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The international gold standard collapsed when countries made their currencies inconvertible into gold.
From the 1820s to the 1860s, the state was mainly financed by issues of inconvertible paper currency.
Inconvertible paper money became an actual fiduciary currency, and the means of payment for domestic transactions in the province.
As previously stated, the public had developed a long cumulative experience on monetary affairs with expectations about inconvertible paper currency that proved to be accurate and prompt.
To-day we have not only a paper currency but an inconvertible paper currency.
I think that shows it is possible to have an inconvertible currency which is generally acceptable.
We cannot afford for the present to use them to pay off old debts or to accumulate inconvertible foreign currency.
The dollar, a previous anchor for comparison of values, is now made inconvertible.
One result is this: the changing pattern of trade has led the rest of the world to accumulate vast balances of more or less inconvertible dollars.
The real bills doctrine asserts that it is an illusion that any physically inconvertible currency is necessarily also unbacked.
By 1745, its paper money was inconvertible to specie, but acceptance was mandated by the government.
