What is the significance of Bimetallism?

Bimetallism is an economic convention in which gold and silver are both treated as legal tender, and there is a state appointed ratio set between silver and gold coins for the purpose of trade. Bimetallism has been used in one form or another since the 7^th century BC, and ratios for exchange between gold and silver have historically been somewhere between 1-to-10 and 1-to-20.

 

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