The gold standard (jan 1, 1970 – dec 30, 1979)
Description:
~The nation adopted the gold standard which set a defined amount on the monetary value of the currency so that one ounce of gold was worth about $20
~This prevented the us from making to much currency and causing inflation, the currency they did make had to be backed by gold.
~This allowed people to redeem full value of there currency at any time.
Added to timeline:
The history of american banking
Date:
