Gold standard is a monetary or coin standard, and is the relationship between a unit weight of metal coins and coin counting unit defined by law. In other words, how much gold or silver must be in coins of a particular denomination. Coins can actually be made of a metal other than gold or silver, but they must be guaranteed by the central bank and can be redeemed for the given amount of metal. A coin can therefore have a metal value that is separated from the symbolic value of the trade.
To write a successful research paper on gold standard it is necessary to know that in time, gold standard in most countries is repeatedly changed, usually from “heavy” to “light,” i.e., they have the same unit coin weight embossed in an increased number of coins of the same nominal value, either by being made lighter, with maintaining the same alloy as before, or having reduced value, by major addition of base metal. That means real inflation.
Usually, there are, however, a monetary standard to denote the substance of which a country’s head coin is made. Today, there is fiat money or so called paper standard current, that is, the paper notes in itself currency without being convertible to gold. Further back, most countries had a silver standard for its own minting, while gold standard was primarily used for international regulation of the currency. In the 1800s, the gold standard was introduced in most European countries, especially including gold francs from 1803 that became the international standard, used by the Latin Monetary Union and Bank for International Settlements 2003.
Most countries that used the gold standard abandoned it in the interwar period, but BIS stabilized currency with their gold francs. For Sweden, the gold standard ceased to have effect 27 September 1931 when the country went over to the paper standard. A kind of gold standard, however, was used in the Western world from the late 1940s – the early 1970s, known as the Bretton Woods system.
Right up to 1952 Swedish crown was redeemed on demand by the central bank on the five crowns of gold coins under the realm coin of 30 May 1873, even though this redemption ceased already in 1931.
Bimetallism is, when coins are made of at least two different metals. There are two kinds of bimetallism, namely parallel monetary standard when some definite value ratio between gold and silver is not established, and double monetary standard when such exists. If at double monetary standard silver is not freely interchangable (“blocked embossing”), there is limping double monetary standard; this was the case in the Latin Monetary Union 1865-1873. A silver franc weighed 15.5 times more than gold weight in gold francs.
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