Money WondersPlay

Money & Its HistoryFiat Money

The Dollar Is Backed by Gold

It hasn't been since 1971

Most people think there's gold somewhere behind every dollar they earn. When could anyone last ask for it?

You'll find out

  • When the gold window closed for you
  • How much of your money gold could cover
  • What really backs a dollar now

Why it matters

Your paycheck is paid in dollars no metal stands behind. Knowing what does is knowing your money.

About 3 min6 interactive slides · 5 questionsLesson 148 · Zone 17

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More in this zone

  1. 145Monetary HistoryThe Gold StandardWhen every dollar could be swapped for gold
  2. 146CurrencyThe $100,000 BillIt exists, but you could never spend it
  3. 147Monetary HistoryGreenbacks: Money for a WarThe Civil War gave America paper money backed by law, not gold
  4. 149Modern MoneyWho Makes the DollarThe Mint, the printing bureau and the Fed
  5. 150TrustThe Stone That SankOn Yap, a giant stone coin lost at sea still counted as wealth, because everyone agreed it existed
  6. 151CurrencyDollar Bills Are Mostly CottonThat's why they survive the washing machine
  7. 152PaymentsChecks, Cards and TapsHow Americans moved from paper to plastic to phones
  8. 153Behavioral EconomicsThe Endowment EffectOwning something makes it feel worth more