Overview#
Gold Standard is a money system in which the standard economic
unit of account is based on a fixed quantity of gold.
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In [1974] the limitation on gold ownership in the United States was repealed after President of the United States of America (Gerald Ford) signed an Act of Congress 93–373 legalizing private ownership of gold coins, bars, and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.