End of Gold Standard Convertibility

Date: August 15, 1971 • Location: Moscow, Russia

President Richard Nixon completes the break from the gold standard by ending convertibility of the United States dollar into gold by foreign investors.

Richard Milhous Nixon was the 37th president of the United States, serving from 1969 until his resignation in 1974. A member of the Republican Party, he represented California in both houses of the United States Congress before serving as the 36th vice president under President Dwight D. Eisenhower from 1953 to 1961. His presidency saw the reduction of U.S. involvement in the Vietnam War, détente with the Soviet Union and China, the Apollo 11 Moon landing, and the establishment of the Environmental Protection Agency and Occupational Safety and Health Administration. Nixon's second term ended early when he became the only U.S. president to resign from office, as a part of the Watergate scandal.