Mint price of gold 77sh 10 d per standard ounce. UK Gold Standard commences. 1797 Napoleonic Wars. Bank of England suspends gold payments. All major countries, other than China, switch to the gold standard, linking their currencies to gold.
Bimetallism is abandoned.
1913 Federal Reserve Act establishes US system of reserve banks. 1 Sept. US prohibits gold exports. UK now off Gold Standard. June US gold exports permitted again. 12 Sept. London Gold Fixing established.