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Simple English definitions for legal terms
bimetallism
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A quick definition of bimetallism:
Bimetallism: A way of using two types of metal (usually gold and silver) to make money. Both metals are considered valuable and can be used to buy things. The value of each metal is fixed and they can be exchanged for each other. The United States used bimetallism from 1792 to 1873.
A more thorough explanation:
Bimetallism
Bimetallism is a monetary system where two metals, usually gold and silver, are used as legal tender and have a fixed exchange rate between them. For example, the American money system was based on a bimetallic standard from 1792 to 1873.
One example of bimetallism is the use of gold and silver coins as legal tender in the United States before 1873. Another example is the Latin Monetary Union, which was a bimetallic system used by several European countries in the 19th century.
These examples illustrate how bimetallism works by using two metals as currency with a fixed exchange rate. This system was used to provide stability in the value of money and to prevent inflation or deflation.