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Gold Rush, 1932
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Gold Rush, 1932
Gold Rush - in 1932 Britain left the Gold Standard and the price of scrap gold soared.
1932
Mary Evans Picture Library makes available wonderful images created for people to enjoy over the centuries
Media ID 23078210
© The John Barrett Collection / Mary Evans Picture Library
1932 Daily Finance Financial Headline Herald Money Newspaper Precious Price Rush Scrap Sixpence Solid Sovereign Sovereigns Standard
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EDITORS COMMENTS
Gold Rush in the Thirties: A Historical Snapshot of Britain's Departure from the Gold Standard in 1932 This evocative photograph, taken in 1932, captures the frenzy and excitement of the 'Gold Rush' that ensued when Britain left the Gold Standard. The Gold Standard was a monetary system that fixed the value of a country's currency in terms of gold. In September 1931, Britain, facing mounting financial pressures, announced its departure from the Gold Standard, leading to a surge in the price of gold and a wave of panic buying among the public. The headline in the Daily Herald newspaper, seen in this image, reads "Solid Sixpences Worth More Than Gold Sovereigns," reflecting the sudden shift in the value of currency. The men in the photograph are seen eagerly handling gold coins, with a bar of gold in the foreground, underscoring the financial turmoil and the desperation to secure their wealth. The departure from the Gold Standard marked a significant turning point in British financial history. It allowed the government greater flexibility to manage the economy during the Great Depression and paved the way for the eventual adoption of a fiat currency system. This photograph serves as a poignant reminder of the economic uncertainty and instability that characterized the 1930s, and the human response to the dramatic changes in the financial landscape.
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