Gold standard

Introduction
1792–1862: The bimetallic standard
1862–79: The Civil War fiat standard
1879–1933: The gold standard
1933–71: The international gold exchange standard
1971–present: The fiat standard
Pros
- Pro 1: Gold’s value has been recognized throughout history, and a gold standard self-regulates to match the supply of money needed to back it.
- Pro 2: A gold standard reduces the risk of economic crises and recessions.
- Pro 3: A gold standard puts limits on government power by restricting the ability to print money at will and increase the national debt.
- Pro 4: A gold standard would stop excessive spending.
Cons
- Con 1: Gold’s availability and value fluctuates, which does not provide the price stability necessary for a healthy economy.
- Con 2: A gold standard limits the ability of the Federal Reserve to help the economy.
- Con 3: A gold standard and gold mining harm the environment and Indigenous communities.
- Con 4: A gold standard could harm national security by restricting the country’s ability to finance national defense.
Gold bullion and coins held by the U.S. Treasury
Price of gold vs. inflation and currency in circulation
Assessment quiz
1-minute survey
Discussion questions
Sources

References & Edit History Related Topics

Images & Videos

A stack of gold bars.

Salmon P. Chase

William Jennings Bryan

Seated portrait of President William McKinley in a dark suit, resting his arm on a desk and looking slightly to the side, circa 1900.

Delegates from multiple nations seated at long tables in a large hall, with a speaker at a podium and rows of international flags behind, at the Bretton Woods Conference, 1944.

Gold standard: References & Edit History

Article Contributors

Primary Contributors

The Editors of ProCon
ProCon's editors write and verify new content and update existing content. ProCon presents the pro and con arguments to debatable issues in a straightforward, nonpartisan, freely accessible way.

Article History

Type	Description	Contributor	Date
	Discussion questions standardized.	The Editors of ProCon	Jul 23, 2026
	Quiz added.	The Editors of ProCon	Mar 16, 2026
	Typo fixed.	The Editors of ProCon	Dec 10, 2025
	Introductory sections expanded.	The Editors of ProCon	Dec 09, 2025
	Sources cleaned out.	The Editors of ProCon	Nov 18, 2025
	Overall updates; photo and video added; addition of gold held by U.S. table.	The Editors of ProCon	Nov 18, 2025
	Survey added.	The Editors of ProCon	May 08, 2025
	Links added, text clarified.	The Editors of ProCon	Feb 04, 2025
	Table display edits.	The Editors of ProCon	Nov 11, 2024
	New article added.	The Editors of ProCon	Nov 08, 2024