What was an effect of demonitizing silver?

Answer 1

Demonetizing silver led to a significant decline in its value and use as a standard for currency, which affected economies that relied on silver as a monetary base. This transition often favored gold-backed currencies, consolidating monetary power and creating economic disparities between nations that continued to use silver and those that adopted gold. Additionally, the shift contributed to increased volatility in global markets and affected trade dynamics, particularly in countries that were major silver producers.