The remnants of the gold standard were abandoned in 1971 by United States President Richard Nixon, who said his government would temporarily suspend convertibility between dollars and bullion. The so-called quasi-gold standard would last until 1973, with all definitions linking the dollar to bullion removed by 1976. However, in effect, the gold standard system was eliminated by the British government in 1931, with the U.S. following suit two years later.
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