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More than 5000 entries on the history, culture and life of Britain (published in 1993 by Macmillan, now out of print)
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gold standard
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Economic system in which a country's paper currency is supported by gold, anyone having the right to demand from the national bank the same amount of gold as the face value of a bank note. Britain was on the gold standard from 1821 to 1914, and on a modified version of it for a period between the wars. Now the promise on a bank note means only that it will be treated as legal tender for the stated sum.
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