The new gold bullion standard did not envisage any return to the circulation of gold specie coins.

This gold bullion standard lasted until 1931 when speculative attacks on the pound forced Britain off the gold standard.

May - Britain returns to the gold standard (the gold bullion standard rather than the specie standard).

Under the Gold Bullion Standard, citizens of Britain and other European countries could only redeem their banknotes in large gold bars.

As in the case of the United Kingdom, there was no return to a Gold Specie Standard, but rather the introduction of a gold bullion standard.

The British Gold Standard Act 1925 both introduced the gold bullion standard and simultaneously repealed the gold specie standard.

The transition of the European currency system in the second half of 1920s to a gold bullion standard led to a minimum volume requirement of 400 troy ounces for inter-bank gold deals.

On September 19, 1931, the United Kingdom left the revised gold standard, forced to suspend the gold bullion standard due to large outflows of gold across the Atlantic Ocean.

Finally, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for circulating currency.

New Zealand was now effectively on a sterling exchange standard, controlled by the largely Australian trading banks, and this sterling exchange standard became a gold exchange standard for the period between 1925 and 1931 when the United Kingdom was on a gold bullion standard.