The Story of Money: 15--Gold Standard Ends
|Section 15: The Fed and afterwards||Previous | Next | Section Index|
|In 1933 the United States officially retreated from the gold standard
Long after deposit claims had become the most important type of money and of banks’ reserves, the federal government officially called in all privately held monetary gold and made private holding of monetary gold illegal. This measure reduced the danger of large fluctuations in bank reserves. The certificates and coins shown here are some of the nation’s last circulating gold-based money.