Encyclopedia of Early Modern History Online

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(821 words)

Monometallism is the use of a metallic currency based on one (and only one) metal.

Until World War I, the states of Europe had metallic currencies, even though since the mid-19th century paper money backed by precious metal had also been in circulation, since its use was more convenient. But as long as there was a legal obligation to redeem the paper money for precious metal, it had to be convertible into precious metal coinage. As illustrated by a double standard or bimetallism, the linkage of gold and silver led to problems when the prices for the two precious metals diverged (Gold st…

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Schneider, Konrad, “Monometallism”, in: Encyclopedia of Early Modern History Online, Editors of the English edition: Graeme Dunphy, Andrew Gow. Original German Edition: Enzyklopädie der Neuzeit. Im Auftrag des Kulturwissenschaftlichen Instituts (Essen) und in Verbindung mit den Fachherausgebern herausgegeben von Friedrich Jaeger. Copyright © J.B. Metzlersche Verlagsbuchhandlung und Carl Ernst Poeschel Verlag GmbH 2005–2012. Consulted online on 28 February 2024 <http://dx.doi.org/10.1163/2352-0272_emho_SIM_024233>
First published online: 2015
First print edition: 20200128

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