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On this day, the first of February, in 1934, the New York Times carried Franklin Roosevelt’s proclamation of a new gold value for the US dollar. Previously it had been worth 25 8/10 ounces of gold 9/10 fine; now it would be worth 15 5/21 ounces of gold 9/10 fine—or, as it is more commonly said, the dollar had been valued at $20.67 to an ounce of pure gold and now it would be $35 to an ounce of pure gold. But the US was not in 1934, nor would it ever again be, on a gold standard.

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