document_title: Royal and noble ranks

question_text: which is a higher title prince or duke

question_tokens: which is a higher title prince or duke

text: Royal and noble ranks

text: Ranks and title[edit]

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text: Sovereign[edit]

text: It has been suggested that this section be split out  into another article titled Royal title. (Discuss) (November 2016)

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The word monarch is derived from the Greek μονάρχης, monárkhēs, "sole ruler" (from μόνος, mónos, "single" or "sole", and ἄρχων, árkhōn, archon, "leader", "ruler", "chief", the word being the present participle of the verb ἄρχειν, árkhein, "to rule", "to lead", this from the noun ὰρχή, arkhē, "beginning", "authority", "principle") through the Latinized form monarcha.
The word sovereign is derived from the Latin above.
Autocrat is derived from the Greek αὐτοκράτωρ: αὐτός ("self") and κρατείν ("to hold power"), and may be translated as "one who rules by himself".

text: Note that many titles listed may also be used by lesser nobles – non-sovereigns – depending on the historical period and state. The sovereign titles listed below are grouped together into categories roughly according to their degree of dignity; these being: imperial (Emperor, Empress, etc.), high royal (King of Kings etc.), royal (King/Queen, sovereign Grand Duke or Grand Prince, etc.), others (sovereign Prince, sovereign Duke, etc.), and religious.

text: Imperial titles

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Emperor, from the Latin Imperator, meaning "commander" or "one who commands". In English, the feminine form is Empress (the Latin is imperatrix). The realm of an emperor or empress is termed an Empire. Other words meaning Emperor include:
Caesar, the appellation of Roman emperors derived from the Roman dictator Julius Caesar, whose great-nephew and adopted son Gaius Julius Caesar Augustus became the first emperor of Rome. Augustus' four successors were each made the adoptive son of his predecessor, and were therefore legally entitled to use "Caesar" as a constituent of their names; after Nero, however, the familial link of the Julio-Claudian dynasty was disrupted and use of the word Caesar continued as a title only.
Kaiser, derived from Caesar, primarily used in Germanic countries.
Basileus kai Autokrator, Medieval Greek title meaning "sovereign and autocrat", used by the Roman emperors from the 9th century onwards.
Tsar / Czar / Csar / Tzar, derived as shortened variant of the Slavic pronunciation of Caesar (tsyasar), the feminine form Tsaritsa, primarily used in Bulgaria, and after that in Russia and other Slavic countries.
Huangdi, the Imperial monarch during Imperial China.
Samrat, (Sanskrit: samrāt or सम्राट) is an ancient Indian title meaning 'A paramount sovereign, universal lord'.[1]  The feminine form is Samrājñī or साम्राज्ञी.
Chhatrapati, (Devanagari: छत्रपती), from the Sanskrit chatra (parasol) and pati (master or lord'), signifying 'a king over whom an umbrella is carried as a mark of dignity, a sovereign, emperor'.[2] The term was adopted by Maratha ruler Shivaji as his title in the 17th century.
Sapa Inca, The Sapa Inca (Hispanicized spelling) or Sapa Inka (Quechua for "the only Inca"), also known as Apu ("divinity"), Inka Qhapaq ("mighty Inca"), or simply Sapa ("the only one"), was the ruler of the Kingdom of Cusco and, later, the Emperor of the Inca Empire (Tawantinsuyu) and the Neo-Inca State.
Tennō, which means "heavenly sovereign" in Japanese. Is the symbol of the State and of the unity of the people. Historically, he is also the highest authority of the Shinto religion as he and his family are said to be the direct descendants of the sun-goddess Amaterasu

text: High royal titles

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King of Kings mostly used in Christian contexts to denote the Christian Roman emperors of the Late Empire and Byzantine periods.
Basileus ton Basileon, Ancient Persian title meaning "sovereign of sovereigns", used by Alexander the Great after the similar title of the Achaemenid dynasty of Persia. A translation from Ancient Persian Shahanshah.
Shahanshah, literally "King of Kings" in Middle Persian šāhān šāh, meaning "Kings' King." Used in Persia and surrounding countries.
Sulṭānü's-Selāṭīn, literally "King of Kings" in Ottoman Turkish Sulṭānü's-Selāṭīn, meaning "King's King." Used in Turkey and surrounding countries of the Ottoman dynasty.
Xi Chu Ba Wang meaning the Hegemon King of Western Chu.
Tian Kehan meaning Heavenly Khagan. Held by Tang Taizong and Tang Gaozong
Taewang, literally "Greatest King", a Korean title for the rulers of the Goguryeo Empire.
Nəgusä Nägäst, title of the Emperors of Ethiopia, meaning "King of Kings".
Mansa, title of the Emperors of the Mali Empire, meaning King of Kings.
Mepe-Mepeta, Georgian for "King of Kings."
Khagan, derived from Khan of Khans, used by the Central Asian nomads.
Maharajadhiraja, "Great king of kings", title of the King of Nepal.
High king, A king who rules over lesser kings.
Amir al-Mu'minin, or "Commander ( Emir ) of the Faithful," a title traditionally held by the Caliphs of Islam to denote their suzerainty over all Muslims, even (theoretically) those beyond their territorial borders. Currently, the King of Morocco and the Sultan of Sokoto hold this title, although neither officially claims the Caliphate.
Devaraja, literally "God King", a title in the Khmer Empire and throughout Java.
Mahārāja, Sanskrit for a "great king" or "high king". The female form is Maharani.
Padishah, Persian pād "master" and shāh "king". Used in the Ottoman Empire and the Mughal Empire.
Anax, from Mycenaean wanax for "High King". Outranked Basileus in Mycenaean usage.
Nam-Lugal High kings of ancient Sumer (Mesopotamia).
Pharaoh, "Man of the Great House (Palace)" used in Ancient Egypt to denote the High kings of the upper and lower kingdoms of the Nile river valley.
Ard Rí, Gaelic for high king, most notably used for high kings of Ireland and Scotland.
Bretwalda, high kings of Anglo-Saxon England.
Yang di-Pertuan Agong, the official title of the Malaysian head of state, and means "He who is Made Supreme Lord" and is generally glossed in English as "king". The officeholder is elected from among the heads of the nine royal states, so the office may also be analogous to that of a high king.

text: Royal titles

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King, from the Germanic *kuningaz, roughly meaning "son of the people." (See: Germanic kingship)[a] The realm of a King is termed a Kingdom (sovereign kings are ranked above vassal kings)
Rex Latin for "ruler". Cognate with Raja, Rí, Reign, Regina, etc.
Basileus, from Mycenaean Greek meaning "chieftain", used by various Ancient Greek rulers.
Negus is a royal title in the Ethiopian
Wang, the head of state of Ancient China.
Chanyu, the title for the ruler of the Xiongnu Empire.
Król (in Polish) Král (in Czech), Király (in Hungarian), Король (in Russian), Краљ (in Serbian), Крал (in Bulgarian), Korol - Derived from Old East Slavic Король king, used in Ukrainian, Kazakh, Tatar, and Kyrgyz languages. The korol, krol, kral, крал and kiraly versions used in Central and Eastern Europe derive from the name of Charlemagne.
Raja, Indian for "ruler and King.". Cognate with Latin Rex, Gaelic Rí, etc.
Rana, was used to be a title for martial sovereignty of Rajput kings in India.
Deshmukh, Indian for "ruler and king."
Rí, Gaelic title meaning king, of which there were several grades, the highest being Ard Rí (High king). Cognate with Indian Raja, Latin Rex, and ancient Gaulish rix.
Khan, from the Turco-Mongol word for "lord," like Duke it was originally a military rank. A Khan's realm is called a Khanate.
Lamane, "master of the land" or "chief owner of the soil" in old Serer language were the ancient hereditary kings and landed gentry of the Serer people found in Senegal, the Gambia and Mauritania. The Lamanes were guardians of Serer religion and many of them have been canonized as Holy Saints (Pangool).
Eze, the Igbo word for the King or Ruler of a kingdom or city-state. It is cognate with Obi and Igwe.
Oba, the Yoruba word for King or Ruler of a kingdom or city-state. It is used across all the traditional Yoruba lands, as well as by the Edo, throughout Nigeria, Benin, and Togo.
Omukama, King of Bunyoro-Kitara in Uganda, also the title of the Omukama of Toro.
Kabaka, King of Buganda, a realm within Uganda in East Africa.
Shah, Persian word for King, from Indo-European for "he who rules". Used in Persia, alongside Shahanshah (see above). The title of the sons of a Shah is Shahzade / Shahzadeh.
Sultan, from Arabic and originally referring to one who had "power", more recently used as synonym for King.
Malik, Arabic for King.
Tlatoani, Ruler of the atlepetl or city state in ancient Mexico. Title of the Aztec Emperors. The word literally means "speaker" in Nahuatl, but may be translated into English as "king".
Ajaw, In Maya meaning "lord", "ruler", "king" or "leader". Was the title of the ruler in the Classic Maya polity. A variant being the title of K'inich Ajaw or "Great Sun King" as it was used to refer to the founder of the Copán dynasty, K'inich Yax K'uk' Mo'.
Halach Uinik, In Maya meaning "real man", "person of fact" or "person of command". Was the title of the ruler in the Post-Classic Maya polity (Kuchkabal).
Datu in the Visayas and Mindanao which, together with the term Raja ( in the Rajahnate of Cebu and Kingdom of Maynila) and Lakan (title widely used on the island of Luzon), are the Filipino equivalents of "sovereign prince" and thus, glossed as "king". (Cf. also Principalía — the hispanized and christianized Datu class during the Spanish colonial period in the Philippines.)[3][4]
Tuanku, literally "My Lord", the title of the kings of the nine Royal states of Malaysia; all princes and princesses of the Royal Families also receive the appellation Tengku,
Mwami in Rwanda
Maad a Sinig, King of Sine, a pre-colonial kingdom of the Serer people. From the old Serer title "Maad" (king).
Maad Saloum, King of Saloum, a pre-colonial kingdom of the Serer people.
Ratu, A Fijian chiefly title that is also found in Javanese culture.
Susuhunan, "he to whom homage is paid", title of the Javanese monarch of the Surakarta Sunanate.
Teigne, King of Baol, previously a pre-colonial Serer kingdom.
Nizam, The word is derived from the Arabic language Nizām (نظام), meaning order, arrangement. Nizām-ul-mulk was a title first used in Urdu around 1600 to mean Governor of the realm or Deputy for the Whole Empire.
Lugal, is the Sumerian term for "king, ruler". Literally, the term means "big man."[5]
Queen, from the Germanic *kwoeniz, or *kwenon, "wife"; cognate of Greek γυνή, gynē, "woman"; from PIE *gʷḗn, "woman". The female equivalent of a King, or the consort of a King; a Queen's realm is also a kingdom.
Rani, Hindi for Queen. See Raja, above.
Shahbanu, Persian for Empress. See Shah, above.
Sultana, Arabic for Queen. See Sultan, above.
Malika, Arabic for Queen.
Ix-ajaw, See Ajaw above, it was a title was also given to women, though generally prefixed with the sign Ix ("woman") to indicate their gender.
Dayang, Filipino feminine equivalent of "Datu". See Datu
Hara, Filipino feminine equivalent of "Raha". See Raja, above.
 Sovereign Grand Dukes or Grand Princes are considered to be part of the reigning nobility ("Royalty", in German Hochadel; their correct form of address is "Royal Highness")[6]

