I got the impression that the purchase of Alaska from Russia required at some point what would have been at 20 bucks/ounce (I think gold was at one point much less than 20) 350k ounces or roughly 10 tons of gold to Russia. If this is so, the expense of moving that much gold would have been very significant -- not just normal freight but cost of security, etc.

Did it ever become normal for banks to simply shift ownership between parties without moving gold out of its vaults?

And for large but lesser transactions, like buying a ship or a mansion, did that require someone carting, say, 1000 pounds of gold between banks?

  • $\begingroup$ Isn't this more of a History question? $\endgroup$
    – Giskard
    May 27 at 12:25
  • $\begingroup$ @Giskard technically it could be probably passed for economic history although i think it’s one of the questions that would be on the border even if that subfield since it focuses so heavily only on the technical aspects of gold standard $\endgroup$
    – 1muflon1
    May 27 at 13:55

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