Gold Standard Law and Legal Definition
Gold Standard is the use of gold as the standard for valuing a nation's currency. A gold standard can take at least three different forms, most of which have been part of the American economic landscape. (1) Gold is used as the money in circulation. (2) Gold is used to back up paper money in circulation. This involves the use of something like a gold certificate, such that the number of certificates in circulation is the same as the amount of gold stored someplace like Fort Knox. (3) Gold is used to fix the exchange price of paper currency in circulation. In this case, the currency could, in principle, be exchanged for some predetermined amount of gold. In other words, the price of gold is fixed in terms of dollars.
Legal Definition list
Related Legal Terms
- 3-A Sanitary Standards and Accepted Practice
- Accounting Professional Standards
- Advertising Standards
- American National Standards Institute
- American Standard Code for Information Interchange
- American Zoo and Aquarium Association (AZA) Accreditation Standards
- ANSI Standard
- Anthracite Standards Law
- Area Standards Picketing
- Asbestos Mill [National Emission Standard for Asbestos]