1/ Hey folks, have you ever wondered how money was backed in the olden days? Well, before modern currencies, money was often backed by gold or silver. 2/ This means that the value of paper money or coins was directly tied to the value of gold or silver. In other words, the government would hold a certain amount of gold or silver in reserve, and people could exchange their paper money or coins for gold or silver at any time. 3/ This system was known as the gold standard, and it was used by man...

1/ Hey folks, have you ever wondered how money was backed in the olden days? Well, before modern currencies, money was often backed by gold or silver. 2/ This means that the value of paper money or coins was directly tied to the value of gold or silver. In other words, the government would hold a certain amount of gold or silver in reserve, and people could exchange their paper money or coins for gold or silver at any time. 3/ This system was known as the gold standard, and it was used by man...