This chapter explores the first fifteen months under the Tripartite Agreement, from September 1936 to the end of 1937. It focuses on two events that consumed the attention of authorities: the Gold Scare in the spring and the Dollar Scare that autumn. Both events involved questions about the price of gold and wreaked havoc on markets. But the club members--foremost Britain and America---worked together to calm markets and to reaffirm gold's centrality as the international reserve asset par excellence around which the system revolved. In so doing, they demonstrated the Tripartite Agreement's role as the cornerstone of their international monetary policies.