Commodity-backed money Monetary system

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one step away commodity money commodity-backed money , known representative money . many currencies have consisted of bank-issued notes have no inherent physical value, may exchanged precious metal, such gold. (this known gold standard.) silver standard widespread after fall of byzantine empire, , lasted until 1935, when abandoned china , hong kong.


another alternative tried in twentieth century bimetallism, called double standard , under both gold , silver legal tender.









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