When the US ended convertibility of the dollar into gold, was there any fear that its value would collapse to zero?

by emmazunz84

Since a banknote or electronic record has no intrinsic value as a commodity, was there any worry that it would lose all its value, now that it no longer represented a claim on a certain amount of gold? What causes the dollar to retain some value: just its status as legal tender for paying taxes? or simply the fact everybody kept accepting it as payment? Thanks!

RiskAssessor

What's your basis for claim that gold had intrinsic value? We use gold now for electronics but I am unaware of any practical use other than displaying wealth in the form of jewellery.