The United States made its payments on time in dollars, but eliminated the option to take payment in gold.

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The international trading partners of U.S. demanded payment in physical gold instead of dollars.

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Nations would settle international payment deficits and surpluses in gold rather than paper-based currencies.

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Both could very likely get lower interest rates from private lenders if those lenders got the promise of a part-gold payment in the event of default.

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In its function as a medium of exchange, medium of payment and store of value, gold is thus, in a sense, a timeless classic.

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In 1974 private ownership of gold was allowed once again, but it could not be used as payment in contracts.

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Iran sells natural gas to Turkey and receives payment in Turkish lira, which are then used to purchase gold bars in Turkey.

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