Intro: In 1931 Britain went off the gold standard. The gold standard was a monetary system where a country’s currency or paper money had a value directly linked to gold. A country that uses the gold standard, sets a fixed price for gold. A fiat system is a monetary system in which the value of currency is not based on any physical commodity. A fiat currency is able to fluctuate dynamically against other currencies on the foreign-exchange markets. The United States went off gold standard in 1933 and abandoned the remnants of the system in 1973.
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