That could be. Baskets of commodities have been suggested as a guide although they are prone to rising in price with the business cycle. Every sort of peg has its issues.
I’m currently reading a book that provides an excellent view of the global gold standard’s feedback mechanism circa 1913. That may sound dull but its not for anyone who is curious about the classical gold standard and how it operated when the British Pound ruled supreme. The book is also an interesting history. I was surprised to find that we owe the Wilson presidency for the dollar displacing the Pound as the world’s premier currency. “When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Monetary Supremacy” by Wm Silber.
Didn’t the British losses in WWI cause the pound to lose its power specifically because the cost of war drained their reserves.
That was one of the reasons I say there has never been a true Gold Standard. If truth is the first standard to go in a war then convertibility is the second.
What is the name of the book?