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I read an interesting criticism of TPM here. It's interesting because the author is largely pro-SW and his review of TPM is favourable.

Anyway the criticism is this: Qui-gon lands on Tatooine, the Queen's ship is in need of repairs. He goes into Mos Espa, finds Watto's junk shop, asks for a replacement hyperdrive unit and offers Republic credits. Watto refuses, saying he needs something a little more 'real'.

Now, the criticism is this: SW doesn't understand finances. Watto has no conceivable reason to refuse Qui-gon, unless it's for personal reasons. At heart the spare hyperdrive unit isn't generating profit for Watto by just sitting there. So why isn't RepCred good? Why isn't there a bank on Tatooine? A monetary exchange office?

I can only think that Tatooine is somehow the SW equivalent of a really remote mining town, but even then it's hard to rationalise. What do you think?

Stofsk wrote:Now, the criticism is this: SW doesn't understand finances. Watto has no conceivable reason to refuse Qui-gon, unless it's for personal reasons. At heart the spare hyperdrive unit isn't generating profit for Watto by just sitting there. So why isn't RepCred good? Why isn't there a bank on Tatooine? A monetary exchange office?

I was under the impression that the Republic was not as all encompassing as the Empire became. I don't believe that Tatooine was a part of the Republic, hence the exchange about anti-slavery laws.

I can only think that Tatooine is somehow the SW equivalent of a really remote mining town, but even then it's hard to rationalise. What do you think?

Tatooine is the equivalent of a remote mining town, but I don't think that is the problem. I suspect that along with the above, the exchange rate was bad. Also, any monetary exchange would probably have been controlled by the Hutts, and who knows what kind of fee they'd charge.

Another possibility is that Republic credits are not notes or coins, but simply electronic data. If the infrastructure is not there for this type of system, then Republic Credits probably would seem less real than other forms of exchange.

Tatooine was part of hutt space in the old days and outside of the republics zone of influence. The hutts were in charge and they use truguts.

Also, any monetary exchange would probably have been controlled by the Hutts

That’s the reason they give in the Secrets of Tatooine Guide from Wotc. Watoo would have lost something like 30% in exchange fines.

Gorefiend wrote:That’s the reason they give in the Secrets of Tatooine Guide from Wotc. Watoo would have lost something like 30% in exchange fines.

Why would Watto have lost money? It was Qui-gon's credits; he would be the one who would have to exchange it for Tatooine's local currency. He would be the one to lose money, but he's a Jedi, and doesn't really need it. But the option of going to a nearby bank is not made available, and instead we get a convoluted plot wherein Qui-gon tries to 'win' the hyperdrive through gambling.

Jason L Miles wrote:I was under the impression that the Republic was not as all encompassing as the Empire became. I don't believe that Tatooine was a part of the Republic, hence the exchange about anti-slavery laws.

Of course it isn't. Just because they're not members doesn't mean there cannot be some form of effective monetary exchange. If the planet is controlled by the Hutts, then the Hutts ought to have some kind of trade and financial relationship with the Republic. This would mean an exchange rate of sorts. Even under communism my family could go from Australia to Hungary, and exchange Australian dollars with Hungarian forint. The rate was horrendous, but it was still possible. However, this is a option Qui-gon doesn't even consider.

Jason L Miles wrote:Tatooine is the equivalent of a remote mining town, but I don't think that is the problem. I suspect that along with the above, the exchange rate was bad. Also, any monetary exchange would probably have been controlled by the Hutts, and who knows what kind of fee they'd charge.

Qui-gon had several thousand RepCred available to him, and it was at least nominally clear that he would have to bargain with Watto. In a move that can only be described as stunningly bad Qui-gon opened negotiations by informing Watto of the maximum amount of money he had.

Jason L Miles wrote:Another possibility is that Republic credits are not notes or coins, but simply electronic data. If the infrastructure is not there for this type of system, then Republic Credits probably would seem less real than other forms of exchange.

I think this is probably what the situation is. Though my understanding of economy isn't that extensive, so I don't know how you can have a 'pure' electronic form of currency, rather than a 'real' dollar. Even so, why would the Hutts not have a similar economy, if not as robust as the Republic's? Why wouldn't the infrastructure exist on Tatooine? What's their population size? And are you telling me a mining town won't have a bank? (if we're to stretch the analogy that far, at any rate. I have to wonder why that shit hole was settled to begin with, there doesn't appear to be anything remotely valuable on it. Moisture farming must be a lucractive but strictly local economy, so if the planet is a SW 'mining town' then there must be something else of value that is being exploited, but which is not readily apparent from the films.)

Why would the planet have a bustling spaceport in Mos Eisley, but not a bank? Or some sort of monetary exchange office? Indeed, the two would go hand in hand. If you've ever travelled then you'd know that in airports you can find places where you can exchange money, even if there is a fee (you really ought to go to a bank, as generally the fees won't be nearly as severe as one of those 'exchange' offices)

Qui-gon only had so and so many credits, if they are worth 30% less then in repulic space (do to fines charged for exchanging) they would properly not been enough to buy the parts he wanted.

