Rare to find schools or universities today which teach students much about past monetary affairs and specifically gold price history.
Knowing our past basis for economic action is critical to understand our world history. So test yourself and your knowledge below. Let us know how you did in the comments section too.
Earlier this year I got a good chuckle as some supposed know-it-all trivia contestants on Jeopardy failed quite badly when quizzed on their monetary history, specifically related to the Gold Standard.
We will get to today’s POP QUIZ in a minute but allow me a few minutes preamble…
Of course most everyone reading this either is and or was a student at one time in their life.
Thus most of you know, if you ever even got any monetary history in school, it was likely underwhelming.
Monetary history is often delivered in a passionless ‘boring as all hell’ dry manner with a Keynesian economic skewed version, of what went down.
What is often missing is colorful historical context surrounding monetary decisions which were made. And most importantly the unspoken reasons as to why.
Certainly we barely ever hear of the detailed effects of such actions on the median common human to follow.
Just some of my motivation for spending some days this summer creating free gold price history and daily gold by year data pages.
Partly in the hopes that those who want to learn about gold price history can do so with a simple internet search.
Much gold price data and charts are hidden in hard to find or pay wall websites.
So I made some SD Bullion gold price pages covering gold values spanning from ancient Egypt all the way down to exact gold price by day just before and throughout this fully global fiat currency era (1968 – 2017 ).
I even made a freaking gold price history and gold price data hype video to announce and celebrate this effort 😉
Now who’s ready for your Gold POP QUIZ?
Sit down, Waldo!
Context: if you didn’t grow up in the 1980s
Even early 1970s, pre-Van Hagar knew what was up.
Take your quiz below.
Then check your answers, with the link to follow.
Gold Standard for $200 federal reserve notes:
Under the Gold Standard, the value of this circulating money, from Latin for “To Run”, is linked directly to gold.
Gold Standard for $400 USD:
In 1821 Britain became the first adopter of the gold standard, dropping this metal from its bimetallic system.
Gold Standard for $600:
Advocates say the standard acts as a check on this, caused by excessive issue of paper money.
Gold Standard for $800 Fed notes:
To combat the depression, FDR moved the US off the standard shortly after taking office in this year.
Gold Standard for $1,000 or,
what used to be worth +48 oz gold,
yet now worth < 1 ounce of gold:
Off the gold standard for decades, the US issues this kind of money backed by decree, latin for “let it be done”.
Hint, many would argue the correct answer does not qualify as money. For the correct answer by design, does not hold it’s value over the longterm nor through intergenerational spans of time.
OK, now turn over your POP QUIZZES.
Now pretend to hand them over to your schoolmates, and then just fix your incorrect answers yourself.
Here you can check your quiz answers with a little added context and audio too.
Let us know how you did on this Pop Quiz in the comments below.
If you did worse than Eric,
just obfuscate that fact.
Cheat and lie like most monetary authorities historically do.
About the Author
James Anderson has a BA in finance from Loyola University New Orleans. He never like watching Jeopardy with his know-it-all dad. James has both worked and invested in the physical investment grade bullion markets prior to the 2008 global financial crisis.