p>The old versions of German Marks (Reichsmarks,Rentenmarks,Papiermarks),Yugoslavia Dinars,Vietnam Dongs,Peru Intis and soles,Brazil cruzeiros and cruzados,Argentina Peso leys (ARL),Bolivia Bolivianos,Angola Kwanza reajastodos,Greece Drachma,Italian lira,Turkey lira (TRL),China gold Yuan,Zaire zaires,Poland zloty,Romania leu ,Mexico Pesos mainly of the inflation economic period in these countries of upto 500 billions in denominated notes ,coins are remonetized and gold standard money as per IMF,Bureau de change and world central banks guidelines.
They minimumly hold equal value to the new circulating money as also they are high denominated money notes so an higher value.As per the worldwide central banks law gold standard currencies are acceptable , exchanged redeemed and cashed at face value of the bill or banknote ,without redenomination, anywhere in the world at any central bank and its branches for an unlimited period.Gold standard currency is defined as money backed by real,pure 24 Kt solid gold by governments of past,present and future through their bank administrators as a country’s central bank law.Non-acceptance or exchange of gold standard currencies would mean losing real money or gold.
When the country undergoes a economic period of inflation or hyperinflation,it has to guarantee its currency money by wt. of gold due to the public worldwide which stays for life.These currencies and banknotes status cannot be changed or demonetized other than be out of circulation and become a valuable collectible due to change,Only renewals, remonetizing ,pay debts ,at par is permissible and allowed.
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After other countries abandoned the gold standard in the early days of the Great Depression, the Hoover administration stayed on in, even though doing so may US goods less competitive. Franklin Roosevelt effectively abandoned the gold standard in 1933. He returned to a modified version of it the following year but with the price of gold raised to $35 per ounce. After WW2, the Roosevelt $35 price became enshrined in the Bretton Woods international monetary system until President Nixon ended that system in 1971.
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The gold standard and the freedom to change monetary policy?The Federal Reserve Board is free to change monetary policies as it pleases. Under the gold standard of one hundred years ago money could only expand if the amount of more gold came into the country. What are the advantages or disadvantages of the two policies?
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