i go back a ways, and i'm not so sure i understand the practicalities of this oft-repeated question.

i remember when it was illegal for a US citizen to buy or sell gold - and the friendship of your local dentist or jeweler was a thing of value, since they could.

but... backed by gold?

what is the real, practical difference between a currency backed by gold, and a currency with which one may buy gold at market rates?  i can't say i really see one.