Overview#
Gold Standard is a money system in which the standard economic
unit of account is based on a fixed quantity of gold.
The Gold Standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold foreign central banks, effectively ending the Bretton Woods Conference.
United States Gold Standard #
In 1933 Executive Order 6102 forbid ownership of GoldIn 1944 the Bretton Woods Conference all national currencies were valued in relation to the United States Dollar this therefore made the United States Dollar the dominant reserve currency. The United States Dollar in turn was convertible to gold at a fixed rate of $35 USD per ounce.
In 1971 Executive Order 11615 forbid ownership of Gold in the United States making the United States Dollar inconvertible to gold directly
In [1974] tThe limitation on gold ownership in the United States was repealed after President of the United States of America (Gerald Ford) signed an Act of Congress 93–373 legalizing private ownership of gold coins, bars, and certificates which went into effect December 31, 1974.