1. International monetary system
Bimetallism standard
Monometallism standard
Paper standard

2. Commodity standard
Barter
Precious metals
Coins
• Full bodied
• Debased

3. Gold standard
Gold currency standard
Gold bullion standard
Gold exchange standard

4. Conditions for successful functioning
• No restriction on movement of gold
• Governments should no offset the effect of
gold movements
• Central banks act as apex bodies to hold gold
reserves
• Unrestricted minting and melting at the
option of holder

5. Reasons for breakdown of gold standard
• Uneven distribution of gold USA and France had a bulk of it
• Some countries imposed restriction on trade
• World war in 1914 strained political relations between countries