Executive Order 6102 was signed on April 5, 1933 by U.S. President Franklin D. Roosevelt to prohibit the "hoarding" of privately held gold coins and bullion in the United States, in an attempt to address the causes and effects of the Great Depression. This Order was given under the auspices of the Trading with the Enemy Act of 1917. The government required holders of significant quantities of gold to sell their gold at the prevailing price of $20.67 per ounce. Shortly after this forced sale, the price of gold from the treasury for international transactions was raised to $35 an ounce. The U.S. government thereby made nearly 15 dollars profit per ounce, and devalued the dollar by 69.3%. April 5 is the 95th day of the year in the Gregorian calendar (96th in leap years). ... 1933 (MCMXXXIII) was a common year starting on Sunday (link will take you to calendar). ... For the pop band, see Presidents of the United States of America. ... Franklin Delano Roosevelt (January 30, 1882泡pril 12, 1945), 32nd President of the United States, the longest-serving holder of the office and the only man to be elected President more than twice, was one of the central figures of 20th century history. ... Gold coins are one of the oldest forms of money. ... A precious metal is a rare metallic element of high, durable economic value. ... The Great Depression was a worldwide economic downturn, starting in 1929 and lasting through most of the 1930s. ... Im sorry, I dont really know how to use Wikipedia. ... Troy weight is a system of units of mass customarily used for precious metals and gemstones. ...
The order specifically exempted "customary use in industry, profession or art" - a provision which covered artists, jewelers, dentists, and electricians, among others. The order further permitted any person to own up to $100 in gold coin (equivalent to about $2,000 as of 2006). 2006 is a common year starting on Sunday of the Gregorian calendar. ...
Section 9 of the Order noted the punishment for failure to comply could include a fine of up to $10,000 or up to ten years in prison. Nevertheless, anecdotal accounts later related that many persons who possessed large amounts of gold simply ignored the order and hid their gold until the Order ceased to be in effect.
The government held the $35 per ounce price until August 15, 1971 when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, abandoning the gold standard. August 15 is the 227th day of the year in the Gregorian Calendar (228th in leap years), with 138 days remaining. ... 1971 (MCMLXXI) was a common year starting on Friday (the link is to a full 1971 calendar). ... Richard Milhous Nixon (January 9, 1913 窶 April 22, 1994) was the 37th President of the United States, serving from 1969 to 1974. ... This article is on the monetary principle. ...
The limitation on private gold ownership in the U.S. was repealed by an act of Congress codified in Public Law 93-373 [1][2] which went into effect December 31, 1974. P.L. 93-373 does not repeal the Gold Clause Resolution of 1933 which makes unlawful any contracts which specify payment in a fixed amount of money or a fixed amount of gold. That is, contracts are unenforceable which use gold monetarily rather than as a commodity of trade.
