Economists also distinguish legal bimetallism, where the law guarantees these conditions, and de facto bimetallism, where gold and silver coins circulate at a fixed rate.ĭuring the 19th century there was a great deal of scholarly debate and political controversy regarding the use of bimetallism in place of a gold standard or silver standard ( monometallism). most moneys in western Europe from the 13th to 18th centuries). the moneys of France, Germany, and the United States after 1873), and from "trade" bimetallism, where both metals are freely coined but only one is legal tender and the other is used as "trade money" (e.g. This distinguishes it from "limping standard" bimetallism, where both gold and silver are legal tender but only one is freely coined (e.g. įor scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gold and silver money are legal tender in unlimited amounts and that gold and silver may be taken to be coined by the government mints in unlimited quantities. īimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them. The exchange rate between the weights of gold and silver was 1 to 13.3 at the time.
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The gold and silver Croeseids formed the world's first bimetallic monetary system c.