gold
Floating currency.
No they dont use gold as currency.. they have the Egyptian pound gold, though, is very valuble as it is everywhere...
The paper currency that could be exchanged for gold and silver coins were known as Bills of Credit.
the Romans were the first people to make gold coins as they were the first to use currency as well
300,000,000
3200
23333333333
3 billion
Fiat currency is based on faith that it is worth something, much like an IOU. If the authority printing that currency has good credit, the currency will be worth more, and the opposite is true, as well. Gold-backed currency is just that: currency which represents the exact value of gold printed on it. So, a $1 treasury note = $1 in gold. Traditionally, with a gold-backed currency, you, the holder of that note, would be able to go down to your local bank and exchange that note for the same amount of gold. In short, with a fiat currency, everyone agrees that it's worth that amount, and it is subject to national credit ratings. With a metal-standard currency, the currency is based on the price and value of a particular metal, like gold. There are currently no gold-backed currencies. Every currency in the world is a fiat currency.
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gold
gold
One talent of gold typically represents 33 kg (75 lbs) of gold. At present gold prices its value would be around 1.25 million US dollars. A thousand talents would then be worth 1.25 billion.
Devaluation
Amount of gold desides currency of country.
The basing of a currency on gold. In some sense in such a system, gold IS the currency and money is a symbol for a corresponding amount of gold, backed by the issuer - i.e. the bank promises that by some means you are always able to exchange X of its currency for Y gold, and vice versa. No country still uses the gold standard - modern currencies are free floating with their value determined by local markets and exchange rates with other currencies. Even so, national governments still usually carry large gold reserves as a holdover from the time when they needed them as a physical guarantee. Gold has remained valuable over thousands of years so it can always be sold as needed for any currency (including its own) that a country might need, or bought to safely store wealth. A currency system in which each dollar is worth 1/20 of an ounce of gold (gradpoint)