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gold—silver—

1951

Bretton Woods in force

In 1951 other currencies are pegged to the dollar, and the dollar is defined at $35 for official holders. Private Americans cannot redeem at the Treasury.

One-hundred-dollar gold certificate, series of 1934.
One-hundred-dollar gold certificate, series of 1934. Official paper after the Gold Reserve Act. The public could not redeem it in gold. Not from the year of this page.Public domain.

Bretton Woods was negotiated in 1944. Member currencies were pegged to the dollar. The dollar was defined against gold at $35 a troy ounce for official holders. That system is in force.

Ordinary Americans do not redeem paper at the Treasury. The London Gold Pool, which tries to hold the free-market price near $35, starts in 1961. It has not started.

Nixon shock 1971 →