1922
Genoa
Genoa sketches a gold-exchange system: hold currencies that are themselves convertible into gold, instead of holding gold. Not the old machine.
The Genoa conference of 1922 sketched a gold-exchange standard. Countries could hold currencies that were themselves convertible into gold, rather than holding gold.
That is not the pre-1914 machine. It is also not Britain’s 1925 return to a pre-war parity. The German mark’s collapse is the next year.