This is not new concept here. What you referring to is go back to the Gold Coinage. History states few of the example such as
Henry III of England who was one to attempt the Gold Coinage by producing gold penny ~ 45 grains which was around the value of 45 pence silver. Since the conversion was measurable in between gold to silver value, it was difficult to maintain or simply they call it, insuperable! This was in year - 1257
Later came in
Edward III King of England and introduced the his own Golden Series Coins which were called as florin, leopard, and helm (1/2 and 1/4 florin). However this also failed and they went back to the silver coins.
Henry III had attempted in 1257 to issue a gold coinage by striking the gold penny (45 grains) of the value of 20 pence silver, later raised to 24; but the difficulty of relating gold to silver proved insuperable, and the coinage was withdrawn. In 1344 Edward III issued his fine gold series—florin, leopard, and helm (1/2 and 1/4 florin)—but his attempt to introduce a gold currency failed. A gold coinage was finally established in currency in 1351 with a noble of 120 grains of gold and its subdivisions, the half- and quarter-noble. In the same year, the silver penny was reduced to 18 grains and the groat issued (on Flemish models). The noble was valued at six shillings and eightpence (1/2 mark). Its obverse, the king in a ship, is supposed to allude to the naval victory off the Flemish city of Sluis in June 1340.
This introduction of Gold coins continued till Elizabeth came into rule and by 1600 she kept experimenting the different coins and shillings through East India Company. However this only lasted up until Civil War, and by 1662 Modern Coinage started.
Elizabeth I continued her father’s denominations and restored the purity of the silver coinage. She soon discontinued the groat, Edward VI having introduced the silver sixpence and threepence, although she continued its half, the twopence. Her “portcullis,” or trade coinage for use by the newly incorporated East India Company, appeared in 1600–01. She also experimented with machinery for coinage, although the insistence of the moneyers on their immemorial right to use manual methods delayed its establishment until after the Restoration. James I introduced a number of new gold coins, the most important being the “unite,” or sovereign (20 shillings), so called from its legend (Faciam eos in gentem unam [“I will make them into one race”]) alluding to the union of the crowns of Scotland and England. Charles I made no changes in the coinage until the Civil War (when Parliament coined in London and the king’s mint traveled with him); the king’s financial difficulties added many new coins to the English series.
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Gold CoinageObviously these are just glimpse of it. History is already known for biggest gold rush and its trading for the daily needs in various kingdoms and dynasties. We using today's money system because that evolved with the time and made lives more easier than to carry bag full of gold coins.
What is needed is minting of precious metals in standardized $1, $5, $10, $20, $50, $100 denominations. With coins $0.01, $0.05, $0.10, $0.25. The specific weight and exchange rate at the time of minting can be recorded to make it easier to calculate price drift.
This would be a disaster for all following governments. Just imagine that average Joe starts realizing how much he's losing every year, especially now, with these high numbers for inflation...
On the other hand, for the cup-of-coffee situation, we have Bitcoin, with 8 digits after the decimal point
PS. I did not miss the "return to gold standard" part, just it's not feasible. At all.
Yes, if we talking about Gold then why not bitcoin? It is modern coinage, we need more or less digital currencies to pay on the go. With development of Unified Payments Systems, NEFT, RTGS, and all no one would want to carry Gold coins in their pockets?
Gold is amazing store value. You can have physical security and you can easily get loans on it.