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The Evolution of the Gold Standard in England

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Author Info
Redish, Angela

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Abstract

In 1816 England officially abandoned bimetallism and made silver coins into tokens that were only limited legal tender. Earlier monetary authorities had lacked the ability to manage a subsidiary coinage, a necessary complement to the monometallic gold standard. A successful token coinage must be both costly to counterfeit and credibly backed to ensure that the tokens do not depreciate to their intrinsic value. These problems were solved in the nineteenth century through the introduction of steam-driven stamping presses and with the assistance of the Bank of England.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 50 (1990)
Issue (Month): 04 (December)
Pages: 789-805
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Handle: RePEc:cup:jechis:v:50:y:1990:i:04:p:789-805_03

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  1. José I. García de Paso, . "The 1628 Castilian Crydown: Origins and Failure," Studies on the Spanish Economy 110, FEDEA. [Downloadable!]
  2. Stephen Quinn & William Roberds, 2006. "An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange, and the emergence of the first central bank," Working Paper 2006-13, Federal Reserve Bank of Atlanta. [Downloadable!]
  3. John Kemp Ted, Wilson, 1999. "Monetary Regime Transformation: the scramble to gold in the late nineteenth century," Review of Political Economy, Taylor and Francis Journals, vol. 11(2), pages 125-149, April. [Downloadable!] (restricted)
  4. Michael D. Bordo & Finn E. Kydland, 1992. "The gold standard as a rule," Working Paper 9205, Federal Reserve Bank of Cleveland. [Downloadable!]
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  5. António Portugal Duarte & João Sousa Andrade, 2005. "How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects," Method and Hist of Econ Thought 0505002, EconWPA. [Downloadable!]
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  6. Thomas J. Sargent & Francois R. Velde, 1997. "The big problem of small change," Working Paper Series, Macroeconomic Issues WP-97-08, Federal Reserve Bank of Chicago. [Downloadable!]
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  7. François R. Velde & Warren E. Weber, 1998. "A model of bimetallism," Working Papers 588, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  8. Michael D. Bordo & Barry Eichengreen, 1998. "The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem," NBER Working Papers 6436, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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