The Rise and Fall of the Gold Standard
Why do you think the gold standard failed?
While the Gold Standard was never officially implemented until 1821, in Britain, for as long as recorded history, people have loved gold.
Gold gained more prominence in the middle ages but so did paper money. The Chinese were the first to experiment with paper money and Fiat currency (which means the value is based on law). The Chinese actually used Fiat currency (the type of money we use today) in the 1100?s.
The Europeans would soon play a more prominent role in the economics of the world. As the British Empire, or the empire with which the sun never set on, rose to prominence between the 1500?s to 1700?s so did the rise of gold. Silver was the big currency before gold.