Under the Bretton Woods standard:

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Under the Bretton Woods standard, the dollar was pegged at $35 per ounce of gold, and all other countries pegged their currencies to the dollar. This created a fixed exchange rate system with the U.S. dollar as the anchor currency. The U.S. government was obligated to redeem dollars in gold at that fixed rate to any foreign governments or central banks that demanded it. This system lasted from 1944 until 1971 when the U.S. government ended the convertibility of the dollar into gold, effectively ending the Bretton Woods system.

Under the Bretton Woods Standard