1933 Gold Ban
Full Name
Executive Order 6102 Forbidding the Hoarding of gold
Start Date
4/5/1933
Primary Date
4/5/1933
End Date
12/31/1974
On 4/5/1933 President Franklin Roosevelt signed Executive Order 6102 which forbit the Hoarding of gold coins, bullion and gold certificates within the continental United States
- Effectively outlawed the ownership of old in the United States (except for Jewelry)
- Allowed the US government to confiscate citizens gold
- First time gold was outlawed in the US
- US Citizens were paid $20.67 per ounce of Gold
- The Government later revalued Gold at $35 per ounce
- Profits from this revaluation were used to fund the ESF (Exchange Stabalization fund)
Legal Basis for 6102 Order
- Based on 1917 Trading With The Enemy Act
- Supported by the 1933 Emergency Banking Act
Revocation
- Was Revoked on 12/31/1874 by President Nixon
- Public law 93-373 repealed the limitation on gold ownership in the united states
1933 Gold Ban Criticisms
- By confiscating gold and then raising the price of gold from $20.67 to $35 per ounce, the government stole value from its citizens