text: Princely, ducal, and other sovereign titles

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Prince, from the Latin princeps, meaning "first citizen". The feminine form is Princess. Variant forms include the German Fürst and Russian Tsarevich (царевич) and the feminine form Tsarevna (царевна).
Bai, Filipino feminine equivalent of a prince.
Ampuan, Maranao royal title which literally means "The One to whom one asks for apology"
Ginoo, Ancient Filipino equivalent to noble man or prince (now used in the form "Ginoóng" as the analogue to "mister").
Pillai, Ancient South Indian Title meaning Prince for junior children of Emperors[7]
Morza, a Tartar title usually translated as "prince", it ranked below a Khan. The title was borrowed from Persian and Indian appellation Mirza added to the names of certain nobles, which itself derived from Emir.
Knyaz, a title found in most Slavic languages, denoting a ruling or noble rank. It is usually translated into English as "Duke".
Despot, Greek for "lord, master", initially an appellation for the Byzantine emperor, later the senior court title, awarded to sons and close relatives of the emperor. In the 13th-15th centuries borne by autonomous and independent rulers in the Balkans.
Duke, from the Latin Dux, meaning "leader," a military rank in the late Roman Empire. Variant forms include Doge, and Duce; it has also been modified into Archduke (meaning "chief" Duke), Grand Duke (literally "large," or "big" Duke; see above under royal titles), Vice Duke ("deputy" Duke), etc. The female equivalent is Duchess.
Ealdorman, Old English for "elder man", rendered Dux in Latin.
Sheikh, is often used as a title for Arab royal families. Some Emirs of the Arabian Peninsula use the title Sheikh ("elder" or "lord"), as do other members of the extended family.
Emir, often rendered Amir in older English usage; from the Arabic "to command." The female form is Emira (Amirah). Emir is the root of the naval rank "Admiral"
Amir al-umara, Emir of Emirs.
Mir, According to the book Persian Inscriptions on Indian Monuments, Mir is most probably an Arabized form of Pir. Pir  in Old Persian and Sanskrit means the old, the wise man, the chief and the great leader. It was Arabized as Mir then, with Al(A) (Arabic definite article), it was pronounced as Amir.
Bey, or Beg/Baig, Turkish for "Chieftain."
Begum, female royal and aristocratic title from Central and South Asia.
Beylerbey, Bey of Beys.
Atabeg, word is a compound of two Turkic words: ata, "ancestor", and beg or bey, "lord, leader, prince".
Beg Khan, concatenation of Baig and Khan.
Khagan Bek, title used by Khazars.
Buumi, first in line to the throne in Serer pre-colonial kingdoms.
Thilas, second in line to the throne in Serer pre-colonial kingdoms.
Loul, third in line to the throne in Serer country.
Dey, title given to the rulers of the Regency of Algiers and Tripoli under the Ottoman Empire from 1671 onwards.
Sahib, name of Arabic origin meaning "holder, master or owner."
Zamindar, were considered to be equivalent to lords and barons in some cases they were seen as independent, sovereign princes.
Jagir, also spelled as Jageer (Devanagari: जागीर, Persian: جاگیر, ja- meaning "place", -gir meaning "keeping, holding") The feudal owner/lord of the Jagir were called Jagirdar or Jageerdar
Sardar, also spelled as Sirdar, Sardaar or Serdar, is a title of nobility (sir-, sar/sair- means "head or authority" and -dār means "holder" in Sanskrit and Avestan)

text: Tribal titles

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Tadodaho, derived from the name of the first "keeper of the council fire" of the Iroquois Confederacy, Haudenosaunee, or Five Nations, refers to the individual with the highest authority in both their modern territory and their spiritual way of life.
Taoiseach, (Irish pronunciation: [t̪ˠiːʃəx]) means leader. An Irish clan chief.
Tánaiste, (Irish pronunciation: [ˈt̪ˠaːnˠaʃtʲə]) is the second in command of an Irish clan.
Tòiseach, the Scottish Gaelic for clan chief.
Tywysog, (Welsh pronunciation: [təˈwəsɔɡ]), in modern Welsh, means "Prince" and is cognate with Taoiseach and Tòiseach. Derived from the proto-Celtic *towissākos "chieftain, leader".
Rí ruirech, King of Overlords, or rí cóicid, a provincial King in Ireland.
Fon, the regional and tribal leaders in Cameroon.

text: Religious titles

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Caliph, was the ruler of the caliphate, an Islamic title indicating the successor to Muhammad. Both a religious and a secular leader; the Caliph was the secular head of the international Muslim community, as a nation. To claim the Caliphate was, theoretically, to claim stewardship over Muslims on earth, under the sovereignty of Allah. (See Amir al-Mu'minin above). This did not necessarily mean that the Caliph was himself the supreme authority on Islamic law or theology; that still fell to the Ulema. The role of the Caliph was to oversee and take responsibility for the Muslim community's political and governmental needs (both within and beyond the borders of his territorial realm), rather than to himself determine matters of doctrine, like the Pope.
Dalai Lama, the highest authority in Tibetan (or more specifically Gelug) Buddhism and a symbol of the unification of Tibet, said to belong to a line of reincarnations of the bodhisattva Avalokitesvara. Among other incarnate Tibetan lamas, the second highest Gelug prelate is the Panchen Lama. From the time of the Fifth Dalai Lama until 1950 the Dalai Lamas effectively ruled Tibet. The chief of the rival Kagyu school of Tibetan Buddhism is the Karmapa.
Pope, derived from Latin and Italian papa, the familiar form of "father" (also "Supreme Pontiff of the Universal Church and Vicar of Christ"); once wielding substantial secular power as the ruler of the Papal States and leader of Christendom, the Pope is also the absolute ruler of the sovereign state Vatican City. Also the title of the leader of the Coptic Church.
Saltigue, the high priests and priestesses of the Serer people. They are the diviners in Serer religion.

text: Other sovereigns, royalty, peers, and major nobility[edit]

text: Several ranks were widely used (for more than a thousand years in Europe alone) for both sovereign rulers and non-sovereigns. Additional knowledge about the territory and historic period is required to know whether the rank holder was a sovereign or non-sovereign. However, joint precedence among rank holders often greatly depended on whether a rank holder was sovereign, whether of the same rank or not. This situation was most widely exemplified by the Holy Roman Empire (HRE) in Europe. Several of the following ranks were commonly both sovereign and non-sovereign within the HRE. Outside of the HRE, the most common sovereign rank of these below was that of Prince. Within the HRE, those holding the following ranks who were also sovereigns had (enjoyed) what was known as an immediate relationship with the Emperor. Those holding non-sovereign ranks held only a mediate relationship (meaning that the civil hierarchy upwards was mediated by one or more intermediaries between the rank holder and the Emperor).

