The History of the Gold Standard in 2 Minutes

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

The History of the Gold Standard

The earliest known use of Gold was in 643 B.C in Lydia (present-day Turkey) and part of a naturally occurring compound known as electrum used to make coins.

When the gold standard was adopted,  it guaranteed that the government would redeem any amount of paper money for its value in gold. That meant transactions no longer had to be done with heavy gold bullion or coins.

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