For practical purposes we moved off of it in 1914. The value of the dollar steadily declined against gold from then on, despite the official exchange rate. The

For practical purposes we moved off of it in 1914. The value of the dollar steadily declined against gold from then on, despite the official exchange rate. The divergence was nearly 2:1 by 1929, and the run on the banks then was caused by this. The runs stopped only when FDR suspended payments in gold.