<P> The gold specie standard arose from the widespread acceptance of gold as currency . Various commodities have been used as money; typically, the one that loses the least value over time becomes the accepted form . Chemically, gold is of all major metals the one most resistant to corrosion . </P> <P> The use of gold as money began thousands of years ago in Asia Minor . </P> <P> During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe and the Mediterranean . However, as the Byzantine Empire's economic influence declined, so too did the use of the bezant . In its place, European territories chose silver as their currency over gold, leading to the development of silver standards . </P> <P> Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa 757--796 CE . Similar coins, including Italian denari, French deniers, and Spanish dineros, circulated in Europe . Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545 . International trade came to depend on coins such as the Spanish dollar, the Maria Theresa thaler, and, later, the United States trade dollar . </P>

How did the international gold standard affect the great depression