What even the authors of Encyclopedia of Banking and Finance do not seem to fully understand is that demonetization of silver alone was enough to put the British Empire on the road toward the fiat money regime. With gold Sovereigns in circulation, and with Pound Sterling Bills freely redeemable in gold Sovereigns, no one ever realized that gold standard, without silver, could not assure integrity of the money supply as effectively as silver-and-gold standard could, that gold standard was in reality a clever, covert form of the fiat money regime.
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