USA HISTORY

Detailed explanation-1: -A bimetallic standard, or bimetallism, is a monetary system in which a government recognizes coins composed of both gold or silver as legal tender. The bimetallic standard backs a unit of currency to a fixed ratio of gold and/or silver.

Detailed explanation-2: -ABSTRACT: In the early 1870s, the global monetary system transitioned from bimetallism-a regime in which gold and silver currencies were tied at quasi-fixed exhange ratios-to the gold standard that was characterized by the use of (only) gold as the main currency metal by the largest and most advanced economies.

Detailed explanation-3: -In the United States a ratio of 15 ounces of silver to 1 ounce of gold was set in 1792. This ratio overvalued silver, so silver became the standard. Then in 1834 the ratio was altered to 16 to 1, which overvalued gold, so gold again became the standard.

Detailed explanation-4: -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.

Detailed explanation-5: -2] Bimetallism So two types of standard coins are minted (gold and silver).