Blizzard Entertainment: The currency conversion coming with Mists of Pandaria is going to happen in three stages, and this is how we plan for it to progress:
With Patch 5.0.4 on August 28
- Valor points will be converted to Justice points, and Conquest points will be converted to Honor points.
Neither of the resultant currencies (Justice and Honor) will have an enforced hard-cap at this time.At this time, you will not be able to earn Justice points or Honor points if the conversion puts your total above the cap of 4000 per type.
- The current Arena season will end.
- Players will no longer be able to earn Valor or Conquest points (bosses will drop Justice, Arenas will be closed).
- Items formerly purchasable for Valor/Conquest will be available for Justice/Honor.
Approximately two weeks after Patch 5.0.4
- All Justice and Honor points that exceed the 4000 point caps will be converted to gold at the rate of 35 silver per Honor point and 47 silver per Justice point.
- The cap of 4000 points per type will remain in-effect.
With Mists of Pandaria on September 25
- Valor can be earned again.
- Characters can earn up to 1000 Valor per week, and carry a maximum of 3000 Valor.
- Daily quests, random Scenarios, random Heroic dungeons, and all levels of raiding will reward Valor.
- Valor will be used to purchase ilvl 489 gear in Mists of Pandaria.
- The Klaxxi, Golden Lotus, Shado-Pan, and August Celestials factions will sell this gear.
- Revered reputation with each faction will be required
- Conquest will become earnable.
- There is a cap of 4000 Conquest points.
- Arenas and Rated Battlegrounds reward Conquest.
- It will be used to purchase ilvl 483 gear from Pandaren battlemasters on the Great Wall.
With Mists of Pandaria, Patch 5.1
- We currently plan to upgrade the Valor system as Ghostcrawler described in Mists of Pandaria Looting Explained in the 5.1 patch, allowing you to upgrade your gear using Valor points. We’ll have additional information once Mists of Pandaria launches and we get closer to the 5.1 patch release. . . . Read original article
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Further clarifications from the discussion thread:
Q: Can you continue earning JP/HP if you pass the soft cap of 4000. Remember, HARD CAP was removed (and that will only be from August 28 – September 25) since Valor and Conquest will convert to their lesser forms and any excess will go over the cap?
The second question is currency conversion. When 5.1 drops (which is probably MoP), will we keep some JP/HP and have excess converted to gold; will all of it be converted to gold; or will no conversion happen?
A: Yes, starting August 28, you can earn as much as you want, since there’s no cap at all on the Justice and Honor currencies from that day, until September 25. With Mists of Pandaria, the caps will be applied, and players will be reduced to 4000 Honor and 4000 Justice – any excess points will be converted on September 25 to gold at the rates described before. [link]
Q: Are they seriously going to remove conquest points from regular BGs? One of the best changes in cata, and they’re already going to take it away?
A: Nope! There are no plans to remove Conquest from the Random Daily Battleground. We agree that it was a great chang. [link]
Q: What will be the conversion rate? Is it 1:1? or is it 2:1?
A: On September 25, excess Honor over the cap will be converted at a rate of 35 silver per point, and excess Justice over the cap will be converted at a rate of 47 silver per point. [link]
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Please note: Changes were made (in red) to the above blog post at 5:00 p.m. on August 24th. Specifically –
• With Patch 5.0.4, you will not be able to earn Justice points or Honor points if the conversion puts your total above the cap of 4000 per type.
• Approximately two weeks after Patch 5.0.4, all Justice and Honor points that exceed the 4000 point caps will be converted to gold at the rate of 35 silver per Honor point and 47 silver per Justice point.
• The cap of 4000 points per type will remain in-effect.