American Rare Coin and Bullion

On November 7, 1973, US Senator James Fullbright introduced a very short bill – it was only ONE page – that didn’t even have a name. But Fullbright’s unnamed bill ended up being one of the most important pieces of legislation in US history. By the time Fullbright introduced his bill, it had been two years since the legendary “Nixon Shock” of 1971.

November 13, 2023

That was when US President Richard Nixon implemented wage and price controls, and changed theUS dollar’s convertibility into gold.Nixon famously promised the American public that there wouldn’t be any negative consequences fromhis actions. Yet inflation hit 3% the following year, in 1972. Then 4.7% in 1973. Then 11.2% in 1974.Simultaneously, gold prices around the world were surging… from $35/ounce before the Nixon Shock, tomore than $170 in 1974.But individual Americans weren’t allowed to benefit from those gains thanks to a forty year oldexecutive order that had been signed in 1933 by then-President Franklin Roosevelt.Naturally, plenty of Americans were outraged, and a number of lawsuits were filed claiming thatRoosevelt’s order was unconstitutional.Roosevelt was rightfully worried that … Read More