如果一个国家在国内外交易中使用金币,或者在国内使用可以兑换为黄金的纸币,那么它就是在遵循金本位制。这种纸币既可以用于国内流通和对外支付,也可以仅用于对外支付,但前提是这种兑换必须有固定的价格。换言之,只要纸币单位可以按固定价格兑换为特定数量的黄金,反之亦然,该国仍然是在遵循金本位制。在这种情况下,该国货币的价值自然会与黄金的价值保持紧密联系。因此,如果黄金相对于其他商品的价值上升,该国货币相对于其他商品的价值也会随之上升;如果黄金相对于其他商品的价值下降,货币的价值也会随之下降。

A State would be following the gold standard if it used gold currency in its foreign and domestic transactions, or if it used domestically a paper money which could be exchanged for gold. This paper money could either be for domestic use and for making payments abroad or solely for making payments abroad, on condition that this exchange for has a fixed price. In other words, it would still be following the gold standard on condition that the paper unit can be exchanged for a specific quantity of gold, at a fixed price and vice-versa. It would be natural in this case for the value of the currency in the country to remain solidly linked to the value of gold. Therefore, if the value of gold rose in comparison with other commodities, the value of the currency in comparison with other commodities would rise as well. If the value of goods decreased in comparison with commodities, the value of the currency would also decrease.

以黄金为基础的货币具有一项特殊属性，体现在其货币单位与黄金挂钩，并且挂钩的数量是确定的。换言之，依法而言，它应由特定重量的黄金构成。黄金的进出口应当自由进行，人们也能够自由地获取货币、金条或金粉，并且可以将其出口。

Money based on gold has a special characteristic, reflected in the fact that the monetary unit is linked to gold in a specific amount. In other words it would, by law, consist of a specific weight of gold. The import and export of gold would be freely conducted, and people would be able to freely acquire currencies, gold bullion, or gold dust and be able to export them.

由于在这种情况下黄金可以在各国之间自由流动,每个人都可以选择购买外币,或是转移(即以黄金结算);而人们自然会选择成本较低的方式。因此,如果黄金及其转移成本高于市场上外币的价格,那么使用外币就更为明智。然而,如果汇率超过这一数额,则最好将黄金退出流通并以之结算。

Since gold in this instance would move freely between various countries, every person has the choice of either buying foreign currency, or transferring (i.e. settling in) gold; a person would however opt for the cheaper method. Therefore, since gold and the cost of its transfer would cost more than the price of the foreign currencies in the market, it would then be sensible to use foreign currency instead. However, if the exchange rate exceed that figure, it would be best to take the gold out of circulation and settle with it.