Bimetallism: Before 1875 o a"double standard"in the sense that both gold and silver were used as money Some countries were on the gold standard, some on the silver standard some on both o Both gold and silver were used as international means of payment and the exchange rates among currencies were determined by either their gold or silver contents e Gresham 's law implied that it would be the least valuable metal that would tend to circulate McGraw-Hilylrwoin 2-3 Copyright@ 2001 by The McGraw-Hill Companies, Inc. All rightsMcGraw-Hill/Irwin Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 2-3 Bimetallism: Before 1875 ⚫ A “double standard” in the sense that both gold and silver were used as money. ⚫ Some countries were on the gold standard, some on the silver standard, some on both. ⚫ Both gold and silver were used as international means of payment and the exchange rates among currencies were determined by either their gold or silver contents. ⚫ Gresham’s Law implied that it would be the least valuable metal that would tend to circulate