Editing Monetary system (section)

==Commodity-backed money==
{{main|Representative money}}

One step away from commodity money is "commodity-backed money", also known as "representative money".  Many currencies have consisted of bank-issued notes which have no inherent physical value, but which may be exchanged for a [[precious metal]], such as gold. This is known as the [[gold standard]]. A [[silver standard]] was widespread after the fall of the [[Byzantine Empire]], and lasted until 1935, when it was abandoned by China and Hong Kong.

A 20th-century variation was [[bimetallism]], also called the "double standard", under which both gold and [[silver]] were [[legal tender]].<ref>Velde, Francois R., "Following the Yellow Brick Road: How the United States Adopted the Gold Standard". ''Economic Perspectives'', 4th Quarter, 2002. Available at SSRN: http://ssrn.com/abstract=377760 or {{doi|10.2139/ssrn.377760}}</ref>