What historical event defines the United States’ movement toward the Gold Standard? 🔊
The historical event that defines the United States’ movement toward the Gold Standard is the Coinage Act of 1870, which established gold as the basis for U.S. currency. This act marked a shift from the bimetallic standard of gold and silver previously used and affirmed the commitment to a gold-backed dollar. The Gold Standard helped stabilize the economy, facilitated trade, and endorsed confidence in the currency. However, it was not without controversy, leading to debates about monetary policy and economic disparities, culminating in the eventual abandonment of the Gold Standard during the Great Depression in the 1930s.
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