Gold Cover

Gold Cover

 

a gold reserve fund intended to back an issue of bank notes and in some countries also to guarantee other obligations of the central bank of issue, where these obligations are due on presentation. When the gold standard was in effect, the gold cover served to stabilize the currency. Under present paper money systems, gold cover of bank notes and other central bank obligations has been repealed in a great majority of countries, including the most powerful ones. In a few countries (such as Switzerland and Belgium), the legal requirement for the gold cover of paper money remains in force by tradition. For example, in Switzerland, not less than 40 percent of the bank notes in circulation must be legally backed by gold reserves of the Swiss national bank. In fact, approximately 90 percent of Swiss bank notes are backed by gold reserves.

References in periodicals archive ?
We're excited to announce @Shaq as our Legend Edition and Legend Edition Gold cover athlete for #NBA2K18
The gold cover with snot exploding out of someone's nose caught my eye but I'm glad I delved deeper.
From the unabashed, hedonistic, head-banging rocker "Little Miss John Wayne'' (with a tongue-in-cheek video that features Worcester drag queen Joslyn Fox) to a country gold cover of RuPaul's "(Here It Comes) Around Again'' (that reportedly made the internationally known drag queen extraordinaire flip her wig), Stewart's signature "country that kicks'' will do just that when he plays a "Homecoming Halloween Extravaganza'' at 8:30 p.
It is beautifully bound, the blue and gold cover resembling a dragon's scales.
The world moved since the seventies to a monetary system that no longer relies on gold cover, and which guarantees the value of banknotes issued by the State, by measuring the community's ability to produce.
The catalogue, which this year is being bound in a gold cover, is in itself an innovative idea.
5) Stefan Edwards, 10, is reflected Monday in the gold cover of a record album sent into space on the Voyager space probe.
The shiny gold cover and chirpy illustration said it all, but Emily is not a character who is easy to sympathise with.
In addition to the standard package, Portman's travel insurance also provides comprehensive ski cover, free European breakdown cover and will soon offer specialist Gold Cover for people up to the age of 75.
gold stock, this gold cover was repealed, also in March 1968, freeing up additional gold reserves for international settlement.
Superdrug's annual family gold cover comes in at pounds 99 a year .
It has a white gold cover studded with three diamonds and a built-in sharpener.