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the gold bullion standard is another variation of th gold standard. the monetary unit is again defined in terms of a fixed quantitty of gold, however, instead of the gold being circulated as coins, paper money convertible into gold is used as the hand-to-hand currency. this system has the virtues of avoiding the losses resulting from the circulation of gold and conserving the domestic supply of gold for the settlement of international payments.
under the gold bullion standard, paper currency can be converted into gold bullin. the standard unit currently in use weighs 400 ounces. in 1976, the use official price of gold was eliminated by internatinoal agreement.
-Source: Money, Credit and Banking by C.M. Pagoso
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