President Nixon’s administration did not wipe out (or even meaningfully reduce) the U.S. national debt using proceeds from the 1971–1973 U.S. Treasury Gold revaluations. The “Proceeds” and Impact on Debt ⭕️ The 1973 revaluation increased the book value of U.S. gold reserves (then around 260+ million ounces) by roughly $1.2 billion. This created a paper profit that was monetized via gold certificates issued to the Federal Reserve, slightly boosting Treasury cash holdings. ⭕️ Compare this to the national debt: • ~$398 billion in 1971. • ~$458 billion in 1973. ⭕️ The $1.2 billion gain was tiny—less than 0.3% of the debt—and the debt continued to rise in subsequent years due to ongoing deficits, not decline to zero or near-zero. 🎯The Nixon Gold revaluations were not a debt-erasing windfall.