Three regimes shaped the dollar over the last 110 years. Under the gold standard (pre-1933), every dollar bill was a paper claim on a fixed weight of gold. Under Bretton Woods (1944–71), only foreign central banks could redeem dollars for gold, at a fixed $35/oz. Under fiat (1971–today), dollars are redeemable for nothing but more dollars. Below, the same goods priced under each.
Era 1 · Gold standard
1913
The Federal Reserve has just been created (Dec 1913). Every paper dollar is redeemable for gold at a US Treasury or member bank. Silver dimes and quarters circulate as everyday change. Inflation in this era averages near zero across decades.
Era 2 · Bretton Woods
1970
The international system pegs gold at $35/oz. US citizens haven't been able to redeem dollars for gold since 1933, but foreign central banks still can. Postwar prosperity is real but inflation is creeping up. The next year, Nixon will close the gold window.
Era 3 · Fiat
2026
Gold floats freely. The dollar is redeemable for nothing — its value is faith plus enforcement. Half a century into this regime, the gold price has risen ~220× while the median home price has risen ~120× and median income ~100×. The dollar's gold denominator has collapsed.
Same basket, three denominators
| Item | 1913 — Gold standard | 1970 — Bretton Woods | 2026 — Fiat | |||
|---|---|---|---|---|---|---|
| USD | Gold (oz) | USD | Gold (oz) | USD | Gold (oz) | |
| Daily groceries | ||||||
| Gallon of milk | $0.36 | 0.0174 | $1.15 | 0.0329 | $4.07 | 0.00089 |
| Dozen eggs | $0.37 | 0.0179 | $0.62 | 0.0177 | $2.35 | 0.00052 |
| Loaf of bread | $0.06 | 0.0029 | $0.25 | 0.0071 | $1.81 | 0.00040 |
| Pound of bacon | $0.25 | 0.0121 | $0.79 | 0.0226 | $6.80 | 0.00149 |
| Pound of coffee | $0.30 | 0.0145 | $0.91 | 0.0260 | $9.61 | 0.00211 |
| Housing & utilities | ||||||
| Median home | $3,395 | 164 | $23,000 | 657 | $408,800 | 90 |
| Monthly rent (avg) | $15 | 0.726 | $108 | 3.09 | $1,850 | 0.41 |
| Phone service (mo) | $1.50 | 0.0726 | $8.50 | 0.243 | $85 | 0.0186 |
| Transport | ||||||
| New car (avg) | $825 | 39.9 | $3,500 | 100 | $49,400 | 10.8 |
| Gallon of gas | $0.20 | 0.0097 | $0.36 | 0.0103 | $4.23 | 0.00093 |
| Healthcare & education | ||||||
| Doctor visit | $1.50 | 0.0726 | $10 | 0.286 | $170 | 0.0373 |
| Hospital day (avg) | $5 | 0.242 | $45 | 1.286 | $3,200 | 0.702 |
| Public college (yr) | $100 | 4.84 | $350 | 10.0 | $11,950 | 2.62 |
| Private college (yr) | $300 | 14.5 | $1,800 | 51.4 | $42,000 | 9.2 |
| Income | ||||||
| Avg household income (yr) | $800 | 38.7 | $9,870 | 282 | $80,600 | 17.7 |
What this shows: across 113 years, the dollar's gold denominator has shrunk by a factor of ~221 — from 0.0484 oz/$1 in 1913 to 0.000219 oz/$1 today. But many big-ticket items have stayed roughly the same when measured in gold. A median home: 164 oz in 1913 → 90 oz today. A new car: 40 oz in 1913 → 11 oz today. Gold has held its purchasing power; the dollar has not.
The exception is services and labor. A year of public college: 4.8 oz in 1913 → 2.6 oz today (cheaper in gold). A doctor visit: 0.07 oz in 1913 → 0.04 oz today. Hospitalization is the outlier: 0.24 oz/day in 1913 → 0.70 oz/day today, a real-money cost increase that has nothing to do with the dollar.
Live spot: the 2026 column updates from the Sound Money Calculator on page load. The 1913 and 1970 values are historical and fixed.
Sources: BLS CPI tables · US Census · NCES · CMS · LBMA spot · NBER Macrohistory database. Same data underlying the calculator — single source of truth.