The gold standard solved this problem of trust by eliminating the need for it. The solution was to tie the notional value of different national currencies to gold at a fixed rate, gold being a conventional store of value that both is internationally exchangeable and cannot (easily) be altered by governments. X units of currency Y therefore could be exchanged everywhere for Z units of gold. And if all countries "pegged" their currencies to gold in this way, it facilitated trade by solving the fiat money/trust problem.

Mark Blyth, Austerity, loc. 487