The peculiarity of the funds that the Central Bank began to issue was that ordinary market participants still perceived them as their requirement for the issuer in terms of converting to the appropriate amount of gold. At the same time, for commercial banks, issue-refinanced funds acted as an obligation to the central bank in terms of their return to the Central Bank after a specified period and, moreover, with a percentage - refinancing rate. Thus, from the very beginning of the issuing activity, banknotes of the Central Bank used in market circulation began to have a rather complicated, or rather, contradictory, essence. In order to somehow smooth over the existing contradictions and so that ordinary participants in market relations did not particularly focus on the fact that banknotes produced by the Central Bank are its obligation to convert them to gold, this bank not only fenced off these participants with a “picket fence” of commercial banks, but also called the reserves of monetarygold "reserves."

Such a name should have emphasized that his gold reserves serve not only to be used on a daily basis, but to be used only in the event of an emergency. Reserves are something that is as if inviolable in everyday practice; Moreover, from the word, for example, in the United States came the name of the central bank - the Federal Reserve System. And if in the old days - under the conditions of the single-level nature of the banking system, ordinary participants in market relations practically did not have the ability to control the amount of gold reserves of commercial banks, all the more they lost such an opportunity with respect to the central bank in the conditions of the two-level nature of the banking system. In the latter case, they were still forced to be content only with confidence in the integrity of the Central Bank in terms of maintaining it unchanged in the scale of the monetary unit. And the Central Bank, like the once commercial banks, has positioned itself as an exceptionally reliable body that can be fully trusted with respect to the organization and functioning of the country's monetary system.

However, as practice has shown, the Central Bank for almost the entire period of the existence of the gold standard monetary system behaved, to put it mildly, not quite honestly. At first, it episodically, and then systematically began to issue the number of monetary units, not as a result of replenishment of monetary gold reserves, but simply because of the need to replenish cash from commercial banks and the market as a whole. Obviously, such a practice led to "an actual down scaling of the national currency." And when the gap between the declared and actual state of affairs, i.e. between the declared and actual scale of the monetary unit, it reached a critical value, the central banks of economically developed countries made a decision that was advantageous for themselves - they abandoned their obligations to convert the banknotes they issued into gold. Thus, portraying reliable counterparties of market relations for a long time, they honestly admitted at the Jamaican Currency Conference that they were in fact trite to deceive everyone.