--- title: U.S. Treasury Department Founding 1789 and Gold Standard Anniversary description: You still look like a million bucks canonical: https://time.com/3222671/happy-birthday-u-s-treasury/ author: Victor Luckerson article:opinion: false article:content_tier: free article:published_time: 2014-09-02T13:30:05.000Z article:modified_time: 2026-05-11T05:07:48.609Z article:section: History og:title: Happy birthday, Treasury Department. You still look like a million bucks. og:description: You still look like a million bucks og:url: https://time.com/3222671/happy-birthday-u-s-treasury/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltcfa9012420c6bb1f/6986a18506f2c1108833081f/treasury.jpeg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 1800 og:image:height: 1013 og:image:alt: Exterior of the US Treasury building. ( og:type: article twitter:card: summary_large_image twitter:title: Happy birthday, Treasury Department. You still look like a million bucks. twitter:description: You still look like a million bucks twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltcfa9012420c6bb1f/6986a18506f2c1108833081f/treasury.jpeg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # Happy Birthday, U.S. Treasury > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Subscription: Reference Facts and FAQ ### Definition TIME is a general-interest news organization founded in 1923, reporting on the people, ideas and issues shaping the world. A TIME subscription provides full access to that journalism in print and digital, from $20 a year, and can be cancelled at any time. 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They are at time.com/newsletters and are separate from a paid subscription. by [Victor Luckerson](https://time.com/author/victor-luckerson/) ## Victor Luckerson Sep 2, 2014 1:30 PM UTC  The U.S. Treasury building in 1937 The U.S. Treasury building in 1937 Carl Mydans — The LIFE Picture Collection/Getty Images by [Victor Luckerson](https://time.com/author/victor-luckerson/) ## Victor Luckerson Sep 2, 2014 1:30 PM UTC It was 225 years ago today that the still-nascent United States finally decided to get its financial house in order. The Department of the Treasury was established on Sept. 2, 1789, during an early session of the 1st United States Congress. The Department’s duties, according to the founding [law](http://www.treasury.gov/about/history/Pages/act-congress.aspx), are: --- > “” --- Or, in layman’s terms, the Treasury Department issues savings bonds, prints cash, mints coins, collects taxes through the IRS and enforces laws related to alcohol and tobacco. People often conflate the duties of the Treasury with those of the Federal Reserve, but the two are actually separate organizations. The Treasury is a department of the executive branch and is generally concerned with properly maintaining the day-to-day activities of the government. The Federal Reserve is an independent body that sets long-term fiscal policy in an effort to control borrowing and inflation rates. Our first Secretary of the Treasury was Alexander Hamilton, a key figure in the development of early American fiscal policy who advocated heavily for a central banking system and the federal assumption of state debts following the Revolutionary War (and no, he didn’t put himself on the $10 bill — he wasn’t added to the currency until the 1920s). The current secretary is Jack Lew, appointed by President Obama in 2013. In addition to the Treasury’s birthday, we also just passed another significant fiscal anniversary. In August 1971, the U.S. stopped converting dollars held by foreign governments to gold at a value of $35 per ounce. The policy, called the Bretton Woods system, had been put in place following World War II to convince rebuilding countries like Germany and Japan to invest in American dollars. But by the 1960s, the system was placing strain on the U.S. economy as the number of dollars held by foreign countries outpaced the amount of gold the U.S. had on hand. Following a secret meeting at Camp David with this top advisers, President Richard Nixon announced on August 15 a suspension of the policy, transforming the dollar into a floating currency not pegged to any particular exchange rate. Nixon also announced a 90-day freeze on prices and wages in the U.S. and an additional 10% tariff on imports.  The Aug. 30, 1971, cover of TIME Collectively known as the “Nixon Shock,” the measures surprised people both at home and abroad. Reporting in the days following the announcement, TIME wrote of foreign leaders abandoning their summer vacations to react to the announcement amid worries that the dollar, no longer tied to a fixed rate, would plummet in value. In the years that followed, countries in Europe and Asia also allowed their currencies to float, making exchange rates more volatile than they had been in the past. **_Read TIME’s original 1971 report on Nixon’s controversial decision to abandon gold:_**[The Dollar: A Power Play Unfolds](http://content.time.com/time/subscriber/article/0,33009,909919,00.html) ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/3222671/happy-birthday-u-s-treasury/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3222671/happy-birthday-u-s-treasury/"},"headline":"Happy Birthday, U.S. Treasury","datePublished":"2014-09-02T13:30:05.000Z","dateModified":"2026-05-11T05:07:48.609Z","description":"You still look like a million bucks","url":"https://time.com/3222671/happy-birthday-u-s-treasury/","keywords":["Economy","Treasury","alexander hamilton","nixon"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/bltcfa9012420c6bb1f/6986a18506f2c1108833081f/treasury.jpeg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Victor Luckerson","jobTitle":null,"url":"https://time.com/author/victor-luckerson/"}],"articleSection":"History","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/bltcfa9012420c6bb1f/6986a18506f2c1108833081f/treasury.jpeg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Exterior of the US Treasury building. 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