What is another word for gold exchange monetary system?
Pronunciation: [ɡˈə͡ʊld ɛkst͡ʃˈe͡ɪnd͡ʒ mˈʌnɪtəɹi sˈɪstəm] (IPA) 
A gold exchange monetary system refers to a financial framework where the currency's value is directly linked to a specific amount of gold reserves held by the central bank. It is also known as the gold standard. Synonyms for a gold exchange monetary system include the gold standard monetary system, the gold-convertible standard, the gold-backed currency system, gold convertibility, and the gold-based monetary system. This system was widely adopted by many countries in the 19th century until the mid-20th century, when it began to be replaced by fiat currencies. However, some countries, such as China and Russia, still maintain a modified version of the gold standard.
