this post was submitted on 24 Feb 2024
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I read it only in parts. Apparantly, there actually is a dollar-galleons-exchange rate carried out by Gringots.
"Consider first the Galleon–Dollar exchange rate (i.e. the exchange rate between the muggles’ money and the wizards’ money), which is not mentioned explicitly in the original 7-volume Harry Potter books, but we know from the books that the Gringotts handles such exchanges (Rowling, 1999a, p. 50). Based on information from three sources, we estimate that the Galleon–Dollar exchange rate is about $7.30/Galleon."
The best of these sources is Rowling herself I think: "Third, in an interview on March 12, 2001, when asked by Rebecca Boswell, ‘What is the approximate value of a galleon?’ J.K. Rowling’s reply was ‘About five pounds, though the exchange rate varies!’ (Source: https://www.hp-lexicon.org/2007/02/04/wizard-money/, accessed June 6, 2022.) We conclude therefore that the Galleon–Dollar exchange rate is about $7.30/Galleon."
Arthur Wesley after all also bought a muggle car and bewitched it.
Thanks! That is really my only impression, Arthur, even though an expert in Muggles, sees only amusement value in muggle tech. That's why I'd think there isn't really any significant trade possible. Wizards can just create anything with magic. Except maybe land. So the exchange rate would drop if you'd try to trade significantly more. Just my speculation of course :)