The biggest difference between the two is I can trade in my coupons for something *everyone agrees has value* and simultaneously deflate the currency. Trading your dollars for gold is literally a "no confidence" vote in your government, the ultimate check/balance; you can *opt out*. Were we to rework the coupon so that it was only callable by in very discrete terms (preventing a denial of currency attack) it would be perfectly suitable form of currency. You could choose to trade the pointer, or the actual metal. The U.S used Spanish Specie for quite some time until the government declared a monopoly on coinage.
Bimetallism never worked, and never will because you have a magical entity stating "X grams of silver can be exchanged for Y grams of gold". It just causes the metals to move to a market where the ratio is beneficial to the previously subordinate metal. As for the "price of gold", that would abate as soon as it became the "reserve currency" again, these things only had value *in direct comparison to worthless fiat currency*.
Once money has value again, this thing called "risk" actually starts to matter as the health of your institutions really matters, if it goes under, that money is gone. In today's world there's no moral hazard, as the banks know money isn't real and make as much as they can on the time/value of money (interest) before they crash and burn. Previously Banks could *call each other out* on the solvency of their notes, you bet the institutions were much stronger back when metals were dominant. Now, the federal reserve is designed to bail out banks, keeps a ratio of 9:1, where the "1" is considered "high powered money" which came from where exactly?
Finding out that Lehman brothers has only 2-3% on "reserve" is only outrageous to the layman who doesn't understand that the Federal government only requires *11%* on reserve for a bank to continue lending.
I'll take metals any day of the week over this scam.
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