Commodity money is a type of currency that is valued for the material it is made from, such as gold coins, where the value of the money is typically the value of the commodity itself, rather than the denomination stamped on it.
Demonetization refers to the withdrawal of a specific form of currency from circulation, rendering it no longer recognized as legal tender. This economic policy is often implemented to combat issues like corruption, counterfeit currency, and inflation.
A monetary system where currency units are directly convertible into fixed amounts of gold. Known for its anti-inflationary characteristics, the United States operated under this system until 1933.
Reinstatement of a commodity or other means of exchange as an acceptable currency, often involving the backing of currency by gold or other precious metals.
The Smithsonian Agreement was a pivotal international accord signed in December 1971, which ended the fixed exchange rates established at the Bretton Woods Conference of 1944 and substituted a floating currency exchange rate.
