BIMETALLISM: BEFORE 1875
A double standard maintaining free coinage for both gold and silver.
Before the 1870s, both gold and silver were used as international means of
payment and exchange rates among currencies were determined by either
their gold or silver contents.
Around 1870, the exchange rate between the British pound, which was
fully on a gold standard, and the French franc, which was officially on a
was determined by the gold content of the two