Today's History Lesson
GOLD!! The history of gold is fascinating with the first use of gold as money occurring around 700 B.C. When gold was struck in California in 1848, the expression "There's gold in dem dar hills!" became quite common. Gold and silver were both mined and used as trade for various commodities. They were the money of the day!
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.
Today, even though it is no longer a standard for our monetary system, gold has never lost its appeal as an asset of real value and the many uses of gold are extremely diverse! Of all the minerals mined from the Earth, none is more useful that gold. It is not just a coin, a chain hanging about the neck or a ring pledging love and loyalty.
GOLD!! The history of gold is fascinating with the first use of gold as money occurring around 700 B.C. When gold was struck in California in 1848, the expression "There's gold in dem dar hills!" became quite common. Gold and silver were both mined and used as trade for various commodities. They were the money of the day!
This Day in History: June 5, 1933
Today, even though it is no longer a standard for our monetary system, gold has never lost its appeal as an asset of real value and the many uses of gold are extremely diverse! Of all the minerals mined from the Earth, none is more useful that gold. It is not just a coin, a chain hanging about the neck or a ring pledging love and loyalty.
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