Quiz: The Day the Gold Window Closed 5 questions · 80% to pass 1. Under the Bretton Woods system, the US dollar was convertible to gold at what price per ounce?$20.67$35$100$350The Bretton Woods agreement of 1944 set the dollar's gold convertibility at $35 per ounce, with other currencies pegged to the dollar at fixed exchange rates.2. Which country aggressively converted dollars to gold in the 1960s, sending ships to collect from the NY Fed?JapanUnited KingdomFranceGermanyFrance, under President Charles de Gaulle, aggressively converted its dollar reserves to gold, sending naval vessels to New York to collect gold bars from the Federal Reserve vault.3. When did Nixon suspend dollar-to-gold convertibility?1944196019711980On August 15, 1971, President Nixon announced the 'temporary' suspension of dollar-to-gold convertibility. The suspension became permanent.4. Since the Federal Reserve's creation in 1913, the US dollar has lost approximately what percentage of its purchasing power?50%75%90%97%The dollar has lost approximately 97% of its purchasing power since 1913. A dollar in 1913 had the buying power of roughly $0.03 in 2026 dollars.5. 'Fiat money' means money backed by:Gold reservesSilver certificatesGovernment decree and taxing powerReal estate holdingsFiat money is currency that has value because the government declares it legal tender. It is backed by the government's taxing power and credibility, not by a physical commodity. Check answers Retake quiz Back to lesson Next lesson →