This Day In History - America Goes Off The Gold Standard 1933

America Goes Off The Gold Standard 1933

Saturday, June 5, 2021

All Day

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Event Description

On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable.

Event Location

Washington, DC, United States