by Mickey Fulp, The Mercenary Geologist
A Monday Morning Musing from Mickey the Mercenary Geologist
In today’s musing, I review the history of gold, silver, and fiat currency as money in the United States of America. I document how various wars, panics and depressions, Congressional acts, and executive orders have affected the US dollar prices of precious metals and resulting gold-silver ratios.
This musing covers the period from 1792 when the United States government first established a national currency backed by gold and silver until August 1971 when Nixon floated the US dollar against gold and world currencies.
In a subsequent musing, I will document the record of gold-silver ratios in the floating fiat currency market from late 1971 to the present.