To Achieve a Successful Gold Standard, You Don't Need Gold Coins

Source: Forbes, Nathan Lewis (8/2/12)

"When most people think of 'gold-based currencies,' they think of gold coins. But, actually, gold coins themselves are probably the least important part."

Forbes, Nathan Lewis

When most people think of "gold-based currencies," they think of gold coins. But, actually, gold coins themselves are probably the least important part. In fact, they aren't necessary at all. From 1933 to 1971, the U.S. had a gold standard system, with the dollar at the Bretton Woods parity of 1/35th oz. of gold, but there were no gold coins in the currency system.

Just manufacturing gold coins doesn't accomplish much. Gold coins are already easy to acquire, from the U.S. Mint, or from foreign producers such as Krugerrands, Canadian Maples, Chinese Pandas, and so forth. This is a good start, but there needs to be two more steps: first, to introduce small-denomination notes and coins; and second, to establish bank accounts and other instruments based on the gold-based currency. . .View Full Article

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