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History of currency convertibility: Where did the original concept arise? Consider early monetary regimes that defined convertibility into specie (e.g., gold). Choose the correct option.

Difficulty: Medium

Britain under the classical gold standard
Bretton Woods Conference, USA (1944)
Ancient Rome
Post-war Japan

Correct Answer: Britain under the classical gold standard

Explanation:

Concept

Currency convertibility in its original sense meant convertibility of notes/deposits into specie (gold/silver).
The classical gold standard (19th–early 20th century), pioneered by Britain, codified this idea in modern monetary practice.

Final Answer
Britain under the classical gold standard

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