The gold standard was a monetary system that was in use was in use from approximately 1870 to 1971, when the United States officially ended the convertibility of the dollar into gold. It evolved from a bimetallic system using both silver and gold until the beginning of the Industrial Revolution. Throughout history, the gold standard went through three distinct forms: the gold standard with gold in circulation, the gold standard with gold bullion, and the Brettonwoods system. Each of these forms had its own mechanism of stabilization. The existence of these different forms of the gold standard and their mechanisms can be attributed to the difficulties encountered in using the gold standard and the historical context of the time in which they existed. The First World War, the Great Depression, and the Vietnam War demonstrated that the gold standard was incompatible with the need for significant capital during times of crises and wars. Each abandonment of the gold standard resulted in the emergence of inflation and hyperinflation, which were resolved by returning to the gold standard. The ultimate abandonment of the gold standard was caused by a change in the political situation and the realization of the incompatibility between the gold standard and the modern economy. The gold standard has numerous advantages, such as automatic control of exchange rates through gold points and the impossibility of hyperinflation. However, the gold standard also has its disadvantages, such as a lack of flexibility and limited quantities of gold that can restrict economic growth.