Editing Gold standard (section)

===Rollout in Eurasia and the United States===
The international classical gold standard commenced in 1873 after the [[German Empire]] decided to transition from the silver [[North German thaler]] and [[South German gulden]] to the [[German gold mark]], reflecting the sentiment of the [[Paris Monetary Conference (1867)|first international monetary conference]] in 1867, and utilizing the 5&nbsp;billion gold francs (worth 4.05&nbsp;billion marks or 1,451 [[metric ton]]s) in indemnity demanded from France at the end of the [[Franco-Prussian War]]. This transition done by a large, centrally located European economy also triggered a switch to gold by several European countries in the 1870s and led as well to the suspension of the unlimited minting of silver 5-franc coins in the Latin Monetary Union in 1873.<ref name=":5">{{Cite book |last=Eichengreen |first=Barry |title=Globalizing Capital: A History of the International Monetary System |date=2019 |publisher=Princeton University Press |isbn=978-0-691-19390-8 |edition=3rd |pages=14–16 |doi=10.2307/j.ctvd58rxg |jstor=j.ctvd58rxg |s2cid=240840930}}</ref>

The following countries switched from silver or bimetallic currencies to gold in the following years (Britain is included for completeness):
* 1816, [[British Empire]]: one [[pound sterling|pound]]: from 111.37&nbsp;g silver to 7.32238&nbsp;g gold; ratio 15.21
* 1873, [[German Empire]]: one [[North German thaler]] or 1{{frac|3|4}} [[South German gulden]] of 16.67&nbsp;g silver, converted to 3 [[German gold mark]]s of 3/2.79 = 1.0753&nbsp;g gold; ratio 15.5
* 1873, [[Latin Monetary Union]] franc: from 4.5&nbsp;g silver to 9/31 = 0.29032&nbsp;g gold; ratio 15.5
* 1873, [[United States dollar]], by the [[Coinage Act of 1873]]: from 24.0566&nbsp;g silver to 1.50463&nbsp;g gold; ratio 15.99
* 1875, [[Scandinavian Monetary Union]]: [[Reichsthaler|Rigsdaler specie]] of 25.28&nbsp;g silver, converted to 4 [[Danish krone|krone]] (or [[Swedish krona|krona]]) of 4/2.48 = 1.6129&nbsp;g gold; ratio 15.67
* 1875, Netherlands: the [[Dutch Guilder]] from 9.45&nbsp;g silver to 0.6048&nbsp;g gold; ratio 15.625.
* 1881, [[Ottoman Empire]]: the [[Ottoman lira]] 
* 1892, [[Austria-Hungary]]: the [[Austro-Hungarian florin]] of 11.11&nbsp;g silver, converted to two [[Austro-Hungarian krone]] of 2/3.28 = 0.60976&nbsp;g gold; ratio 18.22
* 1897, [[Russian Empire]]: the [[Russian ruble|ruble]] from 18&nbsp;g silver to 0.7742&nbsp;g gold; ratio 23.25.
[[File:Russian Empire-1898-Bill-1-Reverse.jpg|thumb|[[Russian ruble]] note of 1898, with text saying it is worth 17.424 ''[[dolya (unit)|dolya]]'' (0.7742&nbsp;grams) of gold.]]
The gold standard became the basis for the international monetary system after 1873.<ref name=":3">{{Cite book |last=Eichengreen |first=Barry |title=Globalizing Capital: A History of the International Monetary System |date=2019 |publisher=Princeton University Press |isbn=978-0-691-19390-8 |edition=3rd |page=7 |doi=10.2307/j.ctvd58rxg |jstor=j.ctvd58rxg |s2cid=240840930}}</ref><ref name=":2">{{Cite book |last=Oatley |first=Thomas |url=https://books.google.com/books?id=4GJoDwAAQBAJ|title=International Political Economy: Sixth Edition |date=2019 |publisher=Routledge |isbn=978-1-351-03464-7 |page=43 |language=en}}</ref> According to economic historian [[Barry Eichengreen]], "only then did countries settle on gold as the basis for their money supplies. Only then were pegged exchange rates based on the gold standard firmly established."<ref name=":3" /> Adopting and maintaining a singular monetary arrangement encouraged international trade and investment by stabilizing international price relationships and facilitating foreign borrowing.<ref name=":2" /><ref name="Eichengreen 2019 13">{{Cite book |last=Eichengreen |first=Barry |title=Globalizing Capital: A History of the International Monetary System |date=2019 |publisher=Princeton University Press |isbn=978-0-691-19390-8|edition=3rd|page=13 |doi=10.2307/j.ctvd58rxg |jstor=j.ctvd58rxg |s2cid=240840930}}</ref> The gold standard was not firmly established in non-industrial countries.<ref name=":6">{{Cite book |last=Eichengreen |first=Barry |title=Globalizing Capital: A History of the International Monetary System |date=2019 |publisher=Princeton University Press |isbn=978-0-691-19390-8 |edition=3rd |pages=44–46, 71–79 |doi=10.2307/j.ctvd58rxg |jstor=j.ctvd58rxg |s2cid=240840930}}</ref>