MONEY: Grandstand Play

In April 1933, the U. S. dropped the gold standard like a hot cake. All exports of gold to keep the dollar at 100¢ ceased. Last January the dollar was given a new par of 59¢ and went back on what Washington liked to think of as a new gold standard. Gold poured into the U. S. from abroad to keep the dollar from climbing above par — $880,000,000 of it at the new value. But from January until last week not one ounce of gold left the U. S. to bolster up...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!