Although the double standard was in force, gold was practically demonetized by the monetary reform of 1872 because of the failure to fix a legal ratio between the two metals. [Please select]
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With the tremendous output of the silver mines between 1870 and 1880 the price of silver fell to such an extent that, in time, most countries limited the amount of coinage or demonetized it altogether. [Please select]
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Whatever the cause, the result was that, shortly after silver had been demonetized, its value in proportion to gold fell below that expressed by the ratio of sixteen to one. [Please select]
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