What was $1 originally supposed to be worth?

[TheGreatBrandini]

A friend told me that $1 was originally supposed to be worth one block of gold. Is this true? If not, what was the basis? If it is true, what happened to that?

 

[TEXINLIMITED]

Not really sure about this, but I know it worth much more than today 50 or 70 years ago...
Too bad we are living in an economic system where you can not avoid depreciation...

Answer mine?
http://answers.yahoo.com/question/index;_ylt=Aq_cLk3svLdiwmpMFEFMcxHty6IX;_ylv=3?qid=20100616084422AAIC4kC
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