Question

Gold standard and gold exchange standard

Answer 1

GOLD STANDARD :

The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price.

GOLD STANDARD EXCHANGE :

Gold-exchange standard, monetary system under which a nation's currency may be converted into bills of exchange drawn on a country whose currency is convertible into gold at a stable rate of exchange. ... British sterling and the U.S. dollar have been the most widely recognized reserve currencies.