What Is the Gold Standard?
Posted on October 17, 2014 by Mary Hood | 0 Comments
The story of the gold standard (and paper money) begins with ancient goldsmiths, who we may think of as the original bankers. During a time when precious metals were used in everyday economic exchange, people would store any gold they didn’t need at the moment with the goldsmith, who, in turn, would issue the clients a paper receipt indicating the amount of gold they had in storage.
Posted in economics, finance, gold, gold standard
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