On June 5, the US ended the gold standard
From 1879 to 1933 holders of the US dollar could exchange it for gold but the great depression led to hoarding and the policy became untenable. It was ended on June 5, 1933 by FDR.
Gold was trading at $20.67 per ounce at the time.
The policy was first announced two months earlier as Roosevelt ordered all gold coins and gold certificates in denominations of more than $100 turned in for other money. With this policy the government took in $300 million of gold coin and $470 million of gold certificates.
The British had abandoned it two years earlier after attacks on the pound.
The end of the gold standard allowed the Federal Reserve to increase money supply and laid the foundation for the current era of monetary policy.
Less than a year later, Roosevelt devalued the dollar to $34.87 per ounce -- a 40% drop in the dollar.
While individuals and firms could no longer convert dollars to cold, the US government allowed conversions of US dollars to gold by foreign central banks under the Bretton Woods system. This ended in the early 1970s and Americans were permitted to own gold again in 1974. From there, gold began its march to $1921 from $34.87 -- a 5500% decline in the dollar.
