Bimetallism

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Bimetallism

A monetary system in which a currency is exchangeable for a certain amount of either gold or silver. Bimetallism establishes a fixed exchange rate between gold and silver. As with other hard money systems, bimetallism can be unstable, as currency may be hoarded when the supply and demand of either gold or silver exceeds the stated value of the currency. Proponents of bimetallism opposed the gold standard because they believed it to be excessively deflationary. This was a subject of intense debate in the late 19th century in the United States.
References in periodicals archive ?
Founded under the aegis of France in 1865, the union consisted of setting a common bimetallic standard for all member countries and making all coins legal tender throughout the union.
The United States had been officially on the bimetallic standard from 1792; coins of $1 and less were made of silver, coins of $5 and more of gold.
remained on a bimetallic standard, because the silver dollar was still minted on demand in unlimited quantities and was unlimited tender.