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Netherlands joins the gold standard

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.

Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence.

Historical Significance

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

Events Before

  1. New York City annexes the West Bronx

    The boroughs of New York City are the five major governmental districts that compose New York City. They are the Bronx, Brooklyn, Manhattan, Queens, and Staten Island.

  2. Ulysses S. Grant's daughter Nellie marries in the White House

    Ellen Wrenshall Grant (July 4, 1855 – August 30, 1922) was the third child and only daughter of U.S. President Ulysses S. Grant and First Lady Julia Grant.

  3. Johann Strauss Jr's opera "Die Fledermaus" premieres in Vienna

    Johann Strauss Jr's opera "Die Fledermaus" premieres in Vienna

  4. First Impressionist art exhibition opens in Paris, features Claude Monet, Edgar Degas, Pierre-Auguste Renoir, Camille Pi

    First Impressionist art exhibition opens in Paris, features Claude Monet, Edgar Degas, Pierre-Auguste Renoir, Camille Pissarro and Berthe Morisot

  5. Game of lawn tennis is introduced by Welsh Major Walter Clopton Wingfield, who introduces a rubber ball to bounce on gra

    Game of lawn tennis is introduced by Welsh Major Walter Clopton Wingfield, who introduces a rubber ball to bounce on grass

Events After

  1. The Reichsbank, the central bank of the German Empire, opens in Berlin

    The Reichsbank, the central bank of the German Empire, opens in Berlin

  2. Albert Spalding invests $800 to start a sporting goods company, manufacturing the first official baseball, tennis ball,

    Albert Spalding invests $800 to start a sporting goods company, manufacturing the first official baseball, tennis ball, basketball, golf ball, and football

  3. Julius Wolff opens the Wolff & Reesing Cannery, the first US sardine factory, in Eastport, Maine

    Julius Wolff opens the Wolff & Reesing Cannery, the first US sardine factory, in Eastport, Maine

  4. Alexander Graham Bell and Elisha Gray apply separately for telephone patents, the Supreme Court eventually rules Bell th

    Alexander Graham Bell and Elisha Gray apply separately for telephone patents, the Supreme Court eventually rules Bell the rightful inventor

  5. Sardines first canned by Julius Wolff in Eastport, Maine

    Sardines first canned by Julius Wolff in Eastport, Maine

More from the 1870s

Belgium disbands its salt tax

Belgium disbands its salt tax

The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that tim

The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that time

Japan adopts the Gregorian calendar

Japanese calendar types have included a range of official and unofficial systems. At present, Japan uses the Gregorian calendar together with year designations stating the year of the reign of the…

New York City annexes the West Bronx

The boroughs of New York City are the five major governmental districts that compose New York City. They are the Bronx, Brooklyn, Manhattan, Queens, and Staten Island.

Frequently Asked Questions

What happened on June 6, 1875?
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.
Why is Netherlands joins the gold standard significant?
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

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June 6 in HistoryYear 1875