When did the US Dollar become fiat money?

The US dollar became Fiat money in 1971 when President Richard Nixon suspended the convertibility of the dollar into gold, effectively ending the Bretton Woods system. This shift meant that the dollar was no longer backed by a physical commodity, relying instead on the trust and confidence of the people in the government that issued it. Since then, the US dollar has functioned as a fiat currency, meaning its value is derived from government regulation and legal tender laws rather than intrinsic value.