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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 banks 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 ...
The plaintiffs in all cases received paper money, instead of gold, despite the contracts' terms. The contracts and the bonds were written precisely to avoid currency debasement by requiring payment in gold coin. The paper money which was redeemable in gold was instead irredeemable based on Nortz v. United States, 294 U.S. 317 (1935).
In the absence of an international mechanism tying the dollar to gold via fixed exchange rates, the dollar became a pure fiat currency and as such fell to its free market exchange price versus gold. Consequently, the price of gold rose from $35/ounce (1.125 $/g) in 1969 to almost $500 (29 $/g) in 1980.
Gold certificates, representing coins held physically in the Treasury, were instead provided for those purposes. The notes, as legal tender for most purposes, were the dominant paper currency until 1879 but were accepted at a discount in comparison to the gold certificates. After 1879 the government started to redeem United States Notes at face ...
National Gold Bank Notes were issued by private banks, mostly from California. The concept is similar to that of the National Bank Notes, the difference being that National Gold Bank Notes were redeemable in gold. They were issued from 1870 to 1875 in denominations of $5, $10, $20, $50, $100 and $500.
Of these, the $100,000 was printed only as a Series 1934 gold certificate and was only used for internal government transactions. The United States also issued fractional currency for a brief time in the 1860s and 1870s, in several denominations each less than a dollar.
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