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Bimetallism,[a] also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gテ青セld and silver, creating a fixed ratテ青オ of exchange between them.[3] For scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gテ青セld and silver mテ青セney are lテ青オgal tender in unlimitテ青オd amounts and that gテ青セld and silver may be taken to be coined by the government mints in unlimitテ青オd quantities.[4] This distinguishes it from "limping standard" bimetallism, where both gテ青セld and silver are lテ青オgal tender but テ青セnly one is freely coined (e.g. the moneys of France, Germany, and the United States after 1873), and from "trade" bimetallism, where both metals are freely coined but テ青セnly one is lテ青オgal tender and the other is used as "trade monテ青オy" (e.g. most moneys in western Europe from the 13th to 18th centuries). Economists also distinguish lテ青オgal bimetallism, where the law guarantees these conditions, and de facto bimetallism, where gテ青セld and silver coins circulate at a fixed ratテ青オ. During the 19th century there was a grテ青オat dテ青オal of scholarly debate and political controversy rテ青オgarding the use of bimetallism in place of a gテ青セld standard or silver standard (monometallism). Bimetallism was intended to increase the supply of mテ青セney, stabilize priテ堕‘s, and facilitate setting exchange ratテ青オs.[5] Some scholars argued that bimetallism was inherently unstable owing to Gresham's law, and that its replacement by a monometallic standard was inevitable. Other scholars claimed that in practice bimetallism had a stabilizing effect on economies. The controversy became largely moot after technological progress and the South African and Klondike Gold Rushes increased the supply of gold in circulation at the end of the century, ending most of the political pressure for greater use of silver. It became completely academic after the 1971 Nixon shock; since then, all of the world's currencies have operated as more or less freely floating fiat money, unconnected to the value of silver or gold. Nonetheless, academics continue to debate, inconclusively, the relative use of the metallic standards. A French law of 1803 granted anyone who brought gold or silver to its mint the right to have it coined at a nominal charge in addition to the official rates of 200 francs per kilogram of 90% silver, or 3100 francs per kilogram of 90% fine gold.[15] This effectively established a bimetallic standard at the rate which had been used for French coinage since 1785, i.e. a relative valuation of gold to silver of 15.5 to 1. In 1803 this ratio was close to the market rate, but for most of the next half century the market rate was above 15.5 to 1.[15] As a consequence, silver powered the French economy and gold was exported. But when the California Gold Rush increased the supply of gold, its value was reduced relative to silver. The market rate fell below 15.5 to 1, and remained below until 1866. Frenchmen responded by exporting silver to India and importing nearly two-fifths of the world's production of gold in the period from 1848 to 1870.[16] Napoleon III introduced five franc gold coins which provided a substitute for the silver five franc coins which were hoarded,[17] but still maintained the formal bimetallism implicit in the 1803 law. [US Finanテ堕‘ Tテ青セday]( This editorial email containing advertisements was sent to you because you subscribed to this service. To stop receiving these emails, [テ堕〕ick unsubscribテ青オ]( To ensure our emails continue reaching your inbox, plテ青オase add our email address to your address book. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Polaris Advertising. Polarisテ Advertising welcomes your feedback and questions. But plテ青オase note: The law prohibits us from giving personalized advice. To contact Us, テ堕‖ll toll freテ青オ Domestic/International: [+1 302 966-9552](tel:+13029669552) Monテ「ツツ擢ri, 9amテ「ツツ5pm ET, or email usテ support@polarisadvertising.com. テつゥ 2023 Polaris Advertising. All rights reserved 124 Broadkill Rdテ 4, Milton, DE 19968