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News Link • American History

On this Date in 1933 President Franklin D. Roosevelt Outlawed Private Ownership of Gold

• Daily

April 1933 with a stroke of the pen, FDR issued Executive Order 6102, requiring U.S. citizens to turn in their gold coins (like the $5 and $10 gold coins pictured below), gold bullion and gold certificates to the government. At the time gold coins were circulating in the United States and gold was considered money. The dollar's value was tied to gold rate of $20.67 an ounce. Under Roosevelt's order the government honored the $20.67 an ounce price in exchange for its citizens gold.

After issuing executive order 6102, Roosevelt began stockpiling gold from mining companies and from foreigners.

1 Comments in Response to

Comment by Anon Commenter
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He did it on May 1st.  No surprise there.

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