<P> In 1971 , President Richard Nixon unilaterally ordered the cancellation of the direct convertibility of the United States dollar to gold . This act was known as the Nixon Shock . </P>
<P> In 1971 , President Richard Nixon unilaterally ordered the cancellation of the direct convertibility of the United States dollar to gold . This act was known as the Nixon Shock . </P>
when did us dollar stop being backed by gold
when did us dollar stop being backed by gold
1971
1971