What is Mint Par of Exchange?

MINT PAR OF EXCHANGE:
The mechanism for establishing exchange rates between currencies under the Gold
Standard was called the ‘Mint Par of Exchange’.
The exchange rate between two currencies was represented by the ratio of the official gold
prices for the two currencies.
Example:
It 1 ounce of gold in USA = USD 400
and 1 ounce of gold in Germany = DEM 600
then 1 USD = 600 / 400 = DEM 1.5000.
Exchange rates established in this manner were called ‘CENTRAL EXCHANGE RATES’
or ‘MINT PARTIES’.