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:
“We are supposed to be the children of Seth; but Seth is too much of an effete nonentity to deserve ancestral regard. No, we are the sons of Cain, and with violence can be associated the attacks on sound, stone, wood and metal that produced civilisation.”
—Anthony Burgess (b. 1917)
“Absolutely speaking, the more money, the less virtue; for money comes between a man and his objects, and obtains them for him; and it was certainly no great virtue to obtain it.”
—Henry David Thoreau (1817–1862)