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The U.S. dollar is significantly devalued on January 30 and 31,1934 when the Gold Reserve Act of 1934, is signed by President Franklin D. Roosevelt and officially sets the price of gold at $35 per ounce, reducing the dollar's gold content by about 41% from its previous value.
The Act effectively devalued the currency making U.S. goods cheaper for other countries and stimulating the U.S. economy helping to combat the Great Depression. This followed earlier steps like Executive Order 6102, from April 5, 1933 forcing Americans to surrender most of their privately held gold (coins, bullion and certificates) to the Federal Reserve, allowing them to keep only about 5 ounces, in exchange for $20.67 per ounce; moving the U.S. off the gold standard. Executive Order 6102 was repealed by President Gerald Ford in 1974, restoring the right of U.S. citizens to own gold.
