<P> In the 1790s, the United Kingdom suffered a silver shortage . It ceased to mint larger silver coins and instead issued "token" silver coins and overstruck foreign coins . With the end of the Napoleonic Wars, the Bank of England began the massive recoinage programme that created standard gold sovereigns, circulating crowns, half - crowns and eventually copper farthings in 1821 . The recoinage of silver after a long drought produced a burst of coins . The United Kingdom struck nearly 40 million shillings between 1816 and 1820, 17 million half crowns and 1.3 million silver crowns . </P> <P> The 1819 Act for the Resumption of Cash Payments set 1823 as the date for resumption of convertibility, which was reached by 1821 . Throughout the 1820s, small notes were issued by regional banks . This was restricted in 1826, while the Bank of England was allowed to set up regional branches . In 1833 however, Bank of England notes were made legal tender and redemption by other banks was discouraged . In 1844, the Bank Charter Act established that Bank of England notes were fully backed by gold and they became the legal standard . According to the strict interpretation of the gold standard, this 1844 act marked the establishment of a full gold standard for British money . </P> <P> In the 1780s, Thomas Jefferson, Robert Morris and Alexander Hamilton recommended to Congress the value of a decimal system . This system would also apply to monies in the United States . The question was what type of standard: gold, silver or both . The United States adopted a silver standard based on the Spanish milled dollar in 1785 . </P> <P> From 1860 to 1871 various attempts to resurrect bi-metallic standards were made, including one based on the gold and silver franc; however, with the rapid influx of silver from new deposits, the expectation of scarce silver ended . </P>

When did we stop using gold as currency