WATTO: Here it is...a T-14 hyperdrive generator!! Thee in luck, I'm the only one hereabouts who has one...but thee might as well buy a new ship. It would be cheaper, I think...Saying of which, how's thee going to pay for all this, huh?

QUI-GON: I have 20,000 Republic dataries.

WATTO: Republic credits? Republic credits are no good out here. I need something more real.

QUI-GON: I don't have anything else. (raising his hand) But credits will do fine.

WATTO: No, they won'ta.

Qui-Gon blinks. Using his mind power, he waves his hand again.
QUI-GON: Credits will do fine.

WATTO: No, they won'ta!! What, you think you're some kinda Jedi waving your hand around like that? I'm a Toydarian. Mind tricks don'ta work on me-only money. No money, no parts, no deal! And no one else has a T-14 hyperdrive, I promise you that.

Artoo moans. Qui-Gon sighs, then offers a weak smile.

Stofsk wrote:

Jason L Miles wrote:I was under the impression that the Republic was not as all encompassing as the Empire became. I don't believe that Tatooine was a part of the Republic, hence the exchange about anti-slavery laws.

Of course it isn't. Just because they're not members doesn't mean there cannot be some form of effective monetary exchange. If the planet is controlled by the Hutts, then the Hutts ought to have some kind of trade and financial relationship with the Republic. This would mean an exchange rate of sorts. Even under communism my family could go from Australia to Hungary, and exchange Australian dollars with Hungarian forint. The rate was horrendous, but it was still possible. However, this is a option Qui-gon doesn't even consider.

Jason L Miles wrote:Tatooine is the equivalent of a remote mining town, but I don't think that is the problem. I suspect that along with the above, the exchange rate was bad. Also, any monetary exchange would probably have been controlled by the Hutts, and who knows what kind of fee they'd charge.

Qui-gon had several thousand RepCred available to him, and it was at least nominally clear that he would have to bargain with Watto. In a move that can only be described as stunningly bad Qui-gon opened negotiations by informing Watto of the maximum amount of money he had.

Qui-Gon expected to be able to fall back on the Jedi Mind trick, but even so it does seem to be a bad opening position.

Jason L Miles wrote:Another possibility is that Republic credits are not notes or coins, but simply electronic data. If the infrastructure is not there for this type of system, then Republic Credits probably would seem less real than other forms of exchange.

I think this is probably what the situation is. Though my understanding of economy isn't that extensive, so I don't know how you can have a 'pure' electronic form of currency, rather than a 'real' dollar. Even so, why would the Hutts not have a similar economy, if not as robust as the Republic's?

There could be many reasons for this, from a cultural one to the necessity of trading with less advanced races.

Why wouldn't the infrastructure exist on Tatooine? What's their population size?

Why would they implement it? If they do not commonly trade with the Republic then there would be very little need for the infrastructure to be put in place. If there is not enough use for the people controlling the infrastructure to make a profit, they aren't going to put it in.

And are you telling me a mining town won't have a bank? (if we're to stretch the analogy that far, at any rate. I have to wonder why that shit hole was settled to begin with, there doesn't appear to be anything remotely valuable on it. Moisture farming must be a lucractive but strictly local economy, so if the planet is a SW 'mining town' then there must be something else of value that is being exploited, but which is not readily apparent from the films.)

Tatooine is a failed mining planet. The sandcrawlers were originally mobine mining and refining platforms. The ore was unusable for some reason. (At least that's what I remember from the old WEG Guide to Mos Eisley, I may go dig it out.)

Why would the planet have a bustling spaceport in Mos Eisley, but not a bank? Or some sort of monetary exchange office? Indeed, the two would go hand in hand.

I have no doubt that Mos Eisley has banks that could change the Republic Credits, unfortunately they did not land in or near Mos Eisley, they landed outside Mos Espa. I don't recall Mos Espa having nearly as much space traffic as Mos Eisley did. If Mos Eisley is the primary port of entry, that is where the primary monetary exchanges would be. If the planet primarily uses the Hutt's currency, then there would be little need for monetary exchanges.

from the SoT Wotc Guide

Stofsk wrote:Why would Watto have lost money? It was Qui-gon's credits; he would be the one who would have to exchange it for Tatooine's local currency.

The chart in the post above aside (which pretty much sums it up), Tatooine wasn't part of the Republic. Since Tatooine more or less was under the direct control of what you could call a "gangster syndicate", no official exchange rates would apply (I doubt that the Hutts and the Republic had any formal monetary agreements).

Stofsk wrote:He would be the one to lose money, but he's a Jedi, and doesn't really need it. But the option of going to a nearby bank is not made available, and instead we get a convoluted plot wherein Qui-gon tries to 'win' the hyperdrive through gambling.

You're forgetting one thing, since Qui-Gon would have to go to the customs office (as mentioned in the chart above posted by Gorefiend) or turn to the black market, it's likely that both the official and unofficial exchange rate would hollow out his assets to the point that he no longer simply couldn't afford to buy the hyperdrive. That's what I see as the most likely scenario.