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In effect, what emerged, as key international trade routes such as the Silk Road developed, was gold became of the key commodities that supported the value of trade items such as silk, metals, spices, and other substances traded. The Roman's, with their important trade role, spread the use of silver and gold coins to different areas of their empire in Europe. After the collapse of the Roman Empire, the minting of coins had halted in many regions, particularly northern Europe (Figure 2). However, the Byzantine Empire continued to mint gold coins and the <i>bezant</i> became a standard used by that Empire. The Byzantine Empire dominated Mediterranean trade and southern European trade in the early Medieval period, leading to the gold standard becoming paramount. Gold continued to be used along the Silk Road and related trade routes.<ref>For more on how gold continued to shape world trade in the early Medieval period, see: Bentley, Jerry H., and Herbert F. Ziegler. 2011. <i>Traditions & Encounters: A Global Perspective on the Past.</i> 5th ed. New York: McGraw-Hill, pg. 327. </ref>
In Europe, developing kingdoms, such as those developed by the Anglo-Saxons and Franks, began to use silver rather than gold. Silver, thus, became the main standard over gold in Europe. It was only under the reign of Queen Anne in the early 18th century, and particularly after the Napoleonic Wars, that gold began to become important again in the role it played in the economy. The British specie began to be the standard that was used in the 18th and 19th centuries, where laws in the early 19th century helped to solidify its role. As Britain's trade empire increased, along with its trade influence, the gold standard, once again, began to spread across the globe, similar to how it did during the Classical period.<ref>For more on the spice, see: Andrei, Liviu C. 2011. <i>Money and Market in the Economy of All Times: Another World History of Money and Pre-Money Based Economies.</i> London and New York.</ref>
Major disruptions occurred in World War I, when the British specie became in short supply and there was increased distruption to international trade during the conflict. The gold coin standard was, thus, changed to gold bullion after the war in Britain. Fluctuations and disruptions occurred due to the Great Depression and World War II; however, gold continues to play a key role in major Western and other economies today.It was only by the 1970s and later, that some major economies began to shift away from a gold standard.<ref>For more on the shifts away from the gold standard, see: Bayoumi, Tamim A., Barry Julian Eichengreen, and Mark P. Taylor, eds. 1996. <i>Modern Perspectives on the Gold Standard.</i> Cambridge: Cambridge Univ. Press.</ref>
[[File:Nerva Aureus Concordia.png|thumbnail|Figure 2. Gold coin from the 1st century CE from the Roman Empire.]]
