05.04.

1933: Accumulation of Gold Coins Prohibited in the USA

1933: Accumulation of Gold Coins Prohibited in the USA
Photo Credit To https://upload.wikimedia.org/wikipedia/commons/a/a1/Executive_Order_6102.jpg

On this day in 1933 the American President Franklin D. Roosevelt signed an Executive Order 6102 “forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States”. The order criminalized the possession of monetary gold and gold reserves. Only numismatic collections and gold used for industrial and other professional purposes (goldsmith, etc.) were excluded from the order.

Everybody had to submit gold reserves to Federal Reserve System until 1 May 1933. The price of gold was 20.67 dollars per ounce. People were allowed to keep gold worth up to $100. Punishments for violating the order were payments of $10,000 or a 10-year prison sentence.

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