Complex sentence: For this purpose, all currencies had to be backed by either physical gold reserves, or a currency convertible into gold and the United States dollar was recognized as the world's reserve currency, as an anchor currency of the system.
Split into simpler sentences: For this purpose, all currencies had to be backed by either physical gold reserves, or a currency convertible into gold. The United States dollar was recognized as the world's reserve currency, as an anchor currency of the system.