President Franklin Roosevelt in 1933 signed Executive Order 6102, which forbade ownership of gold. It was illegal to own gold as I understand it. The government bought all private gold with a fixed price. But what if you owned an ancient gold stater, aureus or solidus? Was it also illegal? And if it was illegal did they pay in gold-price or in numismatic price? Thank you for any help you can provide.
I am sure there are some members that can logically answer your question. My thoughts are that anytime I have dealt with the U.S. Government, there have been fingers in the till. Not all of them, but the tempting would be difficult to those that had anything to do with the government. Best of luck.
there was "an additional order exempting gold coins "having a recognized special value to collectors of rare and unusual coin." A subsequent Treasury Department regulation (1954), as shown in this memorandum, broadened that definition to include all gold coins minted before 1933" https://www.usagold.com/publications/confiscationmemo2013.html
There were exceptions. Exception (b) is : "Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person, and gold coins having a recognized special value to collectors of rare and unusual coins."
As Victor said, rare and collectable were exempt. They gave $20 I believe, after the confiscation it immediately went to $35.
From the Wikipedia page on the subject: "The order specifically exempted "customary use in industry, profession or art," a provision that covered artists, jewelers, dentists, sign-makers, etc. The order also permitted any person to own up to $100 in gold coins, a face value equivalent to 5 troy ounces (160 g) of gold valued at approximately $10,000 in 2020. The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins", which protected recognized gold coin collections from legal seizure and likely melting."
Thank you so much. Now I understand better. Each private person was allowed to own buillion gold coins up to around 5 troy. I thought Roosevelt banned even owning one gram gold, which was not the case.
My grandfather told the story that every year his employer would give $1 gold coins "the size of a button" to his employees at Christmas. He accumulated a half dozen or so. In 1933, he turned them in because the president asked him to. He considered it the patriotic thing to do. I don't think the public generally were aware of the exemptions. Easy come, easy go.
Actually the government took it to the $35 price artificially. It was a way to devalue the dollar for foreign trade, which made U.S. goods a more attractive buy during the world-wide Great Depression. It's hard to believe today with gold at over $1,900 an ounce, but the $35 price was high for a number of years. The first adjustment was to $42 and change during the Nixon administration.
You were also allowed to keep $100 face value if you chose. Most people didn't realize it or turned their gold in any way.
Yes, they are chasing after coins. Dentists and jewelers were allowed to get gold from the government and practice their craft.
Well/ FDR was looking to find that "Oak Island Treasure" back in his younger days. He found zilch/ in 1933, he used the full power of govt. to do it the easy way. No one would obey such an "order" in 2023.
