dollar. This practice is known as: Dollarization.

Under the gold standard of currency exchange that existed from $1879$ to $1914,$ an ounce of gold cost

$$20\mathrm{.}67$ in U$.$S$.$ dollars and $4\mathrm{.}274$ in British pounds. Therefore, the exchange rate of pounder per dollar

under this fixed exchange regime was: $\frac{0\mathrm{.}255}{\text{\$}}$