eli5: How did countries determine their initial value of money per unit of currency?

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You can be a millionaire in South Korean Won but only thousands in the US

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Well before the current plastic/paper money situation they had coins minted in gold and silver and the coins were a specific size and weight that adhered to the value of gold and silver that was in the coins ( 5$ of silver in a 5 dollar minted coin) We didn’t always have a unified system of weights and measures and we still don’t have a completely universal one (metric vs imperial) but with the Advent of more widely accepted weights and measures came standardization of money which allowed countries to accept currencies from foreign places.

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