Always Buying Coins, Currency, and Cool Stuff.

Executive Order 6102 | April 5, 1933

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Seventy eight years ago today Executive Order 6102 made precious metal history.  This now famous sign was displayed by all Postmasters “in a conspicuous place,” and private gold ownership was never thought of the same again.  “FORBIDDING THE HOARDING OF GOLD COIN, GOLD BULLION, AND GOLD CERTIFICATES.”  It required U.S. citizens to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce.  Being signed by President Roosevelt with very specific instructions on where to take your gold, and what would happen to you if you did not.

Congress and the President did this as “An Act to provide relief in the existing national emergency in banking and for other purposes.”  The United States and the World itself was a very different place at this time, the Great Depression was not only a problem here, but there was a severe worldwide economic depression.  Gold coin collections were protected from legal seizure and likely melting, thanks to Section 2 part b:

“Gold coin and Gold certificates in an amount not exceeding in aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.”

Written by Robert L. Wilson

April 5, 2011 at 4:05 am

One Response

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  1. Given the state of today’s economy, it makes you wonder whether history will repeat itself.

    Albert Ji Howell

    April 5, 2011 at 7:43 am

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