Dating for beginners new era
In this system, trade between nations was settled using physical gold.
Nations with trade surpluses accumulated gold as payment for their exports.
While gold coins and bullion continued to dominate the monetary system of Europe, it was not until the 18th century that paper money began to dominate.Gold bugs still cling to a past when gold was king, but gold's past includes also a fall that must be understood to properly assess its future.For 5,000 years, gold's combination of luster, malleability, density and scarcity has captivated humankind like no other metal.A fiat system, by contrast, is a monetary system in which the value of currency is not based on any physical commodity but is instead allowed to fluctuate dynamically against other currencies on the foreign-exchange markets.The term “fiat” is derived from the Latin fieri, meaning an arbitrary act or decree.
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That fixed price is used to determine the value of the currency. The gold standard is not currently used by any government.