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The gold standard is a monetary system that measures the relative value of a currency against a specific amount of gold.
It was developed in England in the early 18th century when the scientist Sir Isaac Newton was Master of the English Mint. By the late 19th century, the gold standard was used throughout the world.
The US was on the gold standard until 1971, when it stopped redeeming its paper currency for gold.Yahoo Finance - Cite This Source - This Definition
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