Guatemalan quetzal dollar, it was pegged to the French franc as well, since the quetzal utilized the gold standard. In 1925, coins in denominations of 1, 5, 10 centavos, , and 1 quetzal were introduced, although the majority of the 1 quetzal coins were withdrawn from circulation and melted. and 2 centavos coins were added in 1932. Until 1965, coins of 5 centavos and above were minted in 72% silver. and 1 quetzal coins were reintroduced in 1998 and 1999, respectively. Coins currently in circulation are: The first banknotes were issued by the Central Bank of Guatemala in denominations of 1, 2,
A Monetary History of the United States hands were tied. According to Eichengreen, in order to maintain the credibility of the gold standard, the Federal Reserve could not undertake actions (such as drastically increasing the money supply) in the manner advocated by Friedman and Schwartz. James Tobin, while appreciating the rigor with which Friedman and Schwartz demonstrated the importance of the monetary supply, questions their measures of the velocity of money and how informative this measure of the frequency of monetary transactions really is to understanding the macroeconomic fluctuations of the early-to-mid 20th century. A Monetary History of the United States A Monetary History of the United