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.
If you need further assistance or answer, please don't hesitate to contact us.
We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.
Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.
PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.