GoldSilverHQ
gold—silver—

1973

Currencies float

Major currencies float. The official dollar price of gold is $42.22. Private gold holding is still restricted.

One-hundred-dollar gold certificate, series of 1934.
One-hundred-dollar gold certificate, series of 1934. In 1973 the official price is $42.22. The note is not from 1973.Public domain.

In 1973 the major currencies moved to floating rates. The Smithsonian pegs did not hold. The official dollar price of gold was $42.22. A September statute set the par at $42.2222 a fine troy ounce.

That official price is not a market print, and it is not a promise the public can redeem. Private holding of monetary gold stays restricted until the end of 1974. The foreign official window has been shut since 15 August 1971.

Nixon shock 1971 →