In reality, the gold standard was neither ancient nor natural. Both the international gold standard and American dependence on a fiat currency were new and revolutionary. The British, who formally adopted the gold standard in 1819, were virtually alone until the 1860s when others followed. Like the United States, most nations had previously relied on various forms of bimetallism or silver-backed currencies. The unprecedented increase in gold supplies that began with the discoveries in California and Australia had driven silver out of circulation in Europe and made a gold standard practicable.
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