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Mr Ali R Allana: Historical Perspectives 1800-1939 Candidate no: Y1711748 Why were exchange rates so stable under the Classic gold standard? The period known as the 'Classic Gold Standard' occurred between 1880 and 1914 and saw the rapid expansion of countries onto the gold standard. A country is generally considered to be under a Gold standard when it ties its domestic currency to a fixed amount of gold. To maintain this standard, a Government should aim to buy and sell gold at the price chosen. The first gold standard era of Britain lasted from 1821 to 1919. Gold was chosen because it completed the three properties of commodity money needed (medium of exchange, a unit of account and a store of value). By 1900, a succession of countries had set Gold as the standard, including Holland, Denmark, Sweden, France, Italy, the US, Russia and Japan with Germany initiating a trend away from silver in 1871. Different...

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