The first full-fledged gold standardwas not established until 1821 in Great Britain, when notes from the Bank of England were made fully redeemable for gold. was established in 986 during the Han dynasty in China. none of the options was not established until 1780 in the United States, when notes from the Continental Army were made fully redeemable for gold.
was not established until 1821 in Great Britain, when notes from the Bank of England were made fully redeemable for gold.
The correct statement is: “The first full-fledged gold standard was not established until 1821 in Great Britain, when notes from the Bank of England were made fully redeemable for gold.”
A gold standard is a monetary system in which the currency is directly linked to the value of gold. This means that the currency can be redeemed for a fixed amount of gold. The gold standard has a long history, and various forms of it were used in different parts of the world at different times.
Although it is true that the Han dynasty in China (206 BCE to 220 CE) used gold as a form of currency, they did not have a full-fledged gold standard like the one established in Great Britain in 1821. In fact, it wasn’t until the 19th century that many countries moved towards a gold standard system.
The option that says “none of the options was not established until 1780 in the United States, when notes from the Continental Army were made fully redeemable for gold” is incorrect. The Continental Army notes were not fully redeemable for gold and were not part of a gold standard system. In fact, the Continental Army notes were a form of paper currency that suffered from inflation and depreciated rapidly in value.
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