interested in the adventurer in some way 
  (Judge’s discretion). The protector is (roll 1d10) 1 – a ruler, 2 – a military commander, 3 – a notorious brigand or 
  buccaneer,  4 – a famous adventurer, 5 – a powerful monster, 6 – unusual (Judge’s choice). 
  Racket: The business has become the target of an organized criminal protection racket. The business’s current rate 
  of return is reduced by 33% for as long as the racket continues. The racketeers will consist of NPC ruffians with 
  wages equal to ½ the losses they are causing. Slaying the racketeers earns the ire of the local syndicate and 
  increases risk by one level (e.g. from Cautious to Balanced) for 1d6 months unless the PC takes steps to address it 
  (Judge’s discretion). If the local syndicate is under the party’s control, this vagary represents a rival syndicate trying 
  to take a cut of the action. A “Patron” vagary cancels this vagary as soon as it occurs. 
  Repayment: The debtor has come into funds and is able to repay any late payments that may have resulted from 
  an “Extension” vagary. In addition, if payment is currently being deferred due to a “Deferment” vagary, that vagary 
  is cancelled.  
  
  Return (+/-%:) : The investment yields a return. If no modifier is listed, the return is equal to the current rate of 
  return; there is no other vagary. If modified by a positive number, the return is increased by the relative 
  percentage shown this month. If modified by a negative number, the return is decreased by the number shown 
  this month, possibly yielding a negative return (loss). Losses can be paid by the character or deducted from the 
  investment value. 
  EXAMPLE: A risky investment with a current rate of return of 3% will yield -3% on “Return – 200%”, 0% on “Return  
  -100%”, 4.5% on “Return +50%” and 9% on “Return +200%”. 
  Rival: The expedition is facing competition from a cut-throat rival that will stop at nothing to bring them ruin. The 
  expedition’s rate of return is halved this month and for the next 1d6 months. This vagary can be cumulative in its 
  impact, halving the rate of return each time it occurs. A “Monopoly” vagary cancels this vagary as soon as it occurs.  
  Windfall (%): An unexpected windfall yields fiscal rewards. The current value of the character’s investment is 
  increased by the percentage shown (2d10%, 2d6x5%, or 100%). The windfall is (roll 1d6) 1 – an inheritance, 2 – a 
  property appreciation, 3 – a business innovation, 4 – the failure of a competitor, 5 – a valuable endorsement, 6 – of 
  mysterious origin.  
  Writedown: Market conditions are such that the character will never be able to recoup the full value of his loan 
  completely. The character earns no return this month, and the value of his investment is reduced by 2d6x5%.  
   
  
SOURCE: textdata/thevault/Adventurer Conqueror King/ACKS Patreon Content/Of Coins and Commerce (ACKS).pdf