What was gold worth 1870?

These emperors reduced the value of the currency so much that they created hyperinflation. To illustrate, in 301 CE, a pound of gold was worth 50,000 denarii, which is another silver-based currency. In 337 CE, it was worth 30 million denarii. The price of an ounce of gold remained completely stable and in line with the gold standard at all times.

To determine the true value of gold in US dollars, simply take the total world money supply of the United States and divide it by the number of ounces of gold available for purchase. Generally, in the Western world, the ratio between gold and silver is measured simply by dividing the spot price of gold by the spot price of silver. The following chart shows the price of gold since 1968, with some notable events in the gold market. The nearly seven hundred-year-old dataset begins with a price of British gold per ounce of 0.89 pounds sterling and ends with several centuries of a fixed price of 4.25 pounds sterling per ounce for gold in British pounds.

Gold to silver ratio: (n) a measure of the mobile ratio of the amount of silver that can be purchased with a fixed amount of gold. Gold coins were used primarily in the West, and the Carson City mint was well positioned to meet the need to supply circulating gold coins where they were most in demand.