The same thing happened in 1971, the Brits and the Italians figured out we were counterfeiting our own Federal Reserve Notes. When they called Nixon’s bluff on this scheme and demanded to be paid in pound sterling, Nixon closed the gold window and gave them colored coupons instead.
Just look at how Inflation(Theft of Value) has treated the average American since the coinage act of 1965 and the subsequent admission the US was bankrupt on August 15, 1971.
In 1885, a pair of Levis pants cost $1.80, in gold.
In 1962 a pair of Levis cost $2.80, in silver.
Today a pair of Levis cost around $50.00, in printed paper money, backed by nothing but the “faith and credit of the USA.”