text:
Archduke, ruler of an archduchy; used exclusively by the Habsburg dynasty and its junior branch of Habsburg-Lorraine which ruled the Holy Roman Empire (until 1806), the Austrian Empire (1804-1867), and the Austro-Hungarian Empire (1867-1918) for imperial family members of the dynasty, each retaining it as a subsidiary title when founding sovereign cadet branches by acquiring thrones under different titles (e.g., Tuscany, Modena); it was also used for those ruling some Habsburg territories such as those that became the modern so-called "Benelux" nations (Belgium, Netherlands, Luxembourg); The title was created in 1358 by the Habsburgs themselves to establish a precedence of their princes over the other titleholders of high nobility of the era; therefore the rank was not recognized by the other ruling dynasties until 1453[8]
Grand Duke, ruler of a grand duchy; nowadays considered to be in precedence the third highest monarchial rank in the western world, after "Emperor" and "King" or "Queen"
Grand Prince (Velikiy Knyaz), ruler of a grand principality; a title primarily used in the medieval Kyivan Rus' principalities; It was also used by the Romanovs of the Russian Empire for members of the imperial family, although then it is more commonly translated into English as Grand Duke
Duke (Herzog in German), ruler[a] of a duchy;[b] also for junior members of ducal and some grand ducal families
Prince (Prinz in German), junior members of a royal, grand ducal, ruling ducal or princely, or mediatised family. The title of Fürst was usually reserved, from the 19th century, for rulers of principalities—the smallest sovereign entities (e.g., Liechtenstein, Lippe, Schwarzburg, Waldeck-and-Pyrmont)—and for heads of high-ranking, noble but non-ruling families (Bismarck, Clary und Aldringen, Dietrichstein, Henckel von Donnersmarck, Kinsky, Paar, Pless, Thun und Hohenstein, etc.). Cadets of these latter families were generally not allowed to use Prinz, being accorded only the style of count (Graf) or, occasionally, that of Fürst (Wrede, Urach) even though it was also a ruling title. Exceptional use of Prinz was permitted for some morganatic families (e.g., Battenberg, Montenuovo) and a few others (Carolath-Beuthen, Biron von Kurland).
In particular, Crown prince (Kronprinz in German) was reserved for the heir apparent of an emperor or king
Dauphin, title of the heir apparent of the royal family of France, as he was the de jure ruler of the Dauphiné region in southeastern France (under the authority of the King)
Infante, title of the cadet members of the royal families of Portugal and Spain
Królewicz, title used by the children of the monarchs of Poland and later Polish-Lithuanian Commonwealth
Elector (Kurfürst in German), a rank for those who voted for the Holy Roman Emperor, usually sovereign of a state (e.g. the Margrave of Brandenburg, an elector, called the Elector of Brandenburg)
Marquess, Margrave, or Marquis (literally "Count of a March" (=Border territory)) was the ruler of a marquessate, margraviate, or march
Landgrave (literally "Land Count"), a German title, ruler of a landgraviate
Count, theoretically the ruler of a county; known as an Earl in modern Britain; known as a Graf in German, known as a Serdar in Montenegro and Serbia
Principal (m.)/Principala (f.), a person belonging to the aristocratic ruling class of Filipino nobles called Principalía, roughly equivalent to ancient Roman Patricians, through whom the Spanish Monarchs ruled the Philippines during the colonial period (c. 1600s to 1898).[9][10]
Viscount (vice-count), theoretically the ruler of a viscounty, which did not develop into a hereditary title until much later.[11] In the case of French viscounts, it is customary to leave the title untranslated as vicomte [vi.kɔ̃t].
Primor, a Hungarian noble title, originally the highest rank of Székely nobility, usually compared to baron (or less commonly, count)[12]. Originally, primores could de jure not be evicted from his fiefdom, even by the King of Hungary (although such instances did occur)[13].
Freiherr, a German word meaning literally "Free Master" or "Free Lord" (i.e. not subdued to feudal chores or drudgery), is the German equivalent of the English term "Baron", with the important difference that unlike the British Baron, he is not a "Peer of the Realm" (member of the high aristocracy)[14]
Baron, theoretically the ruler of a barony – some barons in some countries may have been "free barons" (liber baro) and as such, regarded (themselves) as higher barons.
Rais, is a used by the rulers of Arab states and South Asia.
Yuvraj, is an Indian title for crown prince, the heir apparent to the throne of an Indian (notably Hindu) kingdom
Subahdar, is normally appointed from the Mughal princes or the officers holding the highest mansabs.

text: Regarding the titles of Grand Duke, Duke and Prince:

text: In all European countries, the sovereign Grand Duke (or Grand Prince in some eastern European languages) is considered to be the third highest monarchic title in precedence, after Emperor and King.

text: In Germany, a sovereign Duke (Herzog) outranks a sovereign prince (Fürst). A cadet prince (Prinz) who belongs to an imperial or royal dynasty, however, may outrank a duke who is the cadet of a reigning house, e.g., Wurttemberg, Bavaria, Mecklenburg or Oldenburg.

text: The children of a sovereign Grand Duke may be titled "Prince" (Luxembourg, Tuscany, Baden, Hesse-Darmstadt, Saxe-Weimar) or "Duke" (Oldenburg) in accordance with the customs of the dynasty. The heir of the throne of a Grand Duchy is titled "Hereditary Grand Duke", as soon as he reaches the full legal age (majority).

text: Children of a sovereign (i.e., ruling) Duke and of a ruling Prince (Fürst) were, however, all titled prince (Prinz).

text: The heir apparent to a ruling or mediatised title would usually prepend the prefix Erb- (hereditary) to his or her title, e.g., Erbherzog, Erbprinz, Erbgraf, to distinguish their status from that of their junior siblings.

text: Children of a mediatised Fürst were either Prinzen or Grafen (counts), depending upon whether the princely title was limited to descent by masculine primogeniture or not. In the German non-sovereign nobility, a Duke (Herzog) still ranked higher than a Prince (Fürst).

text: Minor nobility, gentry, and other aristocracy[edit]

text: The distinction between the ranks of the major nobility (listed above) and the minor nobility, listed here, was not always a sharp one in all nations. But the precedence of the ranks of a Baronet or a Knight is quite generally accepted for where this distinction exists for most nations. Here the rank of Baronet (ranking above a Knight) is taken as the highest rank among the ranks of the minor nobility or gentry that are listed below.

text:
Baronet is a hereditary title ranking below Baron but above Knight; this title is granted only in the British Isles and does not confer nobility. Ritter in German lands is the equivalent.
Dominus was the Latin title of the feudal, superior and mesne, lords, and also an ecclesiastical and academical title (equivalent of Lord)
Vidame, a minor French aristocrat
Vavasour, also a petty French feudal lord
Seigneur or Lord of the manor rules a smaller local fief
Knight is the central rank of the Medieval aristocratic system in Europe (and having its equivalents elsewhere), usually ranking at or near the top of the Minor Nobility
Patrician is a dignity of minor nobility or gentry (most often being hereditary) usually ranking below Knight but above Esquire
Fidalgo or Hidalgo is a minor Portuguese and Spanish aristocrat (respectively; from filho d'algo / hijo de algo, lit. son of wealth, mediaeval Galician-Portuguese and Spanish "algo" = wealth, riches, fortune, nowadays "algo" = something)
Nobile is an Italian title of nobility for prestigious families that never received a title
Edler is a minor aristocrat in Germany and Austria during those countries' respective imperial periods.
Jonkheer is an honorific for members of noble Dutch families that never received a title. An untitled noblewoman is styled Jonkvrouw, though the wife of a Jonkheer is a Mevrouw or, sometimes, Freule, which could also be used by daughters of the same.
Junker is a German noble honorific, meaning "young nobleman" or otherwise "young lord"
Skartabel is a minor Polish aristocrat.
Scottish Baron is a hereditary feudal nobility dignity, outside the Scots peerage, recognised by Lord Lyon as a member of the Scots noblesse and ranking below a Knight but above a Scottish Laird[15][c] in the British system. However, Scottish Barons on the European continent are considered and treated equal to European barons.
Laird is a Scottish hereditary feudal dignity ranking below a Scottish Baron but above an Esquire
Esquire is a rank of gentry originally derived from Squire and indicating the status of an attendant to a knight, an apprentice knight or a manorial lord;[16] it ranks below Knight (or in Scotland below Laird) but above Gentleman[d][e]
Gentleman is the basic rank of gentry (ranking below Esquire), historically primarily associated with land; within British Commonwealth nations it is also roughly equivalent to some minor nobility of some continental European nations[17]
Bibi, means Miss in Urdu and is frequently used as a respectful title for women in South Asia when added to the given name
Lalla, is an Amazigh title of respect. The title is a prefix to her given name or personal name, and is used by females usually of noble or royal background.
Sidi, is a masculine title of respect, meaning "my master" in Darija and Egyptian Arabic.
Qanungoh Shaikh, are a clan of Muslim Shaikhs in Punjab, other parts of Pakistan, and Afghanistan.

text: In Germany, the constitution of the Weimar Republic in 1919 ceased to accord privileges to members of dynastic and noble families. Their titles henceforth became legal parts of the family name, and traditional forms of address (e.g., "Hoheit" or "Durchlaucht") ceased to be accorded to them by governmental entities. The last title was conferred on 12 November 1918 to Kurt von Klefeld. The actual rank of a title-holder in Germany depended not only on the nominal rank of the title, but also the degree of sovereignty exercised, the rank of the title-holder's suzerain, and the length of time the family possessed its status within the nobility (Uradel, Briefadel, altfürstliche, neufürstliche, see: German nobility). Thus, any reigning sovereign ranks higher than any deposed or mediatized sovereign (e.g., the Fürst of Waldeck, sovereign until 1918, was higher than the Duke of Arenberg, head of a mediatized family, although Herzog is nominally a higher title than Fürst). However, former holders of higher titles in extant monarchies retained their relative rank, i.e., a queen dowager of Belgium outranks the reigning Prince of Liechtenstein. Members of a formerly sovereign or mediatized house rank higher than the nobility. Among the nobility, those whose titles derive from the Holy Roman Empire rank higher than the holder of an equivalent title granted by one of the German monarchs after 1806.

text: In Austria, nobility titles may no longer be used since 1918.[18]

text: Corresponding titles of nobility between languages[edit]

text:
Below is a comparative table of corresponding royal and noble titles in various European countries.  Quite often, a Latin 3rd declension noun formed a distinctive feminine title by adding -issa to its base, but usually the 3rd declension noun was used for both male and female nobles, except for Imperator and Rex. 3rd declension nouns are italicized in this chart.
See Royal and noble styles to learn how to address holders of these titles properly.

text:
[inconsistent]

Emperor,Empress

King,Queen

Archduke,Archduchess

Grand Duke/Grand Prince,Grand Duchess/Grand Princess

Duke,Duchess

(Prince)-Elector,Electress

Prince,[f]Princess

Viceroy,Vicereine

Marquess/Margrave,Marchioness/Margravine

Earl / Count,Countess

Viscount,Viscountess

Baron,Baroness

Baronet[g]Baronetess

Knight[h] / Dame

Esquire, Gentleman

Latin[i]

Imperator/Caesar,Imperatrix/Caesarina

Rex, Regina

Archidux,Archiducissa

Magnus Dux/Magnus Princeps,Magna Ducissa, Magna Principissa

Dux,Ducissa

Princeps Elector

Princeps,Principissa

Prorex,Proregina

Marchio,Marchionissa

Comes,Comitissa

Vicecomes,Vicecomitissa

Baro,Baronissa

Eques

Nobilis Homo (N.H.)

