monometallism
/ˌmɑnoʊˈmɛtəlɪzəm/
noun
- A monetary system in which only one metal (usually gold or silver) is used as the standard for currency.
- In the 19th century, many countries adopted monometallism, using gold as the sole basis for their money.
- The debate between monometallism and bimetallism was a major political issue in the United States.
- Under monometallism, the value of paper money is directly tied to a single precious metal.