Are there any countries that still issue gold or silver currency?

Question

Are there any countries that still issue gold or silver currency?

Answer 1

To my knowledge, none are currently issuing gold coinage. That, of course, doesn't negate the older stuff still in circulation.

Nonetheless, may countries, to some degree or other, still use gold reserves as part of the value support for their currency. There is at least one Scandinavian country and a couple of rather obvious countries along the Alps that have substantial gold reserves that provide stability for their currency (or their economic contribution to a certain regional currency). Even the US maintains some substantial piles of the precious metal which sustain some part of the dollar's value in some circles. In New York there are vaults that hold an enormous wealth of gold, some of it for precious metals traders and some for the international trade of value by various countries. What sometimes happens is that a nation's reserves held on deposit don't physically move, but there are adjustments on the inventory records. Just like stocks, where most don't really assign or reassign physical stock certificates, they merely change the names on a holdings list at the brokerage.

Added:

Alright, here is the short list from a few years ago, go check it out individually: http://fraser.stlouisfed.org/publication... and http://fraser.stlouisfed.org/publication...

Now check out page 11 of this 70 page PDF, the United States issues gold coin right now as recent as 2006. http://www.usmint.gov/downloads/about/an...

They have about 10 billion in bullion, the note on page 43 says "Workingstock gold comprises only about one percent of the Gold Bullion Reserve"-- um, sounds like some is still used monetarily to me, eh?

It is absolutely bogus to say that gold is not backing a currency when a country retains substantial quantities, so put that in your pipe and smoke it.

Answer 2

NONE!!! All countries issue fiat currencies backed by an I O U Nothing. The US is the biggest offender of issuing worthess currency and this is the cause of the inflation we are seeing.

Answer 3

I thought that the Krugerrand and in fact UK sovereign are currency. They were a few years ago anyway. One UK company even paid its employees in sovereigns to evade tax (it didn't work)The face value would have to be pretty high to actually be USED as currency!