Bulgarian

Цар,Царица

Крал, Кралица

Ерцхерцог, Ерцхерцогиня

Велик Княз, Велика Княгиня

Херцог, Херцогиня

Курфюрст,Курфюрстина

Княз, Княгиня

Вице-крал,Вице-кралица

Маркиз, Маркиза

Граф, Графиня

Виконт, Виконтеса

Барон,  Баронеса

Баронет, Дама

Рицар, Дама

Господин

Czech

Císař,Císařovna

Král,Královna

Arcivévoda,Arcivévodkyně

Velkovévoda,Velkovévodkyně

Vévoda,Vévodkyně

Kurfiřt,Kurfiřtka

Kníže,Kněžna10

Místokrál/VicekrálMístokrálovna/Vicekrálovna

Markýz/Markrabě[j]Markýza/Markraběnka

Hrabě,Hraběnka

Vikomt,Vikomtka/Vikomtesa

Baron,Baronka

Baronet

Rytíř

Pán,Paní

Danish

Kejser,Kejserinde

Konge Dronning

Ærkehertug, Ærkehertuginde

Storhertug, Storhertuginde

Hertug, Hertuginde

Kurfyrste,Kurfystinde

Prins/Fyrste Prinsesse/Fyrstinde

Vicekonge,Vicedronning

Markis, Markise

Greve Grevinde, Komtesse

Vicegreve,Vicegrevinde/Vicekomtesse

Baron, Friherre,Baronesse, Friherreinde

Baronet,  Baronetesse

Ridder

Junker

Dutch

Keizer,Keizerin

Koning,Koningin

Aartshertog,Aartshertogin

Groothertog,Groothertogin

Hertog,Hertogin

Keurvorst,Keurvorstin

Prins/Vorst,Prinses/Vorstin

Onderkoning,Onderkoningin

Markies/Markgraaf,Markiezin/Markgravin

Graaf,Gravin

Burggraaf,Burggravin

Baron,Barones(se)

Erfridder

Ridder,
Jonkvrouw

Jonkheer,
Jonkvrouw

Finnish[k]

Keisari,Keisarinna (or Keisaritar, obsolete)

Kuningas,Kuningatar

Arkkiherttua,Arkkiherttuatar

Suurherttua/Suuriruhtinas,Suurherttuatar/Suuriruhtinatar

Herttua,Herttuatar

Vaaliruhtinas,Vaaliruhtinatar

Prinssi/Ruhtinas,Prinsessa/Ruhtinatar[l]

Varakuningas,Varakuningatar

Markiisi/Rajakreivi,Markiisitar/Rajakreivitär

Jaarli/Kreivi,Kreivitär[l]

Varakreivi,Varakreivitär

Paroni, Vapaaherra,Paronitar, Rouva/ Vapaaherratar[l]

Baronetti, "Herra" (=fiefholder),Herratar

Aatelinen/Ritari[l]style of wife: Rouva

French

Empereur,Impératrice

Roi,Reine

Archiduc, Archiduchesse

Grand-Duc,Grande-Duchesse

Duc,Duchesse

Prince-électeur,Princesse-électrice

Prince,[f]Princesse

Viceroi,Vicereine

Marquis,Marquise

Comte,Comtesse

Vicomte,Vicomtesse

Baron,Baronne

Baronnet

Chevalier

Ecuyer,Gentilhomme

German

Kaiser,Kaiserin

König,Königin

Erzherzog, Erzherzogin

Großherzog/Großfürst,Großherzogin/Großfürstin

Herzog,Herzogin

Kurfürst, Kurfürstin

Prinz/Fürst,Prinzessin/Fürstin[m]

Vizekönig,Vizekönigin

Markgraf,[n]Markgräfin

Graf,Gräfin

Vizegraf, BurggrafVizegräfin, Burggräfin

Baron, Herr, FreiherrBaronin, Frau, Freifrau, Freiin

Ritter

Junker (Prussia), Edler (Austria),Junkerin, Edle

Greek domestic

Αυτοκράτωρ, Αυτοκράτειρα

Βασιλεύς, Βασίλισσα

Aρχιδούκας, Aρχιδούκισσα

Μέγας Δούκας, Μεγάλη Δούκισσα

Δούκας,  Δούκισσα

Eκλέκτορας

Δεσπότης, Δέσποινα

Aντιβασιλέας, Αντιβασίλησσα

Μαρκήσιος, Μαρκησία

Κόμης, Κόμισσα

Υποκόμης, Υποκόμισσα

Bαρώνος

Βαρωνίσκος

Ιππότης, Ντάμα

Νωβελίσσιμος, Νωβελίσσιμα;

Hungarian

Császár,császárnő

Király,királynő

Főherceg,főhercegnő

Nagyherceg, fejedelem, vajdanagyhercegnő, fejedelemasszony, -

Herceg,hercegnő

Választófejedelem, (választófejedelemnő)

Királyi herceg,királyi hercegnő

Alkirály,alkirálynő

Márki, őrgrófmárkinő, őrgrófnő

Grófgrófnő

Várgróf, vikomtVárgrófnő (vikomtnő)

Báró,bárónő

Baronet,baronetnő

Lovag (vitéz[o])

Nemes,nemesasszony

Icelandic

Keisari,keisarynja

Konungur, kóngur,drottning

Erkihertogi,
Erkihertoginja

Stórhertogi, stórhertogaynja

Hertogi,hertogaynja

Kjörfursti, kjörfurstynja

Prins/fursti, prinsessa/furstynja

Vísikonungur,vísidrottning

Markgreifi,markgreifynja

Greifi, jarlgreifynja, jarlkona

Vísigreifi,vísigreifynja

Barón, fríherra,barónessa

Riddari

Aðalsmaður, aðalskona

Italian

Imperatore,Imperatrice

Re,Regina

Arciduca,Arciduchessa

Granduca,Granduchessa

Duca,Duchessa

Principe Elettore,Principessa Electrice

Principe,[f]Principessa

Viceré,Viceregina

Marchese,Marchesa

Conte,Contessa

Visconte,Viscontessa

Barone,Baronessa

Baronetto

Cavaliere

Nobile, Nobiluomo

Latvian

Imperators/Ķeizars,Imperatrise/Ķeizariene

Karalis,Karaliene

Erchercogs,Erchercogiene

Lielhercogs,Lielhercogene

Hercogs,Hercogiene

Kūrfirsts, Kūrfirstiene

Princis,Princese

Vicekaralis,Vicekaraliene

Markgrāfs/MarķīzsMarkgrāfiene/Marķīziene

Grāfs,Grāfiene

Vikonts,Vikontese

Barons,Baronese

Baronets

Bruņinieks,Bruņiniece

Dižciltīgais/Augstdzimušais,Dižciltīgā/Augstdzimusī

Lithuanian

Imperatorius,Imperatorienė

Karalius,Karalienė

Kunigaikštis,Kunigaikštytė

Didysis kunigaikštis,Didžioji kunigaikštytė

Hercogas,Hercogienė

Princas,Princesė

Vicekaralius,Vicekaralienė

Markizas,Markizienė

Grafas,Grafienė

Vikontas,Vikontienė

Baronas/Freiheras,Baronienė/Freifrau

Baronetas

Riteris

Luxembourgish

Keeser,Keeserin

Kinnek, Kinnigin

Erzherzog,Erzherzogin

Groussherzog,Groussherzogin

Herzog,Herzogin

Kuerfierscht,Kuerfierschtin

Prënz/Fierscht,Prënzessin/Fierschtin

Vizekinnek,Vizekinnigin

Markgrof/Marquis,Markgrofin/Marquise

Grof,Grofin/Comtesse

Vizegrof/Vicomte,Vizegrofin/Vicomtesse

Baron,Baroness(e)

Ritter

Maltese

Imperatur,Imperatriċi

Re/Sultan,Reġina/Sultana

Arċiduka,Arċidukessa

Gran Duka,Gran Dukessa

Duka,Dukessa

Prinċep Elettur,Prinċipessa Elettriċi

Prinċep,Prinċipessa

Viċirè,Viċireġina

Markiż,Markiża

Konti,Kontessa

Viskonti,Viskontessa

Baruni,Barunessa

Barunett

Kavallier

Norwegian

Keiser,Keiserinne

Konge,Dronning

Erkehertug,Erkehertuginne

Storhertug, Storhertuginne

Hertug,Hertuginne

Kurfyrste,Kurfyrstinne

Prins/Fyrste,  Prinsesse/Fyrstinne

Visekonge,Visedronning

Marki,Markise

Jarl / Greve,Grevinne

Vikomte/Visegreve,Visegrevinne

Baron, Friherre,Baronesse, Friherreinde

Ridder

Adelsmann,  Adelskvinne

Polish[p]

Cesarz, Cesarzowa

Król,Królowa

ArcyksiążęArcyksiężna

Wielki Książę,Wielka Księżna

Diuk (Książę),(Księżna)

