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The price of gold in the pre-1913 gold standard was $20.67 per ounce. The Coinage Act 1816 (56 Geo. III c. 68), also known as

  1. The price of gold in the pre-1913 gold standard was $20.67 per ounce. The CoinageAct 1816(56 Geo. III c. 68), also known as Liverpool'sAct, defined the value of the pound sterling relative to gold. Itfixed the gold content of the 1 sovereign at 0.23542 oz. Calculate the British pound price of 1 ounce of gold under the pre-1913 gold standard. Now compute the implied pound-dollar exchange rate.

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