A system by which the value of a currency is defined in terms of silver, for which the currency may be exchanged.
- Of course, uniformity could have been realized by returning to the silver standard and bona fide specie payments, and reducing the currency, but there were few who mentioned this option.
- Thus the United States was on a silver standard, but it was also on a bimetallic system of coinage, that included gold to be circulated at a ‘fixed’ exchange rate to the silver standard.
- From 1789-1834, the country was on a de facto silver standard, from 1834-1861 a gold standard.
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