Książę Elektor,Księżna Elektorowa

Książę,Księżna

Wicekról, Wicekrólowa

Markiz/Margrabia,Markiza/Margrabina

Hrabia,Hrabina

Wicehrabia,Wicehrabina

Baron,Baronowa

Baronet

Rycerz/ Kawaler

Szlachcic

Portuguese

Imperador, Imperatriz

Rei, Rainha

Arquiduque,Arquiduquesa;

Grão-Duque, Grã-Duquesa

Duque, Duquesa

Príncipe-Eleitor,Princesa-Eleitora;

Príncipe, Princesa

Vice-rei, Vice-rainha

Marquês, Marquesa

Conde, Condessa[q]

Visconde, Viscondessa

Barão,  Baronesa

Baronete,Baronetesa;

Cavaleiro

Fidalgo

Romanian

Împărat,Împărăteasă

Rege,Regina

Arhiduce,Arhiducesă

Mare Duce,Mare Ducesă

Duce,Ducesă

Prinț Elector,Prințesa Electora

Prinț,Prințesa

Vicerege,Viceregina

Marchiz,Marchiza

Conte,Contesă

Viconte,Vicontesă

Baron,Baroneasă, Baronă

Baronet

Cavaler

Russian

Император/Царь(Imperator/Tsar),
Императрица/Царица(Imperatritsa/Tsaritsa)

Король/Царь
(Koról/Tsar), Королева/Царица
(Koroléva/Tsaritsa)

Эрцгерцог (Ertsgertsog),Эрцгерцогиня (Ertsgertsoginya)

Великий Князь (Velikiy Knyaz), Великая Княгиня (Velikaya Kniagina)

Герцог (Gertsog),Герцогиня (Gertsoginya)

Курфюст (Kurfyurst),Курфюстина (Kurfyurstina)

Князь(Kniaz),Княгиня (Kniagina)[r]

Вице-король (Vitse-koról),Вице-королева (Vitse-koroléva)

Маркиз (Markiz),Маркиза (Markiza),
Боярин (Boyar),Боярыня (Boyarina)[r]

Граф (Graf),Графиня (Grafinya)[r]

Виконт (Vikont),Виконтесса (Vikontessa)

Барон (Baron),Баронесса (Baronessa)

Баронет (Baronet)

Рыцарь (Rytsar),
Дама (Dama)

Господин (Gospodin),
Госпожа (Gospozha)

Serbian

Car,Carica

Kralj, Kraljica

Nadvojvoda/Herceg, Nadvojvodkinja/Hercoginja

Veliki vojvoda, Velika vojvodkinja

Vojvoda, Vojvodkinja

Princ,Princeza

Knez, Kneginja

Ban,Vicereine

Markiz, Markiza

Grof, Grofica

Vikont, Vikontica

Baron,  Baronica/Baronesa

Barunet, Baruneta

Vitez

Gospodin

Spanish

Emperador,Emperatriz

Rey,Reina

Archiduque,Archiduquesa

Gran Duque,Gran Duquesa

Duque,Duquesa

Príncipe Elector, Princesa Electora;

Príncipe,[f]Princesa

Virrey,Virreina

Marqués,Marquesa

Conde,Condesa

Vizconde,Vizcondesa

Barón,Baronesa

Baronet

Caballero

Escudero, Hidalgo

Slovak

Cisár,Cisárovná

Kráľ,Kráľovná

Arcivojvoda,Arcivojvodkyňa

Veľkovojvoda,Veľkovojvodkyňa

Vojvoda,Vojvodkyňa

Kurfirst/Knieža voliteľ/Knieža volič

Knieža, Kňažná

Miestokráľ/Vicekráľ

Markíz,Markíza

Gróf,Grófka

Vikomt,Vikontesa

Barón,Barónka

Baronet

Rytier

Slovene

Cesar, Cesarica

Kralj, Kraljica

Nadvojvoda, Nadvojvodinja

Veliki vojvoda, Velika vojvodinja

Vojvoda, Vojvodinja

Volilni knez, Volilna kneginja

Knez, Kneginja

Podkralj, Podkraljica

Markiz/Mejni grof, Markiza/Mejna grofica

Grof, Grofica

Vikont, Vikontinja

Baron,  Baronica

Baronet, Baronetinja

Vitez

Oproda

Swedish

Kejsare,Kejsarinna

Kung,Drottning

Ärkehertig,ärkehertiginna

Storhertig/Storfurste,Storhertiginna/Storfurstinna

Hertig,hertiginna

KurfursteKurfurstinna

Prins/Furste,Prinsessa/Furstinna[l]

Vicekung,Vicedrottning

Markis/markgreve,markisinna/markgrevinna[l]

Greve,Grevinna

Vicomte,Vicomtessa

Baron, Herre, Friherre,Baronessa, Fru, Friherreinde

Riddare/Frälseman,Fru[l]

Turkish

İmparator, İmparatoriçe

Kral, Kraliçe

Arşidük, Arşidüşes

Grandük, Grandüşes

Dük, Düşes

Veliaht Prens, Veliaht Prenses

Prens, Prenses

Vezir;

Marki, Markiz

Kont, Kontes

Vikont, Vikontes

Baron, Barones

Baronet, Baronetes

Şövalye

Bey, Efendi

Persian

Šâhanšâh,
Šahrbânu

Šâh,Šahbânu

Âršiduk,
Âršidušes

Duke Bozorg,
Dušese Bozorg

Duk,
Dušes

Entexâbgare Šâhpur,
Entexâbgare Šâhdoxt,

Šâhpur,
Šâhdoxt

Jânešin

Mârki,
Mârkiz

Kont,
Kontes

Vikont,
Vikontes

Barun,
Barunes

Barunet,
Bârunetes

Šovâlye

Sarvar, Jentelman

Ukrainian

Імператор/Цар (Imperator/Tsar), Імператриця/Цариця (Imperatrytsia/Tsarytsia)

Король/Цар (Koról/Tsar), Королева/Цариця (Koroléva/Tsarytsia)

Ерцгерцог/Архекнязь (Ertshertsoh/Arkheknyaz), Ерцгерцогиня/Архікнягиня (Ertshertsohynia/Arkhikniahynia)

Великий Князь (Velykyi Knyaz), Велика Княгиня (Velyka Kniahynia)

Герцог/Дюк (Hertsoh/Diuk), Герцогиня/Дючесса (Hertsohynia/Diuchessa)

Курфюрст (Kurfyurst),  Курфюрстина (Kurfyurstyna)

Князь/Принц (Knyaz/Printz), Княгиня/Принцесса (Kniahynia/Pryntsessa)

Віце-король (Vitse-koról), Віце-королева (Vitse-koroléva)

Маркіз/Бояр (Markiz/Boyar), Маркіза/Боярина (Markiza/Boyaryna)

Граф (Hraf), Графиня (Hrafynia)

Віконт (Vikont), Віконтесса (Vikontessa)

Барон (Baron), Баронесса (Baronessa)

Баронет (Baronet)

Лицар (Lytsar)

Пан/Господар (Pan/Hospodar), Пані/Господиня (Pani/Hospodynia)

Welsh

Ymerawdwr, Ymerodres

Brenin, Brenhines

Archddug, Archdduges

Archddug, Archdduges

Dug, Duges

Tywysog, Tywysoges

Marcwis/Ardalydd, Ardalyddes

Iarll/Cownt, Iarlles/Cowntes

Iarll, Iarlles

Barwn, Barwnes

Barwnig, Barwniges

Marchog


document_title: Gold standard

question_text: when did the united states get off the gold standard

question_tokens: when did the united states get off the gold standard

root

text: Gold standard

text: History

text: This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (July 2010) (Learn how and when to remove this template message)

tag: table

text: Origin

text: The gold specie standard arose from the widespread acceptance of gold as currency.[5] Various commodities have been used as money; typically, the one that loses the least value over time becomes the accepted form.[6] Chemically, gold is of all major metals the one most resistant to corrosion.[citation needed]

tag: p

text: The use of gold as money began thousands of years ago in Asia Minor.[7]

text: During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe and the Mediterranean.  However, as the Byzantine Empire's economic influence declined, so too did the use of the bezant.[8]  In its place, European territories chose silver as their currency over gold, leading to the development of silver standards.[citation needed]

text: Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa 757–796 CE.[9] Similar coins, including Italian denari, French deniers, and Spanish dineros, circulated in Europe. Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545.[10] International trade came to depend on coins such as the Spanish dollar, the Maria Theresa thaler, and, later, the United States trade dollar.[citation needed]

text: In modern times, the British West Indies was one of the first regions to adopt a gold specie standard. Following Queen Anne's proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. In 1717, Sir Isaac Newton, the master of the Royal Mint, established a new mint ratio between silver and gold that had the effect of driving silver out of circulation and putting Britain on a gold standard.[11][self-published source]

text: A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the gold sovereign by the new Royal Mint at Tower Hill in 1816. The United Province of Canada in 1854, Newfoundland in 1865, and the United States and Germany (de jure) in 1873 adopted gold.  The United States used the eagle as its unit, Germany introduced the new gold mark, while Canada adopted a dual system based on both the American gold eagle and the British gold sovereign.[12]

text: Australia and New Zealand adopted the British gold standard, as did the British West Indies, while Newfoundland was the only British Empire territory to introduce its own gold coin.[13] Royal Mint branches were established in Sydney, Melbourne, and Perth for the purpose of minting gold sovereigns from Australia's rich gold deposits.[citation needed]

text: The gold specie standard came to an end in the United Kingdom and the rest of the British Empire with the outbreak of World War I.[citation needed]

text: Silver

text: From 1750 to 1870, wars within Europe as well as an ongoing trade deficit with China (which sold to Europe but had little use for European goods) drained silver from the economies of Western Europe and the United States.  Coins were struck in smaller and smaller numbers, and there was a proliferation of bank and stock notes used as money.

