Currency of Ecuador new notes in 1870 for 2 and 4 reales and 1 peso.' silver 666 fine silver 900 fine The silver peso of 25.000 g 900 fine was made the monetary unit on November 21, 1871, and it was decimalized November 21, 1873. The issue of 1 and 2 centavo copper coins (minted in Birmingham) was decreed June 8, 1872, and President García Moreno provided that the new coins would be received by the government at the rate of 10 centavos per real or 100 centavos per peso fuerte of 10 reales. This established a legal equivalence between the old money
Gold standard Congress on March 3, 1903. Around the same time Mexico and Japan pegged their currencies to the dollar. When Siam adopted a gold exchange standard in 1908, only China and Hong Kong remained on the silver standard. When adopting the gold standard, many European nations changed the name of their currency, for instance from Daler (Sweden and Denmark) or Gulden (Austria-Hungary) to Crown, since the former names were traditionally associated with silver coins and the latter with gold coins. Governments with insufficient tax revenue suspended convertibility repeatedly in the 19th century. The real test, however, came in the form of