How the dollar slipped its anchor.

Scroll through six decisions that took the dollar from a claim on gold to a claim on nothing tangible. On desktop, scroll to move along the timeline.

1913

The Fed is born

The Federal Reserve Act is signed Dec 23. The dollar is still redeemable in gold.

1933

EO 6102 — the gold call-in

April 5: Americans must surrender gold coin, bullion, and certificates at $20.67/oz. Penalty up to $10,000 and 10 years. Exemptions: jewelry, collector coins, industry, and up to $100 per person.

The 1933 public notice for Executive Order 6102 requiring the surrender of gold coin, bullion, and gold certificates.

1934

Revalued to $35

The Gold Reserve Act repegs gold at $35/oz — a ~41% devaluation of the dollar. The government pockets the spread on the gold it just collected.

The U.S. Treasury Building in Washington, D.C.

1944

Bretton Woods

The dollar is pegged to gold at $35; other currencies peg to the dollar. The dollar becomes the world reserve.

The west front of the United States Capitol, seat of Congress — which chartered the Fed and could audit it.

1971

The Nixon Shock

Aug 15: Nixon closes the gold window. Dollar-to-gold convertibility ends. The pure fiat era begins — the hinge of the whole story.

President Richard Nixon, who closed the gold window on August 15, 1971, ending dollar-to-gold convertibility.

1974

Gold, re-legalized

Dec 31: President Ford restores Americans’ right to own gold — 41 years after it was taken.

The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. — the marble headquarters of the Federal Reserve System.

Each stop is a real document, a real date, a real signature.

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