Was foreign money accepted during the gold standard days?
It’s a bit hard to explain what I’m asking in just the title but please allow me to elaborate.
During the 19th and early 20th century there was a long period where most nations stuck to the gold standard.
Now let’s say I am a British citizen coming to visit America with a small bag of gold coins.
The gold ratio at the time was £1 = $5. In otherwords a gold sovereign had a face value of £1 and contained the same amount of gold as an American $5 gold half eagle.
Same with the giant £5 gold quintuple sovereign. It contained the same amount of gold as a $20 gold Double Eagle and a $5 gold half eagle combined or $25 gold dollars total. A 1:5 ratio.
Now would Americans have accepted my British currency because it is made of gold just as good as the gold in American coinage?
Or would it be necessary to convert my British gold coinage into American gold coinage and pay a fee to convert gold coins with one picture on them into gold with a different picture on them? O_o
Or was it about more than just intrinsic value of the precious metals in the coin?