Human Interest

"This Day in History: June 5, 1933

In 1873, the United States adopted gold as a formal gold specie standard. A true gold standard came to fruition in 1900 with the passage of the Gold Standard Act. This remained in place until June 5, 1933 when the United States went off the gold standard, a monetary system in which currency is backed by gold. President Franklin D. Roosevelt had taken note of Britain's economy when the gold standard was dropped in that country in 1931."