Silver Standard (Noun)
Meaning
A monetary standard under which the basic unit of currency is defined by a stated quantity of silver.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The country switched from the gold standard to the silver standard in an effort to stabilize its economy.
- During the late 19th century, many nations adopted the silver standard as a way to facilitate international trade.
- The silver standard was used in the United States from 1878 to 1900, when it was replaced by the gold standard.
- The silver standard was often criticized for its volatility, as the value of silver could fluctuate wildly on the open market.
- China used the silver standard from the 16th century until 1935, when it was replaced by the fiat currency system.