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This attempt could be successful until occurred the big
Changes in volumes of extraction of these metals. As the basic part of the cumulative
Stocks of both metals it was used in the form of coins, their inflow or outflow from
Monetary circulation spheres could, possibly to conduct to their establishment
Relative value at level of that course on which they should
Legally to exchange as money legally.
In some countries, however, gold and silver also addressed simultaneously in
Current of the long periods side by side, but thus their relative value
Fluctuated together with change of conditions. Such situation has developed, for example, in
England with 1663 for 1695 when, at last, having established the decree the exchange rate
Between gold and silver coins with overestimate of value of gold, England
Oxford University Press, London, 1931, p.142>. Later one scientist from Hanover,
Where such system has existed till 1857, has named the simultaneous reference
Coins from two metals without the fixed exchange rate between them system
The joint appeal of gold and silver coins is unique ever
Widely used form of the parallel reference of currencies. But this system
It has appeared extremely inconvenient for one specific reason. As
Time most part the quantity of gold equal on weight was more than in 15 times
More expensively silver, obviously, it was necessary for using for the large
Monetary units, whereas silver - for smaller coins, and copper for
Trifles. But at changes of value of coins from different metal of a coin of the smaller
Advantages could not make a constant share from the large. Differently,
Gold and silver coins acted as elements of different monetary systems,
And one of these systems appeared deprived of coins of large advantage, and
Another - small.
Trading republics of Italy, some time were widely used in
To international trade and long enough period contained the constant
Quantity of gold; at the same time small coins, basically from silver,
Used in local retail trade, constantly suffered from
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