Is American money backed by gold?

Answer During the Nixon administration, on August 15, 1971, the U.S. officially took the dollar off of the gold standard, according to Representative Ron Paul. The U.S. relies on the fiat standard--a guar... Read More »

Top Q&A For: Is American money backed by gold

Is money still backed by gold?

Many countries used a "gold standard" through the 20th century, where every unit of currency was backed by an equal amount of gold. In 1971, facing inflation and other fiduciary pressures, Presiden... Read More »

Why is paper money not backed by gold any longer?

Before the 1930s, gold determined the value of currency in the industrialized world. Most economists viewed the gold standard as essential in preventing inflation and keeping currency stable. The G... Read More »

When was the U.S. dollar backed by gold?

The U.S. dollar was once backed by the gold standard, but is no longer. The dollar was backed by gold starting in 1900, with the passage of the Gold Standard Act. The dollar was removed from this m... Read More »

What year did the dollar stop being backed by gold?

The United States dollar stopped being backed by gold in 1933, when President Franklin Roosevelt abolished the "gold standard" in the U.S. to allow the value of the dollar to be regulated by the go... Read More »