Under the gold standard,each participating nation defined the mint price of gold in terms of its national currency was prepared to buy and sell gold at that price.

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This is indeed the basic principle of the gold standard. Each participating nation would establish a fixed price at which it would buy and sell gold, and this price would be expressed in its national currency. Other currencies could be exchanged for gold at this price, which helped to stabilize exchange rates and promote international trade. However, the gold standard was not without its limitations and drawbacks, and it eventually gave way to other monetary systems in the 20th century.

Under the Gold Standard,each Participating Nation Defined the Mint Price