While fiat currencies might have been used locally when gold wasn&#x27;t available, gold was the world currency until the 70&#x27;s. <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Nixon_Shock" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Nixon_Shock</a>