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The international gold exchange standard was adopted by the world after World War II, under the Bretton Woods agreement. The gold price was fixed at $35 dollar per ounce. The paper dollars that the U.S. spent in trade with foreign nations were fully backed by gold. And foreign governments were allowed to return their citizens dollars to the U.S. in exchange for gold bullion in the U.S. Treasury. The personally owned gold of American citizens was confiscated. Citizens were forbidden to own gold between the years 1933 to 1975.

The classical gold standard allowed American citizens to own gold and allowed gold to be used in commerce both domestically and overseas. The U.S. Mint was tasked to mint gold and silver coins to be used by the public. All paper currencies issued were fully backed and exchangeable for gold at the U.S. Treasury.

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