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Commodity Prices in US Dollars 1831-1881, Gold @US$20.67

IMG Auteur
Charleston Voice
Knology
From the Archives : Originally published July 23rd, 2013
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Category : History of Gold
All prices for all commodities were remarkably stable during this period in which gold was fixed at US$20.67 per ounce by the US Treasury from the time of our country's founding. Gold remained at that price until Congress surrendered its authority to the Federal Reserve in 1913. So, an ounce of gold would have exchanged for 20 silver dollars. This means of commerce would have been accurately termed a "Gold Coin Exchange Standard", and NOT a "gold standard", as the money was in the hands of the people.
Keep this in mind as we come up on the Fed's 100 year anniversary this December.
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