- Gold Standard History
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- Gold Standard History:
- The gold standard was a commitment by participating countries to fix the prices of their domestic currencies in terms of a specified amount of gold. National money and other forms of money (bank deposits and notes) were freely converted into gold at the fixed price.
- England formally adopted the gold standard in 1819. The US, though formally on a bimetallic (gold and silver) standard, switched to gold in 1834 (the US fixed the price of gold at $20.67 per ounce, where it remained until 1933).
- the period from 1880 to 1914 is known as the classical gold standard. During that time the majority of countries adhered to gold. It was also a period of unprecedented economic growth with relatively free trade in goods, labor and capital.
