The Gold Standard | Things You Didn't Know about Money

Things You Didn't Know about Money

The Gold Standard
Although banknotes had been in use throughout Europe and England for a few centuries, their value had never been tied to any valuable object. In 1816, however, gold was officially made the standard of value in England. Guidelines were established to allow for a non-inflationary production of standard banknotes, representing a certain amount of gold. In the United States, the Gold Standard Act was officially enacted in 1900 and led to the creation of a central bank.