Everyone understood the benefits inherent in currency hegemony, but few countries were qualified to compete for it. To serve as an international trade settlement currency, a nation had to meet several basic requirements:
1. The currency-issuing country's economy had to be sufficiently large;
2. The currency-issuing country's import and export trade volume had to be sufficiently large;
3. The currency itself had to maintain a stable exchange rate;
4. The currency-issuing country had to be capable of guaranteeing redemption of its currency;
5. It helped if the currency-issuing country was itself the world's policeman.
Since modern times, the British had been the first to meet these basic requirements, which was why Pound Sterling became the earliest international currency.
However, constrained by communications and the low degree of economic globalization, Pound Sterling's promotion had not gone smoothly. In international settlements, people still preferred to use gold and silver.
As international trade volumes continued to rise, settlement through gold and silver alone became outdated. Only then did Pound Sterling step onto the stage of history and become the earliest international currency.
Unfortunately, by then Britain's position as economic hegemon was no longer secure. During the establishment of its currency hegemony, it was successively challenged by the Franc and the Divine Shield.
Once an opportunity was lost, it would not come again. As time passed, Britain gradually lost its advantages in industry and economic scale, and Pound Sterling's dream of hegemony came to an end as a result.
Especially after the Continental War ended, the Holy Roman Empire completed its reunification once more. The Divine Shield's dominant position on the European Continent was established, making it the strongest contender for currency hegemony.
An advantage was still only an advantage. Before the dust settled, no one could guarantee that another accident would not occur.