Metal As Money
Metallism is a centuries old school of thought which holds that money derives its value from precious metals. In some older monetary system based on metallism, silver, gold or other metals are used as the primary forms of money. Coins made of officially recognised valuable metal will often be the legal tender.
Especially since the 19th century, adherents of metallism tend to accept that the relationship between money and precious metal can be indirect. In the gold standard adopted by much of the world in the late 19th and early 20th century, various paper bank notes could be exchanged for gold at banks.
Read more about Metal As Money: History of Metallic Monetary Systems, Broad Sense of The Term
Famous quotes containing the words metal and/or money:
“There were metal detectors on the staff-room doors and Hernandez usually had a drawer full of push-daggers, nunchuks, stun-guns, knucks, boot-knives, and whatever else the detectors had picked up. Like Friday morning at a South Miami high school.”
—William Gibson (b. 1948)
“It will be a great day when our schools get all the money they need and the Air Force has to hold a bake sale to buy a bomber.”
—Advertisement. Poster in a school near Irving Place, New York City (1983)