In the 19th century, there was a heated debate surrounding whether currency was based on gold, silver, or both. At the beginning of the century, many countries adopted the bimetallic standard and considered gold and silver as legal tender. For example, the 1792 U.S. Currency Act established a 15:1 silver to gold weight ratio. However, with the growth of global trade and the emergence of new metal supplies, fluctuations in relative value have led to one metal being squeezed out of circulation – an example of Gresham’s law. Britain was the first to switch to a pure gold standard in 1816, defining the pound solely as gold and ceasing the production of high-value silver coins. By the end of the 19th century, other major economies followed suit and gold became the dominant standard in international trade. In the United States, the debate over bimetallic materials is particularly intense. After the discovery of a large amount of silver lowered its value, the “73 Years of Crime” Act of 1873 ended the minting of silver dollars, pushing the United States towards a de facto gold standard. Despite strong populist pressure to restore silver, supporters of gold ultimately emerged victorious. The 1900 Gold Standard Act officially defined the US dollar as approximately 1/20.67 ounce of gold, consolidating the United States’ commitment to the gold standard monetary system.
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