Find the photo of the $20 gold coin on page 308 (700) in this chapter and refer to the specifications in the adjoining caption. Calculate the U.S. dollar price of 1 ounce of gold under the pre-1913 gold standard. Now search the Internet to find details, including gold content, of a British gold sovereign coin worth £1 in the same era. Calculate the British pound price of 1 ounce of gold under the pre-1913 gold standard. Now compute the implied pound–dollar exchange rate. Check your answer against the value given in the text.