13 Facts About Silver standard

Silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver.

Great Britain's early use of the silver standard is still reflected in the name of its currency, the pound sterling, which traces its origins to the early Middle Ages, when King Offa of Mercia introduced a 'sterling' coin made by physically dividing a pound of silver in 240 parts.

Germany's abandonment of the silver standard put further pressure on other countries to move to the gold standard.

The law authorized the Federal Reserve to issue $1 and $2 bills, and revoked the Silver standard Purchase Act of 1934, which authorized the Secretary of the Treasury to issue silver certificates .

Silver standard certificates continued to be issued until late 1963, when the $1 Federal Reserve Note was released into circulation.

Related searches

Silver standard ingots had a shape similar to a boat or a Chinese shoe during the Yuan dynasty .

Silver standard was again adopted and codified in 1914 by the newly established republic, with one yuan still being equal to 0.

However, the US silver purchase act of 1934 created an intolerable demand on China's silver coins, and so in the end the silver standard was officially abandoned in September 1935 in favor of the four Chinese national banks' "legal note" issues.

Silver standard remained the most common monetary metal used in ordinary transactions until the 20th century.

Silver standard coins were higher in comparison with many other countries.

British gold Silver standard initially extended to some of the British colonies, including the Australasian and Southern African colonies, but not to its North American colonies, British India, or to Southeast Asia.

On 23 November 1871, following the defeat of France in the Franco-Prussian War, Bismarck exacted one billion dollars in gold indemnity, and then proceeded to move Germany towards a new gold Silver standard which came about on 9 July 1873 with the introduction of the gold mark.

Silver standard made a partial comeback in the first decade of the 20th century, such that the silver dollar coins of the Straits Settlements and silver peso coins of the Philippines had to be made smaller in size, and with a reduced silver content in order to prevent their silver value exceeding their recently established gold exchange value.