A brief history of the gold standard

What was the gold standard?The gold standard was a monetary system that pegged currencies to the value of gold. Why was the gold standard adopted?Short answer: the gold standard was adopted in Great Britain in 1817 (other countries followed later), as a response to a quickly growing economy with the need for stable currency. Long answer: leading up to the early 19th century, Great Britain had been on a bimetallic monetary system. Gold and silver coins circulated in the economy…

What was the gold standard?The gold standard was a monetary system that pegged currencies to the value of gold. Why was the gold standard adopted?Short answer: the gold standard was adopted in Great Britain in 1817 (other countries followed later), as a response to a quickly growing economy with the need for stable currency. Long answer: leading up to the early 19th century, Great Britain had been on a bimetallic monetary system. Gold and silver coins circulated in the economy…

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