What is the US Dollar Worth? – Fiat Currency & a History of The Gold Standard
The US Constitution established the right of the Federal Government “to coin Money, regulate the value thereof,” and so in 1792, they did so by establishing the value of a dollar at roughly 1/20th of an ounce of Gold. So $20.67 bought one ounce of gold. Today it takes over $1000 to buy an ounce […]