currency and dollars were backed only by gold?

Question

I don't really know much in American studies, but yes I pay attention a lot but it just doesn't catch my eye and I need help!!!!!

Answer 1

American currency was once backed by an actual supply of gold stored in a place called Fort Knox. That is no longer the case. Here are some websites that tell you more. I hope they help! - Karen

 

http://www.federalreserve.gov/faqs/currency_12770.htm

 

http://money.howstuffworks.com/currency7.htm

 

https://www.richmondfed.org/faqs/gold_silver