What is the silver standard?

Silver Standard uses silver as a standard monetary unit for monetary system. Silver was actually the first metal to be used as a currency in ancient Greece, and it was also the first currency to achieve a standardized state, while silver coins from Greece were accepted through the Mediterranean for trade and other financial activities. Today, no nation in the world uses a silver standard. In cash systems that used a silver standard, a specific silver weight was used as a standard account unit. People could freely replace the silver coin and silver for the weight for goods and services, and money could be converted into silver upon request. The remarkable silver standard users included the British Empire, China, ancient Greece and Spain. The colonization of overseas territories provided a number of nations Wiping to significant silver deposits that significantly increased their wealth.

starting with the 18th century, several nations began to move to the gold standard. Before the official adoption of the gold standard, the foundations for the switch were already laid, because the values ​​of metals tend to remain appropriate to each other and both were widely used in the store. China and Hong Kong, in 1935, were the last to give up the silver standard. The gold standard was also abandoned by a number of nations in the 20th century.

Although silver standards are no longer used, silver continues to be widely traded and people also speculate with silver. Silver and gold reserves are maintained by a number of nations and investors, and the value of this rare metal is monitored by many tax authorities. Silver values ​​are generally due to weight and also for special silver products that can load more in the open market than their weight itself.

Some critics have suggested that the return to silver and/or gold standards is fine and claims to strengthen financial systems. Return to such a standard would require considerable work fromParties of economic regulatory bodies, banks and other entities in the financial industry. Department of money from precious metals radically changed monetary systems around the world, and this change may not even be reversible, although regulatory bodies and governments have found it desirable.