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If the market interest rate is 5%, and if it is costless to issue paper dollars, then the inconvertible dollar must start the year worth about 0.95 ounces, rise to about .97 ounces at mid-year, and finish the year worth exactly 1 ounce.
1797 Bank of England notes are made inconvertible
The provisions of the Bank Restriction Act are initially expected to be of very short duration but it is 24 years before convertibility is restored.
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 See also: Silver coin, Reserve, Valuation, Unit, Trade
  
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