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The United States tried this as a multi-decade experiment in the late 19th century. Greenbacks were taken out of circulation in order to increase their value in comparison to gold. It led to tightening of credit and was a drag on investment. Workers most frequently struck due to wage decreases. Farmers and other small business owners would frequently be unable to expand due to credit being unavailable.

The United States has attempted several times to use a gold standard. However, it results in unacceptable outcomes every time. In the 1970s, President Nixon led the US to leave the Bretton Woods system of fixed exchange due to trading partners converting excessive amounts of gold (specie). It has been found time after time that central banks need to adjust the value of their currency to account for financial shocks with countercyclical monetary policy.