I believe that governments, including our own, purposely hike up prices of coins by minting as few as possible or by recalling them by excutive order and melting them out of existence like FDR did.
I think that the current policy of the U.S. Mint is create items with limited mintages to create at least a temporary frenzy. If it makes money for flippers, more the better because it will create more frenzies in the future. Now and then, real collectors get shut out, which I don’t like. It’s not because I want all the stuff the mint sells, usually I don’t. it’s merely because I think that the mint should serve collectors first. The FDR situation was different. Coins that were of especial historical interest were exempt, but most people didn’t realize that. That’s why Louis Eliasberg became a collector. FDR recalled the gold because he wanted put it under government control and devalue the U.S. dollar. That made U.S. dollars cheaper, which encouraged exports which stimulated the economy. As soon as FDR had control of the gold, he arbitrarily raised the price from $20.50 (or so) to $35 an ounce. Those who held gold got a windfall. In those days, paper money was backed by gold, and FDR took the first steps to end that. So, creating numismatic rarities was not FDR’s intent, but it was a byproduct of it.
I believe our government couldn't care less about the "price" of coins, except to the extent that they can or can't earn money on seigniorage. The part of the US Mint that deals with issuing special coins certainly does, but I've seen no evidence that they recall any targeted-at-collectors coins. FDR's move, as I understand it, was quite specific to gold as opposed to "coins". When silver was sucked out of circulation, it was citizens that did it, not the government. The government kept its coin presses running full-speed to try to fill the resulting deficit.
When FDR raised the price of gold it was how the Works Progress Program (WPA) was funded and gave 8.5 million people a job. Remember at that time our population was much smaller and men were by far exceeding women in the work force. Even with these numbers it took WWII to bring us out of the Great Depression. The consification of the gold stopped the run on banks. Between 1930 and 1933 9,000 banks had closed with many never reopening. People were afraid of paper money. If your bank closed your savings were also gone, no FDIC back then.
I'm certainly no expert on this, but the only coin I am aware of the government actually pulled out of circulation to melt, other than gold coins, is the 1943 steel cent. The government also apologized to the citizens for making it in the first place.
I think they pulled the war nickels out too. The reason that the large mint mark, including the large "P," was placed above Monticello was to make it easier to spot the coins after the war.
You're correct they certainly did and it was the intent when the coin was designed I have read. I also read the removal did not last long, too much work and effort for such a small amount of silver.
Mom's parents were relatively well-off for a young married couple with small children. They had some thousands of dollars in the bank, each worth close to $20 in today's money. They lost it ALL when the banks closed. Until the day they died, they always kept cash hidden around the house, even in the face of high inflation. Better to lose 5-10% per year than to lose it all at once.
"It's a Wonderful Life," with James Stewart. Or "It's a Miserable Life," with Bevis and Butthead. I think that I read something about King Farouk being gifted one of the 1933 twenty dollar gold pieces by FDR.
My father was the valedictorian of his high school class. He won $75 in gold. He put it in the local bank and lost it all.
King Farouk was a big coin collector. He got a special license to own the only 1933 double eagle that can be privately held. It’s same one that is still the only example that can be privately owned.
Wasn’t King Farouk’s 1933 gold double eagle sold recently? At an auction I think but I can’t remember as so much has happened in my life recently.
Isn’t it incredible the efforts that generation went to make sure they didn’t fall into ruin again? My wife’s grandmother was on her deathbed when she whispered in my wife’s ear to find the loose brick on her fireplace as there was cash tucked in behind it. My wife did just that and found a dozen loose bricks and several hundred dollars in bills that were that were rolled up tight as toothpicks stuck in those bricks.