text: United Kingdom

text: In the 1790s, the United Kingdom suffered a silver shortage. It ceased to mint larger silver coins and instead issued "token" silver coins and overstruck foreign coins.  With the end of the Napoleonic Wars, the Bank of England began the massive recoinage programme that created standard gold sovereigns, circulating crowns, half-crowns and eventually copper farthings in 1821.  The recoinage of silver after a long drought produced a burst of coins. The United Kingdom struck nearly 40 million shillings between 1816 and 1820, 17 million half crowns and 1.3 million silver crowns.

text: The 1819 Act for the Resumption of Cash Payments set 1823 as the date for resumption of convertibility, which was reached by 1821. Throughout the 1820s, small notes were issued by regional banks. This was restricted in 1826, while the Bank of England was allowed to set up regional branches. In 1833 however, Bank of England notes were made legal tender and redemption by other banks was discouraged.  In 1844, the Bank Charter Act established that Bank of England notes were fully backed by gold and they became the legal standard.  According to the strict interpretation of the gold standard, this 1844 act marked the establishment of a full gold standard for British money.

text: United States

text: In the 1780s, Thomas Jefferson, Robert Morris and Alexander Hamilton recommended to Congress the value of a decimal system. This system would also apply to monies in the United States. The question was what type of standard: gold, silver or both.[14] The United States adopted a silver standard based on the Spanish milled dollar in 1785.

text: International

text: From 1860 to 1871 various attempts to resurrect bi-metallic standards were made, including one based on the gold and silver franc; however, with the rapid influx of silver from new deposits, the expectation of scarce silver ended.

text: The interaction between central banking and currency basis formed the primary source of monetary instability during this period. The combination of a restricted supply of notes, a government monopoly on note issuance and indirectly, a central bank and a single unit of value produced economic stability. Deviation from these conditions produced monetary crises.

text: Devalued notes or leaving silver as a store of value caused economic problems. Governments, demanding specie as payment, could drain the money out of the economy. Economic development expanded need for credit. The need for a solid basis in monetary affairs produced a rapid acceptance of the gold standard in the period that followed.

text: Japan

text: Following Germany's decision after the 1870–1871 Franco-Prussian War to extract reparations to facilitate a move to the gold standard, Japan gained the needed reserves after the Sino-Japanese War of 1894–1895. For Japan, moving to gold was considered vital for gaining access to Western capital markets.[15]

text: Bimetallic standard

text: US: Pre-Civil War

text: In 1792, Congress passed the Mint and Coinage Act. It authorized the federal government's use of the Bank of the United States to hold its reserves, as well as establish a fixed ratio of gold to the U.S. dollar. Gold and silver coins were legal tender, as was the Spanish real. In 1792 the market price of gold was about 15 times that of silver.[14] Silver coins left circulation, exported to pay for the debts taken on to finance the American Revolutionary War. In 1806 President Jefferson suspended the minting of silver coins. This resulted in a derivative silver standard, since the Bank of the United States was not required to fully back its currency with reserves. This began a long series of attempts by the United States to create a bi-metallic standard.

text: The intention was to use gold for large denominations, and silver for smaller denominations.  A problem with bimetallic standards was that the metals' absolute and relative market prices changed. The mint ratio (the rate at which the mint was obligated to pay/receive for gold relative to silver) remained fixed at 15 ounces of silver to 1 ounce of gold, whereas the market rate fluctuated from 15.5 to 1 to 16 to 1. With the Coinage Act of 1834, Congress passed an act that changed the mint ratio to approximately 16 to 1. Gold discoveries in California in 1848 and later in Australia lowered the gold price relative to silver; this drove silver money from circulation because it was worth more in the market than as money.[16] Passage of the Independent Treasury Act of 1848 placed the U.S. on a strict hard-money standard. Doing business with the American government required gold or silver coins.

text: Government accounts were legally separated from the banking system. However, the mint ratio (the fixed exchange rate between gold and silver at the mint) continued to overvalue gold. In 1853, the US reduced the silver weight of coins to keep them in circulation and in 1857 removed legal tender status from foreign coinage. In 1857 the final crisis of the free banking era began as American banks suspended payment in silver, with ripples through the developing international financial system. Due to the inflationary finance measures undertaken to help pay for the US Civil War, the government found it difficult to pay its obligations in gold or silver and suspended  payments of obligations not legally specified in specie (gold bonds); this led banks to suspend the conversion of bank liabilities (bank notes and deposits) into specie. In 1862 paper money was made legal tender. It was a fiat money (not convertible on demand at a fixed rate into specie). These notes came to be called "greenbacks".[16]

text: US: Post-Civil War

text: After the Civil War, Congress wanted to reestablish the metallic standard at pre-war rates. The market price of gold in greenbacks was above the pre-War fixed price ($20.67 per ounce of gold) requiring deflation to achieve the pre-War price. This was accomplished by growing the stock of money less rapidly than real output. By 1879 the market price matched the mint price of gold. The coinage act of 1873 (also known as the Crime of ‘73) demonetized silver. This act removed the 412.5 grain silver dollar from circulation. Subsequently silver was only used in coins worth less than $1 (fractional currency). With the resumption of convertibility on June 30, 1879 the government again paid its debts in gold, accepted greenbacks for customs and redeemed greenbacks on demand in gold. Greenbacks were therefore perfect substitutes for gold coins. During the latter part of the nineteenth century the use of silver and a return to the bimetallic standard were recurrent political issues, raised especially by William Jennings Bryan, the People's Party and the  Free Silver movement. In 1900 the gold dollar was declared the standard unit of account and a gold reserve for government issued paper notes was established. Greenbacks, silver certificates, and silver dollars continued to be legal tender, all redeemable in gold.[16]

text: Fluctuations in the US gold stock, 1862–1877

text:
US gold stock

1862
59 tons

1866
81 tons

1875
50 tons

1878
78 tons

text: The US had a gold stock of 1.9 million ounces (59 t) in 1862. Stocks rose to 2.6 million ounces (81 t) in 1866, declined in 1875 to 1.6 million ounces (50 t) and rose to 2.5 million ounces (78 t) in 1878. Net exports did not mirror that pattern. In the decade before the Civil War net exports were roughly constant; postwar they varied erratically around pre-war levels, but fell significantly in 1877 and became negative in 1878 and 1879. The net import of gold meant that the foreign demand for American currency to purchase goods, services, and investments exceeded the corresponding American demands for foreign currencies. In the final years of the greenback period (1862–1879), gold production increased while gold exports decreased.  The decrease in gold exports was considered by some to be a result of changing monetary conditions. The demands for gold during this period were as a speculative vehicle, and for its primary use in the foreign exchange markets financing international trade. The major effect of the increase in gold demand by the public and Treasury was to reduce exports of gold and increase the Greenback price of gold relative to purchasing power.[17]

text: Gold exchange standard

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text: Towards the end of the 19th century, some silver standard countries began to peg their silver coin units to the gold standards of the United Kingdom or the United States. In 1898, British India pegged the silver rupee to the pound sterling at a fixed rate of 1s 4d, while in 1906, the Straits Settlements adopted a gold exchange standard against sterling, fixing the silver Straits dollar at 2s 4d.

text: Around the start of the 20th century, the Philippines pegged the silver peso/dollar to the U.S. dollar at 50 cents. This move was assisted by the passage of the Philippines Coinage Act by the United States Congress on March 3, 1903.[18] Around the same time Mexico and Japan pegged their currencies to the dollar. When Siam adopted a gold exchange standard in 1908, only China and Hong Kong remained on the silver standard.

text: When adopting the gold standard, many European nations changed the name of their currency, for instance from Daler (Sweden and Denmark) or Gulden (Austria-Hungary) to Crown, since the former names were traditionally associated with silver coins and the latter with gold coins.

text: Impact of World War I

text: Governments with insufficient tax revenue suspended convertibility repeatedly in the 19th century. The real test, however, came in the form of World War I, a test which "it failed utterly" according to economist Richard Lipsey.[5]

text: By the end of 1913, the classical gold standard was at its peak but World War I caused many countries to suspend or abandon it.[19] According to Lawrence Officer the main cause of the gold standard’s failure to resume its previous position after World War I was “the Bank of England's precarious liquidity position and the gold-exchange standard.” A run on sterling caused Britain to impose exchange controls that fatally weakened the standard; convertibility was not legally suspended, but gold prices no longer played the role that they did before.[20] In financing the war and abandoning gold, many of the belligerents suffered drastic inflations. Price levels doubled in the US and Britain, tripled in France and quadrupled in Italy. Exchange rates changed less, even though European inflations were more severe than America’s. This meant that the costs of American goods decreased relative to those in Europe. Between August 1914 and spring of 1915, the dollar value of US exports tripled and its trade surplus exceeded $1 billion for the first time.[21]

text: Ultimately, the system could not deal quickly enough with the large balance of payments deficits and surpluses; this was previously attributed to downward wage rigidity brought about by the advent of unionized labor, but is now considered as an inherent fault of the system that arose under the pressures of war and rapid technological change. In any case, prices had not reached equilibrium by the time of the Great Depression, which served to kill off the system completely.[5]

text: For example, Germany had gone off the gold standard in 1914, and could not effectively return to it because War reparations had cost it much of its gold reserves. During the Occupation of the Ruhr the German central bank (Reichsbank) issued enormous sums of non-convertible marks to support workers who were on strike against the French occupation and to buy foreign currency for reparations; this led to the German hyperinflation of the early 1920s and the decimation of the German middle class.

