Editing Gold standard (section)

==Implementation==
The United Kingdom slipped into a '''gold specie standard''' in 1717 by over-valuing gold at {{frac|15|1|5}} times its weight in silver. It was unique among nations to use gold in conjunction with clipped, underweight silver shillings, addressed only before the end of the 18th century by the acceptance of gold proxies like token silver coins and banknotes.

From the more widespread acceptance of paper money in the 19th century emerged the '''gold bullion standard''', a system where gold coins do not circulate, but authorities like [[central bank]]s agree to exchange circulating currency for gold bullion at a fixed price. First emerging in the late 18th century to regulate exchange between London and Edinburgh, Keynes (1913) noted how such a standard became the predominant means of implementing the gold standard internationally in the 1870s.<ref name="Keynes gold">{{cite wikisource |title=Indian Currency and Finance |author=John Maynard Keynes |chapter=Chapter II: The Gold Exchange Standard |chapter-url=https://en.wikisource.org/wiki/Indian_Currency_and_Finance/Chapter_2 |page=21}}</ref>

Restricting the free circulation of gold under the Classical Gold Standard period from the 1870s to 1914 was also needed in countries which decided to implement the gold standard while guaranteeing the exchangeability of huge amounts of legacy silver coins into gold at the fixed rate (rather than valuing publicly held silver at its depreciated value). The term '''limping standard''' is often used in countries maintaining significant amounts of silver coin at par with gold, thus an additional element of uncertainty with the currency's value versus gold. The most common silver coins kept at limping standard parity included [[French franc|French 5-franc coins]], [[Vereinsthaler|German 3-mark thalers]], [[Dutch guilder]]s, [[Indian rupee]]s, and U.S. [[Morgan dollar]]s.

Lastly, countries may implement a '''gold exchange standard''', where the government guarantees a fixed exchange rate, not to a specified amount of gold, but rather to the currency of another country that is under a gold standard. This became the predominant international standard under the [[Bretton Woods Agreement]] from 1945 to 1971 by the fixing of world currencies to the [[U.S. dollar]], the only currency after World War&nbsp;II to be on the gold bullion standard.