<P> This was meant to be a temporary measure , with the gold price of the dollar and the official rate of exchanges remaining constant . Revaluing currencies was the main purpose of this plan . No official revaluation or redemption occurred . The dollar subsequently floated . In December 1971 , the `` Smithsonian Agreement '' was reached . In this agreement , the dollar was devalued from $35 per troy ounce of gold to $38 . Other countries ' currencies appreciated . However , gold convertibility did not resume . In October 1973 , the price was raised to $42.22 . Once again , the devaluation was insufficient . Within two weeks of the second devaluation the dollar was left to float . The $42.22 par value was made official in September 1973 , long after it had been abandoned in practice . In October 1976 , the government officially changed the definition of the dollar ; references to gold were removed from statutes . From this point , the international monetary system was made of pure fiat money . </P>
<P> This was meant to be a temporary measure , with the gold price of the dollar and the official rate of exchanges remaining constant . Revaluing currencies was the main purpose of this plan . No official revaluation or redemption occurred . The dollar subsequently floated . In December 1971 , the `` Smithsonian Agreement '' was reached . In this agreement , the dollar was devalued from $35 per troy ounce of gold to $38 . Other countries ' currencies appreciated . However , gold convertibility did not resume . In October 1973 , the price was raised to $42.22 . Once again , the devaluation was insufficient . Within two weeks of the second devaluation the dollar was left to float . The $42.22 par value was made official in September 1973 , long after it had been abandoned in practice . In October 1976 , the government officially changed the definition of the dollar ; references to gold were removed from statutes . From this point , the international monetary system was made of pure fiat money . </P>
when did us stop being backed by gold
when did us stop being backed by gold
October 1976
October 1976