Suspension of convertibility

兌換停止／ suspension of convertibility　—　Institutions

A measure to stop the exchange of banknotes for specie. It marked the entrance to the age of paper currency.

Britain　The paper pound ／ London, the place of execution

A measure to stop the exchange of banknotes for specie (gold/silver). In Great Britain in 1797, it was introduced in response to a gold drain and a run on the banks, beginning a quarter-century era of the "paper pound".

⚠ A suspension is always announced as "temporary". The years it takes to return speak more to the weight of the promise.