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When did the u. s. go off the gold standard?


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When the United States stopped selling gold to foreign official holders of dollars at the rate of $35 an ounce in 1971, it brought the gold exchange standard to an end. In 1973, the United States officially ended its adherence to the gold standard.

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First, under president Franklin D. Roosevelt, on June 5, 1933, Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. Then, president Richard Nixon, on August 15, 1971, suspended the convertibility of the U.S. Dollar into gold in international transactions.

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