More information on Currency

Currency in game of thrones focuses mostly on higher denominations of with gold and silver coins called Gold Dragons and Silver Stags, I will be working with the lower denominations being Copper Pennys and Silver Stags.

Gold Dragons - equal to 210 Silver Stags, or 11,760 Copper Pennies (56 X 210 = 11,760).

Silver Stags - equal to 56 Copper Pennies

Copper Pennies - also commonly encountered is the "Halfpenny" coin worth half a Copper Penny, and the "Copper Star" which is worth 8 normal Copper Pennies.

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Westeros’s Economical Model

Winter - Food supply is low. Population starts off high, so food demand is still high, while cost of labor is low, so wages stay low even as food prices drastically increase due to demand exceeding supply.

Spring - So many people died in winter that population is now low, so cost of labor increases, resulting in higher wages. Food supply initially remains low, but so many people died that demand is also much lower. Initially high demand means that prices are high, but wages are also high, balancing out. Numerical value of products is higher but relative purchasing power is balanced (i.e. a single horse is worth around 3.5 Gold Dragons, but one laborer can make 3.5 Gold Dragons in a year).

Summer - Population gradually increases, causing demand to increase and cost of labor to go down. Food supply also gradually increases, however, and in good summers will exceed demand. Thus wages decrease, but prices also decrease - numerical value of products is lower, but wages are also lower, so relative purchasing power balances out.

Autumn - Trends from summer reach maximum: very high food supply, and highest population results in lowest wages and highest demand - which ideally will balance out with the high supply. Numerical value of products reaches their lowest but relative purchasing power is still balanced (i.e. a single horse is now worth 1 Gold Dragon, but one laborer can only make 1 Gold Dragon in a year - fundamentally a single horse still costs "a laborer's wages for one year", as in Spring).

Winter - The cycle repeats. Food supply is suddenly low but population is still high. Demand now drastically outpaces supply, sending food prices soaring while wages remain low. Relative purchasing power is now unbalanced: a single horse now costs significantly more than the the amount of wages that a laborer earns in a single year (this is just an example figure: it isn't clear how much a laborer actually makes in a single year in Westeros, in fact a single horse seems to be greater than one year's worth of wages).