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A Brief History of the Gold Standard

Thursday, June 16, 2011 15:48

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A Brief History of the Gold Standard

Thursday, June 16, 2011

by Robert McTeer

Congress established a mint in 1792 and defined the dollar in terms of a specific weight in both gold and silver. This put the new republic on a bimetallic standard, common at the time. Initially, the official ratio of gold to silver at the mint overvalued gold relative to silver, so silver became the de facto standard.

In 1834, the dollar was devalued in terms of gold — from $19.39 per troy ounce to $20.67, shifting the United States to a de facto gold standard. The official gold price remained $20.67 until President Franklin Roosevelt devalued the dollar to $35 an ounce a century later. CONTINUED HERE

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