The single gold standard has been in force in Peru since 1897 and 1898, silver and copper being used for subsidiary coinage.
Previous to the adoption of the single gold standard in 1897 the monetary history of Peru had been unfortunate.
In the National Republican Convention of 1896 his influence did much to secure the adoption of the gold standard "plank" of the party's platform.
By a law of the 9th of December 1904, promulgated by an executive decree of the 25th of March 1905, the gold standard was adopted, and the silver peso, 9027 fine and containing 24.438 grammes of pure silver, was made the monetary unit with a valuation of .75 grammes of gold.
The system is based on the single gold standard.