text: The US did not suspend the gold standard during the war.  The newly created Federal Reserve intervened in currency markets and sold bonds to “sterilize”[vague] some of the gold imports that would have otherwise increased the stock of money.[citation needed] By 1927 many countries had returned to the gold standard.[16] As a result of World War I the United States, which had been a net debtor country, had become a net creditor by 1919.[22]

text: Abandonment of the gold standard

text: The gold specie standard ended in the United Kingdom and the rest of the British Empire at the outbreak of World War I, when Treasury notes replaced the circulation of gold sovereigns and gold half sovereigns.  Legally, the gold specie standard was not repealed. The end of the gold standard was successfully effected by the Bank of England through appeals to patriotism urging citizens not to redeem paper money for gold specie. It was only in 1925, when Britain returned to the gold standard in conjunction with Australia and South Africa that the gold specie standard was officially ended.

text: The British Gold Standard Act 1925 both introduced the gold bullion standard and simultaneously repealed the gold specie standard. The new standard ended the circulation of gold specie coins. Instead, the law compelled the authorities to sell gold bullion on demand at a fixed price, but "only in the form of bars containing approximately four hundred ounces troy [12 kg] of fine gold".[23][24] John Maynard Keynes, citing deflationary dangers, argued against resumption of the gold standard.[25] By fixing the price at the pre-war rate of $4.86,[clarification needed] Churchill is argued to have made an error that led to depression, unemployment and the 1926 general strike. The decision was described by Andrew Turnbull as a "historic mistake".[26]

text: Many other countries followed Britain in returning to the gold standard, this was followed by a period of relative stability but also deflation.[27] This state of affairs lasted until the Great Depression (1929–1939) forced countries off the gold standard. In September 19, 1931, speculative attacks on the pound forced Britain to abandon the gold standard. Loans from American and French Central Banks of £50,000,000 were insufficient and exhausted in a matter of weeks, due to large gold outflows across the Atlantic.[28][29][30] The British benefited from this departure. They could now use monetary policy to stimulate the economy. Australia and New Zealand had already left the standard and Canada quickly followed suit.

text: The interwar partially backed gold standard was inherently unstable, because of the conflict between the expansion of liabilities to foreign central banks and the resulting deterioration in the Bank of England's reserve ratio. France was then attempting to make Paris a world class financial center, and it received large gold flows as well.[31]

text: In May 1931 a run on Austria's largest commercial bank caused it to fail. The run spread to Germany, where the central bank also collapsed. International financial assistance was too late and in July 1931 Germany adopted exchange controls, followed by Austria in October. The Austrian and German experiences, as well as British budgetary and political difficulties, were among the factors that destroyed confidence in sterling, which occurred in mid-July 1931. Runs ensued and the Bank of England lost much of its reserves.

text: Depression and World War II

text: Great Depression

text: Some economic historians, such as Barry Eichengreen, blame the gold standard of the 1920s for prolonging the economic depression which started in 1929 and lasted for about a decade.[33] In the United States, adherence to the gold standard prevented the Federal Reserve from expanding the money supply to stimulate the economy, fund insolvent banks and fund government deficits that could "prime the pump" for an expansion. Once off the gold standard, it became free to engage in such money creation. The gold standard limited the flexibility of the central banks' monetary policy by limiting their ability to expand the money supply. In the US, the central bank was required by the Federal Reserve Act (1913) to have gold backing 40% of its demand notes.[34] Others including former Federal Reserve Chairman Ben Bernanke and Nobel Prize-winner Milton Friedman place the blame for the severity and length of the Great Depression at the feet of the Federal Reserve, mostly due to the deliberate tightening of monetary policy even after the gold standard.[35] They blamed the US major economic contraction in 1937 on tightening of monetary policy resulting in higher cost of capital, weaker securities markets, reduced net government contribution to income, the undistributed profits tax and higher labor costs.[36] The money supply peaked in March 1937, with a trough in May 1938.[37]

text: Higher interest rates intensified the deflationary pressure on the dollar and reduced investment in U.S. banks.  Commercial banks converted Federal Reserve Notes to gold in 1931, reducing its gold reserves and forcing a corresponding reduction in the amount of currency in circulation. This speculative attack created a panic in the U.S. banking system.  Fearing imminent devaluation many depositors withdrew funds from U.S. banks.[38] As bank runs grew, a reverse multiplier effect caused a contraction in the money supply.[39] Additionally the New York Fed had loaned over $150 million in gold (over 240 tons) to European Central Banks. This transfer contracted the US money supply. The foreign loans became questionable once Britain, Germany, Austria and other European countries went off the gold standard in 1931 and weakened confidence in the dollar.[40]

text: The forced contraction of the money supply resulted in deflation. Even as nominal interest rates dropped, inflation-adjusted real interest rates remained high, rewarding those who held onto money instead of spending it, further slowing the economy.[41] Recovery in the United States was slower than in Britain, in part due to Congressional reluctance to abandon the gold standard and float the U.S. currency as Britain had done.[42]

text: In the early 1930s, the Federal Reserve defended the dollar by raising interest rates, trying to increase the demand for dollars. This helped attract international investors who bought foreign assets with gold.[38]

text: Congress passed the Gold Reserve Act on 30 January 1934; the measure nationalized all gold by ordering Federal Reserve banks to turn over their supply to the U.S. Treasury. In return the banks received gold certificates to be used as reserves against deposits and Federal Reserve notes. The act also authorized the president to devalue the gold dollar. Under this authority the president, on 31 January 1934, changed the value of the dollar from $20.67 to the troy ounce to $35 to the troy ounce, a devaluation of over 40%.

text: Other factors in the prolongation of the Great Depression include trade wars and the reduction in international trade caused by barriers such as Smoot–Hawley Tariff in the US and the Imperial Preference policies of Great Britain,[43] the failure of central banks to act responsibly,[44] government policies designed to prevent wages from falling, such as the Davis–Bacon Act of 1931, during the deflationary period resulting in production costs dropping slower than sales prices, thereby injuring business profits[45] and increases in taxes to reduce budget deficits and to support new programs such as Social Security. The US top marginal income tax rate went from 25% to 63% in 1932 and to 79% in 1936,[46] while the bottom rate increased over tenfold, from .375% in 1929 to 4% in 1932.[47] The concurrent massive drought resulted in the US Dust Bowl.

text: The Austrian School asserted that the Great Depression was the result of a credit bust.[48] Alan Greenspan wrote that the bank failures of the 1930s were sparked by Great Britain dropping the gold standard in 1931. This act "tore asunder" any remaining confidence in the banking system.[49] Financial historian  Niall Ferguson wrote that what made the Great Depression truly 'great' was the European banking crisis of 1931.[50] According to Fed Chairman Marriner Eccles, the root cause was the concentration of wealth resulting in a stagnating or decreasing standard of living for the poor and middle class. These classes went into debt, producing the credit explosion of the 1920s. Eventually the debt load grew too heavy, resulting in the massive defaults and financial panics of the 1930s.[51]

text: World War II

text: Under the Bretton Woods international monetary agreement of 1944, the gold standard was kept without domestic convertibility. The role of gold was severely constrained, as other countries’ currencies were fixed in terms of the dollar. Many countries kept reserves in gold and settled accounts in gold. Still they preferred to settle balances with other currencies, with the American dollar becoming the favorite. The International Monetary Fund was established to help with the exchange process and assist nations in maintaining fixed rates. Within Bretton Woods adjustment was cushioned through credits that helped countries avoid deflation. Under the old standard, a country with an overvalued currency would lose gold and experience deflation until the currency was again valued correctly. Most countries defined their currencies in terms of dollars, but some countries imposed trading restrictions to protect reserves and exchange rates. Therefore, most countries' currencies were still basically inconvertible. In the late 1950s, the exchange restrictions were dropped and gold became an important element in international financial settlements.[16]

text: Bretton Woods

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text: After the Second World War, a system similar to a gold standard and sometimes described as a "gold exchange standard" was established by the Bretton Woods Agreements. Under this system, many countries fixed their exchange rates relative to the U.S. dollar and central banks could exchange dollar holdings into gold at the official exchange rate of $35 per ounce; this option was not available to firms or individuals. All currencies pegged to the dollar thereby had a fixed value in terms of gold.[5]

text: Starting in the 1959–1969 administration of President Charles de Gaulle and continuing until 1970, France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing US economic influence. This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led U.S. President Richard Nixon to end international convertibility of the U.S. dollar to gold on August 15, 1971 (the "Nixon Shock").

text: This was meant to be a temporary measure, with the gold price of the dollar and the official rate of exchanges remaining constant. Revaluing currencies was the main purpose of this plan. No official revaluation or redemption occurred. The dollar subsequently floated. In December 1971, the "Smithsonian Agreement" was reached. In this agreement, the dollar was devalued from $35 per troy ounce of gold to $38. Other countries' currencies appreciated. However, gold convertibility did not resume. In October 1973, the price was raised to $42.22. Once again, the devaluation was insufficient. Within two weeks of the second devaluation the dollar was left to float. The $42.22 par value was made official in September 1973, long after it had been abandoned in practice. In October 1976, the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money.

text: Production of gold

text: An estimated total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. This is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres (327,000 cu ft), or a cube 21 metres (69 ft) on a side. There are varying estimates of the total volume of gold mined. One reason for the variance is that gold has been mined for thousands of years. Another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the gold output in illegal mining activities.[52]

text: World production for 2011 was circa 2,700 tonnes. Since the 1950s, annual gold output growth has approximately kept pace with world population growth (i.e. a doubling in this period)[53] although it has lagged behind world economic growth (approximately 8-fold increase since the 1950s[54], and 4x since 1980[55]).

text: Theory

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text: Commodity money is inconvenient to store and transport in large amounts. Furthermore, it does not allow a government to manipulate the flow of commerce with the same ease that a fiat currency does. As such, commodity money gave way to representative money and gold and other specie were retained as its backing.

