Final answer:
In 1971, during President Richard Nixon's administration, the United States devalued the dollar against gold, marking the end of the dollar's dominance in international trade.
Step-by-step explanation:
In 1971, during President Richard Nixon's administration, the United States devalued the dollar against gold. This major historical event occurred when foreign dollar holdings exceeded U.S. gold reserves. As a result, President Nixon allowed the dollar to flow freely against the price of gold, causing an immediate 8 percent devaluation of the dollar. This move marked the beginning of the end of the dollar's dominance in international trade.