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Why did most ancient civilizations debase their currency over the centuries?
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<p>[QUOTE="Tejas, post: 7691129, member: 84905"]The US was not on a silver standard. The silver content of some coins was a historical remnant without any consequence. The US was on a gold standard until 1933, when every paper dollar could be converted into gold at the nominal rate. (There was at times also a conversion rate to silver and silver certificates, but that had never really played a big role).</p><p>From 1944 to 1973 the US dollar was on a gold exchange standard. US citizens could no longer convert Dollars into gold, but the US government promised foreign countries that pegged their currency to the dollar a fixed conversion at 35 dollars per ounce. In 1971 Nixon reneged on the promise and in 1973 the gold conversion standard ended formally (Gold shock).[/QUOTE]</p><p><br /></p>
[QUOTE="Tejas, post: 7691129, member: 84905"]The US was not on a silver standard. The silver content of some coins was a historical remnant without any consequence. The US was on a gold standard until 1933, when every paper dollar could be converted into gold at the nominal rate. (There was at times also a conversion rate to silver and silver certificates, but that had never really played a big role). From 1944 to 1973 the US dollar was on a gold exchange standard. US citizens could no longer convert Dollars into gold, but the US government promised foreign countries that pegged their currency to the dollar a fixed conversion at 35 dollars per ounce. In 1971 Nixon reneged on the promise and in 1973 the gold conversion standard ended formally (Gold shock).[/QUOTE]
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