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Definition of the gold standard. 1 : a system in which a unit of money (such as the dollar) is equal to a particular amount of gold The United States was still on the gold standard in the early 20th century.
A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency. For example, if the U.S. sets the price of gold at $500 an ounce, the value of the dollar would be 1/500th of an ounce of gold. The gold standard is not currently used by any government. Britain stopped using the gold standard in 1931 and the United States followed suit in 1933 and abandoned the remnants of the system in 1971. The gold standard was completely replaced by fiat money. The term fiat money is used to describe currency that is used because of a government's order â or fiat â that the currency must be accepted as a means of payment.