Ludwig von Mises addresses the theory of such a case in his book, Theory of Money and Credit:
http://library.mises.org/books/Ludwig%20von%20Mises/The%20Theory%20of%20Money%20and%20Credit.pdf
The discussion is in Part Four Monetary Reconstruction, Chapter 3 The Return to Sound Money. Mises discusses both the large country case and the small country case in which a country unilaterally returns to the gold standard while other countries do not.
