Why are "Orangebacks" like the $100,000 Gold Note illegal?

The title was going to be "Why are "Orangebacks" like the $100,000 Gold Certificate illegal to own?" And that is the question. I've seen $100, $500, $10,000 and such orangebacks, so why are they illegal for a private citizen to own? (I wonder how much a $100,000 bill would cost, but I did hear that if one ever appeared on the black market, the bids would start at one million dollars) Is there any chance the government might change these laws and sell these gold notes?

And while I am asking that, when did gold become legal to own in bar/bullion form? My dad used to tell me it was illegal to own gold in any other form than jewelry, as a kid. And were all precious metals illegal to own in bullion form back then?

 

Log in or Sign up to hide this ad.

I'm not sure but i suspect that they are illegal to own because they were never available to the public. $100,000 notes were used to transfer funds from one fed office to another and not intended for public use.

Richard

 

The Series 1934 gold certificates in denominations from $100-$100000 were made for interbank transactions and not for circulation. All were accounted for and are in the possession of the Federal Reserve - or so they say....

 

In 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with an exception of some jewelry and collector's coins. These prohibitions were relaxed starting in 1964 — gold certificates were again allowed for private investors on April 24, 1964, although the obligation to pay the certificate holder on demand in gold specie would not be honored. By 1975 Americans could again freely own and trade gold.

 

+1 Clay