Search results
Results from the WOW.Com Content Network
The United Kingdom slipped into a gold specie standard in 1717 by over-valuing gold at 15 + 1 ⁄ 5 times its weight in silver. It was unique among nations to use gold in conjunction with clipped, underweight silver shillings, addressed only before the end of the 18th century by the acceptance of gold proxies like token silver coins and banknotes.
The gold standard is a monetary system in which gold is used to guarantee the value of a country’s currency. It was a typical measure in the 20th century to ensure that a country’s money was ...
The gold standard, ... changing the gold/silver ratio to 16.002:1. ... When silver prices rose relative to gold as a reaction to the California Gold Rush, ...
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation.
In 1834, the mint's 15:1 legal valuation of gold to silver (i.e. 15 weight units of silver and 1 weight unit of gold have the same legal monetary value) was changed to 16:1, and the metal weight-content standards for both gold and silver coins were changed, because at the old value ratio and weight content, it was profitable to export and melt ...
The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified. [1]
During the 19th century there was a great deal of scholarly debate and political controversy regarding the use of bimetallism in place of a gold standard or silver standard (monometallism). [5] [6] Bimetallism was intended to increase the supply of money, stabilize prices, and facilitate setting exchange rates. [7]
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!