silver standard

/'silvə'stændəd/

Thân thiện

A country once used the silver standard for its coinage.

Definition

1. Noun:
   • A monetary standard: A system in which the value of a country's basic unit of currency is officially defined as equivalent to, and can be exchanged for, a specific fixed quantity of silver.

Usage

• The term is used in economics and historical contexts to describe a specific type of monetary system.
• It is often contrasted with other standards like the gold standard or fiat money.
• It typically functions as a subject or object in a sentence.

Examples

• Noun:
  • The country abandoned the silver standard in the late 19th century.
  • Adopting a silver standard can stabilize currency value but ties it to silver production.

Advanced Usage

• "to be on a silver standard": To use a silver standard monetary system.
  • The nation's economy was on a silver standard for decades.
• "the collapse of the silver standard": Refers to the historical event when this system was abandoned.
  • Inflation contributed to the collapse of the silver standard.

Variants and Related Words

• Bimetallic standard (n): A monetary system where the currency is based on both gold and silver.
• Monetary standard (n): The general system defining the value of money.

Synonyms

• Silver-based monetary system: A descriptive synonym emphasizing the metal basis.

Related Phrases

• Silver certificate (n): A type of paper money historically redeemable for silver under a silver standard.
  • The old silver certificate was a promise to pay the bearer in silver coin.

Học thuật

Noun

1. a monetary standard under which the basic unit of currency is defined by a stated quantity of silver