By Kevin Mwanza
Nearly a third of American respondents think that the U.S. dollar is backed by gold, according to a poll conducted by Genesis Mining.
The findings of the study, “Perceptions of Money and Banking in the United States 2019” involved 1,000 respondents and showed that 29 percent of those that took part believe that the greenback is backed by the yellow metal.
Misconceptions about the U.S. dollar
The dollar has not been backed by gold since 1971 when it became solely a fiat currency and exchange rates were free-floating. The survey shows that some Americans have yet to catch wind of this change almost five decades later.
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