Canadian dollar bills used to be convertible into gold, but now are valuable simply because the government says they are.

Name: Canadian dollar bills used to be convertible into gold, but now are valuable simply because the government says they are.
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Canadian dollar bills were once convertible into gold but the country moved away from the gold standard in the 1930s. Now, the value of Canadian dollar bills is based on the government's declaration that they are legal tender and can be used to pay debts.

Canadian Dollar Bills Used to Be Convertible into Gold, but Now