In September 1931, amid the Depression and a run on sterling, Britain abandoned the gold standard — a stunning reversal for the nation that had anchored it for over a century. The pound floated and fell, and a wave of countries followed Britain off gold. The interwar monetary order fractured into competing blocs. For the United States, still on gold, the pressure now mounted toward the 1933 confiscation and revaluation that lay just ahead.
Key events of 1931
- 1931-09-21
Sterling leaves gold
Britain abandons the gold standard amid a currency crisis; many nations follow.