19/09/1931 Britain drops the gold standard, the pound lost 28%
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Britain Abandons The Gold Standard 'amp;#174; Sir J Stamp Explains
Amid the Great Depression, the pound was worth a fixed amount compared to other currencies. The Bank of England was obligated to exchange gold for pounds at the specific rate. However, speculative attacks on the pound forced Britain to drop the standard. This caused investors to lose confidence in the pound, decreasing its value.