Economists use “money” to measure performance and for both domestic and international comparisons of success and failure — yet the definition of money lacks the consistency of the everyday ruler, clock and scale.
Money is supposed to serve as a medium of exchange, unit of account, and store of value. Many things can serve as money. The most common moneys over the last several thousand years have been metal coins, usually made of gold or silver.
Euro bank notes have imaginary bridges — and European Union countries are having a big argument about the design of the new euro, which is supposed to be issued in 2026. The U.K. had been on the gold standard for the century preceding World War I, and the U.S. and many other countries followed the British lead by having some tie to the British pound and thus de facto on the gold standard, and officially so after 1900.
This worked well until the Great Depression, when many foreigners demanded payment in gold, causing the Fed to have insufficient reserves. The Roosevelt administration then suspended the gold standard in 1933 and compelled the surrender of gold coins and certificates to the government. Gold clauses in contracts were abrogated, and the gold backing of the dollar was reduced.
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