silver standard


silver standard

noun

Definition of SILVER STANDARD

:  a monetary standard under which the currency unit is defined by a stated quantity of silver

First Known Use of SILVER STANDARD

1719

silver standard

noun    (Concise Encyclopedia)

Monetary standard under which the basic unit of currency is defined as a stated quantity of silver. It is usually characterized by the coinage and circulation of silver, unrestricted convertibility of other money into silver, and the free import and export of silver for the settlement of international obligations. No country now operates under a silver standard. In the 1870s most European countries adopted the gold standard, and by the early 1900s only China, Mexico, and a few small countries still used the silver standard. In 1873 the U.S. Treasury stopped coining silver, which led to the Free Silver Movement, but the defeat of William Jennings Bryan ended agitation for free silver in the U.S. See also bimetallism.

Browse

Next Word in the Dictionary: Silver Star
Previous Word in the Dictionary: silver stain
All Words Near: silver standard

Seen & Heard

What made you want to look up silver standard? Please tell us where you read or heard it (including the quote, if possible).

Get Our Free Apps
Voice Search, Favorites,
Word of the Day, and More
Join Us on FB & Twitter
Get the Word of the Day and More