The gold standard was embraced by most of the world's major trading countries in the late 1830's.
Participating nations agreed to fix the value of their domestic currencies in terms of a certain quantity of gold as part of the gold standard.
National currency and other types of money, including bank deposits and notes, may be freely exchanged for gold at the set price. After Sir Isaac Newton, the head of the mint, overvalued the guinea in terms of silver, England established a de facto gold standard in 1717. The gold standard was legally implemented in 1819.
The price of gold in the United States was fix at $20.67 per ounce in 1834, and it stayed there until 1933. In the 1870s, several significant nations adopted the gold standard.
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the gold standard was embraced by most of the world's major trading countries in the late _____
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