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Gold Dollar
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles
J Woelfel
(We recommend this as work of authority and you can order
it here)
The U.S.
dollar was a gold dollar from the GOLD STANDARD ACT OF 1900 to Executive
Order 6102 of April 5, 1933, which terminated domestic circulation and
redemption into gold, and to the GOLD RESERVE ACT OF 1934, which nationalized
the nation's gold, as follows.
-
The dollar
was statutorily defined to contain a specific unit quantity of gold,
23.22 fine troy grains, making $20.67 per fine ounce the official
monetary price for gold.
-
Gold
circulated freely in coin and in the form of gold certificates, and
coinage of bullion into gold was available at the Mint.
-
Gold
certificates and other forms of domestic circulation were redeemable
into gold at the $20.67 per ounce official price.
-
Gold
and gold certificates played the role of "golden brake"
by serving as the minimum reserve requirement specified for Federal
Reserve notes and deposit liabilities.
-
Dollars
were freely convertible into gold internationally, both for official
and for private account, at the official monetary price.
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