300 SELLING LATIN AMERICA 
There are four monetary systems in use in 
Latin America: (i) the gold standard, 
wherein gold is the only legal tender, other 
forms of money being maintained at a parity 
with or without a government guarantee; (2) 
the gold exchange standard, wherein gold and 
other forms of money are legal tender, the con 
version of the legal tender into gold being 
guaranteed by the government; (3) the silver 
standard, wherein silver is the legal tender, 
and (4) inconvertible paper, the value of 
which continually fluctuates and is dependent 
entirely upon the stability of the government’s 
credit. 
The gold standard is used by Bolivia, Cuba, 
Costa Rica, Ecuador, Peru, Porto Rico, Santo 
Domingo, Uruguay, the British, French, Dan 
ish and Dutch West Indies and possessions. 
The gold exchange standard is in use in Ar 
gentine, Brazil, Mexico, Nicaragua and Pan 
ama. 
The silver standard is current in Salvador 
and Honduras. 
Inconvertible paper is found in Chile, Co-