Before World War I,private banks issued paper money that could be redeemed for gold.

Name: Before World War I,private banks issued paper money that could be redeemed for gold.
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Before World War I, many countries were on the gold standard, which meant that their paper money was directly backed by gold and could be exchanged for gold at any time. Private banks were often responsible for issuing this paper money.

Before World War I,private Banks Issued Paper Money That Could