As an example of the dramatic loss of value of the dollar, you can check this online calculator how many dollars you will need today to buy the same item that 100 years ago costed.. 1 dollar. Today you would neecd 23.45 dollars to buy the same!
In the early 1950s, you could buy a meal at the restaurant for a QUARTER, same amount you had to pay for a movie ticket; the gallon of gasoline was a DIME; you could buy a brand new car for 1200 dollars or the monthly installment of a mortgage for a 4 bedrooms house was not more than 50 dollars.
But one day, Mr. Richard Nixon decided to abandon gold standard. And this is the result.