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Gold standard - Wikipedia, the free encyclopedia |
 | | The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold and currency issuers guarantee, under specified rules, to redeem notes in that amount of gold. |
 | | Gold would remain the metal of monetary reserve accounting until the collapse of the Bretton Woods agreement in 1971, and remains an important hedge against the actions of central banks and governments, a means of maintaining general liquidity, and as a store of value. |
 | | The primary Spanish gold unit of account was the escudo, and the basic coin the 8 "escudos" piece, or "doblón", which was originally set at 27.4680 grams of 22 carat (92%) gold, using current measures, and was valued at 16 times the equivalent weight of silver. |
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