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Purity Grams Oz Troy Oz
9ct £38.93 £1,103.55 £1,210.73
18ct £77.85 £2,207.10 £2,421.47
22ct £95.08 £2,695.60 £2,957.42
Purity Grams Oz Troy Oz
500 £0.77 £21.71 £23.82
925 £1.42 £40.16 £44.06
999 £1.53 £43.42 £47.64
Purity Grams Oz Troy Oz
900 £37.19 £1,054.23 £1,156.63
950 £39.25 £1,112.80 £1,220.88
999 £41.32 £1,171.37 £1,285.14
Purity Grams Oz Troy Oz
900 £29.00 £822.25 £902.12
950 £30.62 £867.93 £952.23
999 £32.23 £913.61 £1,002.35
Last updated: Tue, 11 Aug 2026 08:10:02 +0100 (Europe/London)
Does Gold Back the American Dollar

Does Gold Back the American Dollar?

When the Coinage Act was passed in 1792, the American Dollar was backed by 24.75 grains of gold.

The American Dollar has a history that goes well back before the United States of America declared its independence from British rule.

At the time of the American Dollar's inception and approval by the Congress in 1786, it was merely a symbolic act and no actual coins or bills were created until the signing of the Coinage Act of 1792, when the dollar was produced in coins rather than the paper money that we know today. At that time, the American Dollar coin represented 24.75 grains of gold and the dollar coins were composed of silver.

In 1900, the United States government moved their money to the Gold Standard, which meant that all money being used in the country was backed by a certain amount of gold that was held in the Federal Repository. At that time, the value of one dollar was set as equal and redeemable to the amount of 23.22 grains of gold.

In the years that followed, the Gold Standard was suspended and reinstated several times until 1963, when the United States followed the example of most other nations of the world in making their money a fiat currency, one that is not directly backed by any physical amount of gold or other precious metals.

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