
Grades: 9-12
Grades 9-12
Content Partner
Grades 6-8
Grades K-2, 3-5
Grades K-2, 3-5
Grades 9-12
On this day in 1931 Great Britain abandons the gold standard for its currency. Americans fearing their country would follow suit immediately started to pull their money from banks across the country. They feared that not having gold backing their money's value would leave them broke. The resulting withdrawals caused 827 banks to shut down. It took another two years for the United States to abandon the gold standard.