Business, Legal & Accounting Glossary
Monetary standard where the monetary unit is either a specific amount of metal or a specific amount. Monetary authorities would accept either amount. For example, the United States dollar set at either 371 grains of silver or 22.5 grains of gold during the 19th century, and the United States Mint agency would accept either gold or silver grains as specified and exchange it for gold or silver coins.
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This glossary post was last updated: 20th November, 2021 | 0 Views.