text: Gold was a preferred form of money due to its rarity, durability, divisibility, fungibility and ease of identification,[56] often in conjunction with silver. Silver was typically the main circulating medium, with gold as the monetary reserve. Commodity money was anonymous, as identifying marks can be removed. Commodity money retains its value despite what may happen to the monetary authority. After the fall of South Vietnam, many refugees carried their wealth to the West in gold after the national currency became worthless.[citation needed]

text: Under commodity standards currency itself has no intrinsic value, but is accepted by traders because it can be redeemed any time for the equivalent specie. A US silver certificate, for example, could be redeemed for an actual piece of silver.

text: Representative money and the gold standard protect citizens from hyperinflation and other abuses of monetary policy, as were seen in some countries during the Great Depression. Commodity money conversely led to deflation and bank runs.

text: Countries that left the gold standard earlier than other countries recovered from the Great Depression sooner. For example, Great Britain and the Scandinavian countries, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had a silver standard, almost entirely avoided the depression (due to the fact it was then barely integrated into the global economy). The connection between leaving the gold standard and the severity and duration of the depression was consistent for dozens of countries, including developing countries. This may explain why the experience and length of the depression differed between national economies.[57]

text: Variations

text: A full or 100%-reserve gold standard exists when the monetary authority holds sufficient gold to convert all the circulating representative money into gold at the promised exchange rate. It is sometimes referred to as the gold specie standard to more easily distinguish it. Opponents of a full standard consider it difficult to implement, saying that the quantity of gold in the world is too small to sustain worldwide economic activity at or near current gold prices; implementation would entail a many-fold increase in the price of gold.[citation needed] Gold standard proponents have said, "Once a money is established, any stock of money becomes compatible with any amount of employment and real income."[58] While prices would necessarily adjust to the supply of gold, the process may involve considerable economic disruption, as was experienced during earlier attempts to maintain gold standards.[59]

text: In an international gold-standard system (which is necessarily based on an internal gold standard in the countries concerned),[60] gold or a currency that is convertible into gold at a fixed price is used to make international payments. Under such a system, when exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold, inflows or outflows occur until rates return to the official level. International gold standards often limit which entities have the right to redeem currency for gold.

text: Advantages

text:
Long-term price stability has been described as one of the virtues of the gold standard.[61] The gold standard makes it difficult for governments to inflate prices through expanding the money supply. Under the gold standard, significant inflation is rare, and hyperinflation is essentially impossible because the money supply can only grow at the rate that the gold supply increases. High inflation under a gold standard is seen only when warfare destroys a large part of an economy, reducing the production of goods, or when a major new gold source becomes available.[62] In the U.S., inflation occurred during the Civil War, which destroyed the economy of the South.[63] Inflation also followed the California Gold Rush that made large amounts of gold available for minting.[64] Historical data shows that the magnitude of short run swings in prices were far higher under the gold standard.[65][61]
The gold standard provides fixed international exchange rates between participating countries and thus reduces uncertainty in international trade. Historically, imbalances between price levels were offset by a balance-of-payment adjustment mechanism called the "price–specie flow mechanism".[62] Gold used to pay for imports reduces the money supply of importing nations, causing deflation, which makes them more competitive, while the importation of gold by net exporters serves to increase their money supply, causing inflation, making them less competitive.[66]
A gold standard does not allow some types of financial repression.[67] Financial repression acts as a mechanism to transfer wealth from creditors to debtors, particularly the governments that practice it. Financial repression is most successful in reducing debt when accompanied by inflation and can be considered a form of taxation.[68][69] In 1966 Alan Greenspan wrote "Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."[70]

tag: ul

text: Disadvantages

text:
The unequal distribution of gold deposits makes the gold standard more advantageous for those countries that produce gold.[71] In 2010 the largest producers of gold, in order, were China, Australia, U.S., South Africa and Russia.[72] The country with the largest unmined gold deposits is Australia.[73]
Some economists believe that the gold standard acts as a limit on economic growth. "As an economy's productive capacity grows, then so should its money supply. Because a gold standard requires that money be backed in the metal, then the scarcity of the metal constrains the ability of the economy to produce more capital and grow."[74]
Mainstream economists believe that economic recessions can be largely mitigated by increasing the money supply during economic downturns.[75] A gold standard means that the money supply would be determined by the gold supply and hence monetary policy could no longer be used to stabilize the economy.[76] The gold standard is often blamed for prolonging the Great Depression, as under the gold standard, central banks could not expand credit at a fast enough rate to offset deflationary forces.[77]
Although the gold standard brings long-run price stability, it is historically associated with high short-run price volatility.[61][78] It has been argued by Schwartz, among others, that instability in short-term price levels can lead to financial instability as lenders and borrowers become uncertain about the value of debt.[78]
Deflation punishes debtors.[79][80] Real debt burdens therefore rise, causing borrowers to cut spending to service their debts or to default. Lenders become wealthier, but may choose to save some of the additional wealth, reducing GDP.[81]
The money supply would essentially be determined by the rate of gold production. When gold stocks increase more rapidly than the economy, there is inflation and the reverse is also true.[61][82] The consensus view is that the gold standard contributed to the severity and length of the Great Depression.[83][84]
Hamilton contended that the gold standard is susceptible to speculative attacks when a government's financial position appears weak. Conversely, this threat discourages governments from engaging in risky policy (see moral hazard). For example, the U.S. was forced to contract the money supply and raise interest rates in September 1931 to defend the dollar after speculators forced the UK off the gold standard.[84][85][86][87]
Devaluing a currency under a gold standard would generally produce sharper changes than the smooth declines seen in fiat currencies, depending on the method of devaluation.[88]
Most economists favor a low, positive rate of inflation of around 2%. This reflects fear of deflationary shocks and the belief that active monetary policy can dampen fluctuations in output and unemployment. Inflation gives them room to tighten policy without inducing deflation.[89]
A gold standard provides practical constraints against the measures that central banks might otherwise use to respond to economic crises.[90] Creation of new money reduces interest rates and thereby increases demand for new lower cost debt, raising the demand for money.[91]

text: Advocates

text: A return to the gold standard was considered by the US Gold Commission back in 1982, but found only minority support.[92] In 2001 Malaysian Prime Minister Mahathir bin Mohamad proposed a new currency that would be used initially for international trade among Muslim nations, using the Islamic gold dinar, defined as 4.25 grams of pure (24-carat) gold. Mahathir claimed it would be a stable unit of account and a political symbol of unity between Islamic nations.  This would purportedly reduce dependence on the US dollar and establish a non-debt-backed currency in accord with Sharia law that prohibited the charging of interest.[93] As of  2013[update] the global monetary system continued to rely on the US dollar as the main reserve currency.[94]

text: Former U.S. Federal Reserve Chairman, Alan Greenspan acknowledged he was one of "a small minority" within the central bank that had some positive view on the gold standard.[95] In a 1966 essay he contributed to a book by Ayn Rand, titled "Gold and Economic Freedom", Greenspan argued the case for returning to a 'pure' gold standard; in that essay he described supporters of fiat currencies as "welfare statists" intending to use monetary policy to finance deficit spending.[96] More recently he claimed that by focusing on targeting inflation "central bankers have behaved as though we were on the gold standard", rendering a return to the standard unnecessary.[97]

text: Similarly, economists like Robert Barro argued that whilst some form of "monetary constitution"  is essential for stable, depoliticized monetary policy, the form this constitution takes—for example, a gold standard, some other commodity-based standard, or a fiat currency with fixed rules for determining the quantity of money—is considerably less important.[98]

text: The gold standard is supported by many followers of the Austrian School of Economics, free-market libertarians and some supply-siders.[99]

text: US politics

text: In the United States, strict constitutionalists object to the government issuing fiat currency through central banks. Some gold-standard advocates also call for a mandated end to fractional-reserve banking. Many similar alternatives have been suggested, including energy-based currencies, collections of currencies or commodities, with gold as one component.

text: Former congressman Ron Paul is a long-term, high-profile advocate of a gold standard, but has also expressed support for using a standard based on a basket of commodities that better reflects the state of the economy.[100]

text: In 2011 the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes.[101] As federally issued currency, the coins were already legal tender for taxes, although the market price of their metal content currently exceeds their monetary value. Similar legislation is under consideration in other US states.[102] The bill was initiated by newly elected Republican Party legislators associated with the Tea Party movement and was driven by anxiety over the policies of President Barack Obama.[103]

text: In 2013, the Arizona Legislature passed SB 1439, which would have made gold and silver coin a legal tender in payment of debt, but the bill was vetoed by the Governor.[104]

text: In 2015, some candidates for the 2016 presidential election advocated for a gold standard, based on concern that the Federal Reserve’s attempts to increase economic growth may create inflation. Economic historians did not agree with candidate's assertions that the gold standard would benefit the US economy.[105]

text: Critics

text:
In 2012 a poll of 40 U.S. economists in the IGM Economic Experts Panel found that none of them agreed with a claim that a return to the gold standard would result in "price-stability and employment outcomes [that] would be better for the average American." The panel of polled economists included past Nobel Prize winners, former economic advisers to both Republican and Democratic presidents, and senior faculty from Harvard, Chicago, Stanford, MIT, and other well-known research universities. (The specific question posed to the economists was: "If the US replaced its discretionary monetary policy regime with a gold standard, defining a 'dollar' as a specific number of ounces of gold, the price-stability and employment outcomes would be better for the average American.")
[3]

text: The economist Allan H. Meltzer of Carnegie Mellon University presented arguments against Ron Paul's advocacy of the gold standard since the 1970s.  He sometimes summarizes his opposition by stating simply, "[W]e don’t have the gold standard. It’s not because we don’t know about the gold standard, it’s because we do."[106]