Monometallism can be of two types:
1. Silver Standard:
Under silver standard, the monetary unit is defined in terms of silver. The standard coins are made of silver and are of a fixed weight and fineness in terms of silver.
They are unlimited tender. There is no restriction on the import and export of silver. The silver standard remained in force in many countries for a long period. India remained on silver standard from 1835 to 1893.
During this period, Rupee was the standard coin and its weight was fixed at 180 grains and fineness 11/12. The coinage of the Rupee was free and people can get their silver converted into coins at the mint. Similarly, silver coins could be melted into bullion.
Silver standard lacks universal recognition as compared to gold standard. There is greater instability of both internal and external values of money under silver standard because silver price fluctuates more than that of gold. Thus, as far as the metal is concerned, gold is preferred to silver in most of the countries.
2. Gold Standard:
Gold standard is the most popular form of monometallic standard; the monetary unit is expressed in terms of gold. The standard coins possess a fixed weight and fineness of gold.
The gold standard remained widely accepted in most of the countries of the world during the last quarter of the 19th century and the first quarter of the 20th century. The U.K. was the first country to adopt the gold standard in 1816.
She was also the first to abandon this standard in 1931. Germany adopted the gold standard in 1873, France in 1878 and the U.S.A. in 1900.
Gradually, gold standard disappeared from different countries and finally it was completely abandoned by the world by 1936.