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Comment: Essentially correct save that gold was NOT the basis for the

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Essentially correct save that gold was NOT the basis for the

Submitted by samadamscw on Thu, 01/17/2013 - 14:35.

currency, but was more aptly, an additional coinage authorized by Congress.

We were on a silver standard with the Coinage Act of 1792. It defined gold coins in terms of silver value, not each independently. (which might have worked better) The value of gold was not regarded save for its relation to silver, and thus the "dollar." (which was and is - silver. It is not abstract.)