1879: The U.S. adopts a “classic” gold standard where a standard mass of the shiny metal defines the value of a currency unit. Paper money, then, is not a separate good from gold and is fully convertible. This lasted until WW1. It’s widely considered to be one of the most economically stable periods in American history.

1834: Congress adjusts the silver-to-gold ratio, from 15-1 to 16-1. This makes gold cheaper relative to the world market price ratio. Silver begins to be exported, and by 1850, silver coins all but disappear in the U.S.