History of Gold

In 1900, the silver standard was abandoned and the dollar was defined as 23.22 grains of gold. Silver coins continued to be issued for circulation until 1968. Gold coins were withdrawn in 1933 and the gold standard was changed to 13.71 grains, equivalent to setting the price of 1 troy ounce of gold to $35.

This standard persisted until 1968. Between 1968 and 1975, a variety of pegs to gold were put in place. 1975 saw the U.S. dollar freely float on the currency markets, and the USA untied the dollar from the Bretton Woods Agreement. (See Bretton Woods Accord 1944)