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 to Congress the value of a decimal system. This system would also apply to monies in the United States. The question was what type of standard: gold, silver or both. The United States adopted a silver standard based on the Spanish milled dollar in 1785. From 1860 to 1871 various attempts to resurrect bi-metallic standards were made, including one based on the gold and silver franc; however, with the rapid influx of silver from new deposits, the expectation of scarce silver ended. The interaction between central banking and currency basis formed the primary source of monetary instability during this period.