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The emergence of the gold standard has for a long time been viewed as inevitable.We analyze agents’ expectations using the spread between gold and silver bonds issued by the Indian government.We find that bimetallism was credible until France surprised markets by suspending domestic operation of bimetallism,triggering a run away from silver. Thereafter,markets began demanding a premium to hold silver bonds,indicating their belief that silver would depreciate in the future as more countries moved on gold.