Executive Order 6102 Forbidding the Hoarding of gold
4/5/1933
4/5/1933
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

More About 1933 Gold Ban

  • 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  • Was Revoked on 12/31/1874 by President Nixon
  • Public law 93-373 repealed the limitation on gold ownership in the united states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