I had read it was abolished in 1971, but I also read it was in 1933. Which one is it? Also, why was it abolished in the first place?
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A good way to keep people invested in the government backing your fiat currency is for it to become worthless paper if the government collapses.
Not that gold doesn’t have problems of its own, but if the government issuing the gold coin collapses at least you still have the gold.
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