Why did the US switch to fiat currency?

30 Sep 2022 By PAYCEC

The Federal Government of the United States maintained the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the country would stop converting dollars to gold at a fixed value, temporarily abandoning the gold standard..

There were several causes behind this. But we have seen the country switch to fiat currencies during wars to preserve the value of gold and silver. During the American Civil War, for example, the U.S government used a type of fiat currency known as "Greenbacks."

Disclaimer: This information is based on the author's research and knowledge.

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