Gold is Money First, Haven Second

Brendan Brown () and Philippe Simonnot ()

Chapter Chapter 16 in Bad Money, 2025, pp 169-181 from Springer

Abstract: Abstract Gold has the reputation of being a haven. First and foremost, though, gold is a money. It delivers the essential services of money—store of value and medium of exchange—even though in different ways and in some respects less efficiently than in previous epochs when leading nation-states had their currencies fully convertible into gold. Convertibility meant that the issuer of banknotes would promise to redeem these at par on request in gold, and gold could be taken to the mint in exchange for gold coins of the same weight. Gold coins circulated widely in everyday use.

Date: 2025
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-95425-2_16

Ordering information: This item can be ordered from
http://www.springer.com/9783031954252

DOI: 10.1007/978-3-031-95425-2_16

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().