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I don't think gold failed as a currency, I could pretty much go anywhere in the world with a bar of gold and exchange it for currency to buy whatever I want. It
by kamjam 13y ago
I don't think gold failed as a currency, I could pretty much go anywhere in the world with a bar of gold and exchange it for currency to buy whatever I want. It is still a universal currency, although not an everyday currency.
- jljljl 13y agoExchanging gold for currency doesn't make it a currency. Gold is an asset. If you brought your gold to different people, they might all quote you different amounts, based on how easily the merchant or exchanger could convert the gold into their own currency.
- kamjam 13y agoSame goes for anything you actually buy with currency also.