Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
Macro Musings with David Beckworth
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The History of Private Bank Notes Backed by Gold
A $10 gold coin was more than $10 greenback dollars. At one point in the war, it was worth nearly $20. So since the greenbacks were legal tender, you'd be a fool to pay your debts in gold. Gresham's law operated, and the gold coins disappeared. But there's so much more in this chapter, and we're going to move on.
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