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Definition of the gold standard. 1 : a system in which a unit of money (such as the dollar) is equal to a particular amount of gold The United States was still on the gold standard in the early 20th century.
In short, the gold standard was a force for stability. Britain, the first industrialized power, adopted the gold standard around 1820. The United States did not follow suit until 1873 (the Coinage Act of 1873, or known to its critics as the Crime of '73). France and Germany followed shortly thereafter.