Bimetallism (Noun)
Meaning
A monetary standard under which the basic unit of currency is defined by stated amounts of two metals (usually gold and silver) with values set at a predetermined ratio.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The government's adoption of bimetallism led to increased economic growth as both gold and silver coins were widely accepted.
- The country's central bank implemented bimetallism in an effort to stabilize the currency and reduce inflation.
- Bimetallism was widely used in Europe during the 19th century, with most countries adopting a gold-to-silver ratio of 15:1.
- The government's decision to abandon bimetallism in favor of the gold standard led to widespread economic disruption.
- The use of bimetallism allowed countries to mint coins made from both gold and silver, which helped to facilitate international trade.