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Events on Wednesday 1 January 1879 1
1879United States Resumes Specie PaymentsTreasury begins redeeming greenbacks in goldThe U.S. Treasury began redeeming paper greenbacks for gold coin at face value, fulfilling the 1875 Specie Resumption Act. The move restored the gold standard after the Civil War-era suspension and stabilized the dollar's value. It marked a major milestone in postwar American monetary policy.