Block · Capital controls

End of private gold convertibility

What it is: Paper money is made non-redeemable in gold for private holders, leaving gold convertibility (if any) to central banks and governments only, then later withdrawn altogether.
Why it counts: Savers can no longer exit the currency into gold at the official parity, so the state can issue money and debt without the discipline of redemption.

When it was in force

3 examples

United States
1934Historical
Its end is not documented · As cited: From 30 January 1934
No US currency to be redeemed in gold except as Treasury regulations (approved by the President) permit; gold certificates held by Federal Reserve banks excepted. Gold coinage and payment of gold coin also ended (s.5).
Gold Reserve Act of 30 January 1934, section 6Primary source
“no currency of the United States shall be redeemed in gold”
govinfo.gov (opens in a new tab)Checked: quote matched on the page by script
United States today: index 42.9
United States
1971Historical
As cited: 15 August 1971
In his 15 August 1971 address Nixon ordered the gold window closed: foreign governments could no longer exchange their dollars for gold.
Nixon address of 15 August 1971 (suspension of dollar convertibility); Fed History accountSecondary source
“Foreign governments could no longer exchange their dollars for gold; in effect, the international monetary system turned into a fiat one.”
federalreservehistory.org (opens in a new tab)Checked: quote matched on the page by script
United States today: index 42.9
United States
1971Historical
As cited: 15 August 1971
The President directed Treasury Secretary Connally to suspend temporarily the convertibility of the dollar into gold or other reserve assets, except in amounts and conditions in the interest of monetary stability.
Address to the Nation Outlining a New Economic Policy, 15 August 1971 (Public Papers of the Presidents: Richard Nixon, 1971, item 264, p. 888)Primary source
“I have directed Secretary Connally to suspend temporarily the convertibility of the dollar into gold or other reserve assets”
govinfo.gov (opens in a new tab)Checked: quote confirmed on the page by a reviewing agent
United States today: index 42.9

Examples and their dates reviewed Oct 21, 2026.

Block the exits · a special case

Gold: the exit states close first

1933United States
Executive Order 6102 required everyone in the US to deliver their gold coin, bullion and gold certificates to the Federal Reserve banks or member banks by 1 May 1933.
Compulsory surrender (confiscation) of private gold
1934United States
The Gold Reserve Act ended the redemption of US currency in gold, except as Treasury regulations permit.
End of private gold convertibility (this page)
1947United Kingdom
The UK Exchange Control Act obliged everyone in the UK entitled to sell gold to offer it for sale to an authorised dealer, unless the Treasury consented otherwise.
Compulsory surrender (confiscation) of private gold
1971United States
President Nixon directed the Treasury to suspend the convertibility of the dollar into gold, so foreign governments could no longer exchange their dollars for gold.
End of private gold convertibility (this page)
1974United States
A US law provided that from 31 December 1974 no rule could stop anyone buying, holding or selling gold, ending the US restrictions on private gold.
Gold ownership limits and licensing of dealing

Also: Gold import and export bans, licences, quotas and punitive duties

When it was in force

3 examples

United States

United States

United States

Gold: the exit states close first

More capital controls

Further reading