High Quality Content by WIKIPEDIA articles! The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. The silver specie standard was widespread fom the fall of the Byzantine Empire until the nineteenth century. Following the discovery in the sixteenth century of large deposits of silver at the Cerro Rico in Potosi, Bolivia, an international silver specie standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins played the role of an international trading currency for nearly four hundred years. In 1704, following Queen Anne's proclamation, the British West Indies became one of the first regions to adopt a gold standard in conjunction with the Spanish gold doubloon coin. In 1717, the master of the Royal Mint, Sir Isaac Newton, introduced a new mint ratio as between silver and gold, and this had the effect of putting Britain 'de facto' unto a gold standard.

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