Definitions for bimetallism
baɪˈmɛt lˌɪz əmbimet·allism

Princeton's WordNetRate this definition:0.0 / 0 votes

1. bimetallismnoun

   a monetary standard under which the basic unit of currency is defined by stated amounts of two metals (usually gold and silver) with values set at a predetermined ratio

WiktionaryRate this definition:0.0 / 0 votes

1. bimetallismnoun

   The use of a monetary standard based upon two different metals, traditionally gold and silver usually in a fixed ratio of values.

WikipediaRate this definition:0.0 / 0 votes

1. Bimetallism

   Bimetallism, 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 gold and silver, creating a fixed rate of exchange between them.For scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gold and silver money are legal tender in unlimited amounts and that gold and silver may be taken to be coined by the government mints in unlimited quantities. This distinguishes it from "limping standard" bimetallism, where both gold and silver are legal tender but only 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 only one is legal tender and the other is used as "trade money" (e.g. most moneys in western Europe from the 13th to 18th centuries). Economists also distinguish legal bimetallism, where the law guarantees these conditions, and de facto bimetallism, where gold and silver coins circulate at a fixed rate. During the 19th century there was a great deal of scholarly debate and political controversy regarding the use of bimetallism in place of a gold standard or silver standard (monometallism). Bimetallism was intended to increase the supply of money, stabilize prices, and facilitate setting exchange rates. 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.

ChatGPTRate this definition:0.0 / 0 votes

1. bimetallism

   Bimetallism is an economic system where the value of the currency is defined as equivalent to a certain amount of two different types of metals, typically gold and silver. This system is used to create a stable monetary standard and combat inflation. Bimetallism was mainly used in the 19th century, before the adoption of the gold standard.

Webster DictionaryRate this definition:0.0 / 0 votes

1. Bimetallismnoun

   the legalized use of two metals (as gold and silver) in the currency of a country, at a fixed relative value; -- in opposition to monometallism

WikidataRate this definition:0.0 / 0 votes

1. Bimetallism

   In economics, bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent both to a certain quantity of gold and to a certain quantity of silver; such a system establishes a fixed rate of exchange between the two metals. The defining characteristics of bimetallism are ⁕Both gold and silver money are legal tender in unlimited amounts. ⁕The government will convert both gold and silver into legal tender coins at a fixed rate for individuals in unlimited quantities. This is called free coinage because the quantity is unlimited, even if a fee is charged. The combination of these conditions distinguish bimetallism from a limping standard, where both gold and silver are legal tender but only one is freely coined, or trade money where both metals are freely coined but only one is legal tender and the other is trade money Economists also distinguish legal bimetallism, where the law guarantees these conditions, and de-facto bimetallism where both gold and silver coins actually circulate at a fixed rate. Bimetallism was intended to increase the supply of money, stabilize prices, and facilitate setting exchange rates. Some authors, such as Angela Redish or Charles Kindleberger have argued that bimetallism was, by construction, unstable. Changes in gold-silver exchange were, in their eyes, leading to massive changes in the money supply. Bimetallism was thus inherently flawed and the advent of the gold standard was inevitable. This view has been challenged by Friedman and Flandreau who wrote that the option to pay in gold or in silver had in fact a stabilizing effect.

Chambers 20th Century DictionaryRate this definition:0.0 / 0 votes

1. Bimetallism

   bī-met′al-izm, n. the name given to a monetary system in which gold and silver are on precisely the same footing as regards mintage and legal tender.—adj. Bimetal′lic, adapted to that standard.—n. and adj. Bimet′allist. [A recent coinage, from Gr. bi-, double, and Metal.]

The Nuttall EncyclopediaRate this definition:0.0 / 0 votes

1. Bimetallism

   the employment of two metals (gold and silver) in the currency of a country as legal tender at a fixed relative value, the ratio usually proposed being 1 to 15½.

Matched Categories

1. • Standard

How to pronounce bimetallism?

1. Alex

   US English

   David

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   Mark

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   Daniel

   British

   Libby

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   Mia

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   Karen

   Australian

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   Neerja

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How to say bimetallism in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of bimetallism in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of bimetallism in Pythagorean Numerology is: 7

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=bimetallism
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Bimetallism
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Bimetallism
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Webster Dictionary
   https://www.merriam-webster.com/dictionary/bimetallism
6. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=bimetallism
7. ^ Chambers 20th Century Dictionary
   https://www.gutenberg.org/files/37683/37683-h/37683-h.htm#:~:text=bimetallism
8. ^ The Nuttall Encyclopedia
   https://www.gutenberg.org/cache/epub/12342/pg12342-images.html#Bimetallism