👉 Bimetallism is a concept in the field of economics that refers to the practice of assigning different currencies (i.e., currency denominations) for different commodities, where each currency serves as its own legal tender. This approach was introduced by Sir William Hamilton in 1823 and later adopted by several other economists. In bimetallism, a common currency is used for both foreign and domestic transactions. For example, the US dollar would be used for international transactions while the British pound
