August 15th 1971, President Richard Milhous Nixon announces that the Federal Reserve would no longer convert the U.S. dollar into physical gold, thus making the gold standard meaningless. The U.S. had been on this path for decades already, since at least 1913 when the Federal Reserve Bank was established, issuing its Federal Reserve notes which were only 40% backed by gold reserves at the time. Of course the infamous governmental gold grab of 1933 made it illegal for U.S. citizens to own gold coins or bullion, so in 1971 it had been decades since Americans had been able to convert paper money into gold anyway. Since then there have been numerous attempts at getting back on some form of a gold standard again, with some states even allowing certain precious metals to be used in payment as currency. So, 46 years later, are we better off? Is a gold backed currency even plausible today? What are your thoughts? Don’t forget, you can always put yourself on the gold standard again, because at Fox Valley Coins, we still buy and sell gold for those green pieces of paper in your wallet. What better way to commemorate this day in history than converting some Federal Reserve Notes into precious metal?!