Course 2: Commodity Money Era

Bimetallic ratio: government sets 15:1 silver-to-gold; market moves to 16:1
Hoarding incentive: gold is now worth more as bullion than as coin
Melting/export: gold coins are melted and sold abroad at market price
Result: only silver coins circulate domestically \u2014 gold vanishes

COURSE 2 · MONEY

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