Frequently Asked Questions
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Is U.S. currency still backed by gold?

Where can I purchase gold or silver?

Can I redeem my gold or silver certificate for gold or silver at a Federal Reserve Bank?

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Is U.S. currency still backed by gold?

No, when the United States stopped selling gold to foreign official holders of dollars at the rate of $35 an ounce in 1971, it brought the gold exchange standard to an end. In 1973, the United States officially ended its adherence to the gold standard. Many other industrialized nations also switched from a system of fixed exchange rates to a system of floating rates. In August 1974, President Ford repealed the prohibition on the public's owning gold or engaging in gold transactions. Today, no country bans private ownership of gold.

Where can I purchase gold or silver?

You can buy or sell precious metal bullion and coins from private dealers. Check your Yellow Pages or conduct an Internet search. Federal Reserve Banks neither buy nor sell precious metals.

The U.S. Mint offers a sales service where you can buy gold, silver or platinum coins. For more information, call 202/283-2646 or visit the U.S. Mint's web site.

Can I redeem my gold or silver certificate for gold or silver at a Federal Reserve Bank?

No. However, gold and silver certificates are sometimes more valuable to collectors than their face value. Check with a local coin or currency dealer in your area who can assess their worth as a collectible.