ABSTRACT
The theoretical gold exchange value of a currency is known by the technical term "Mint Par" or "Par of Exchange." The Mint Par or Par of Exchange is the rate at which the standard coin of one country is convertible into that of another country according to the terms of their respective mint laws. The Mint Par is therefore a comparison of the value of the units of two currencies on the basis, not primarily of what they will purchase, but of the amount of gold to which their possession entitles the possessor. In the case of every currency except the pound sterling there had occurred occasions when the claim to gold conferred by the possession of currency could not be enforced.
