Portugal adoption of the gold standard: political reasons for a monetary choice (1846-1854)

Rita Sousa ()

No 2019/64, Working Papers GHES - Office of Economic and Social History from ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa

Abstract: This article analyses the transition from bimetallism to the gold standard in Portugal. The research has emphasised that the high percentage of gold coins in circulation and the network externalities were the main reasons for the de jure adoption of the gold standard in 1854. However, it has not provided a justification for either the appreciation of gold in the Portuguese market in 1847 which was contrary to the international trend or the reasons behind the decision to continue to circulate British gold sovereigns in 1851 when all other foreign coins were withdrawn. We argue that the political pressure applied by groups with ownership of British gold coins explains the transition from bimetallism to the gold standard.

Keywords: PMonetary history, Gold standard, Portugal, nineteenth century JEL classification: N13; N20; E42 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-his, nep-mon and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:ise:gheswp:wp642019

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