Executive Order 6102

193361021933 executive ordergold recalloutlawed the private ownership of goldowning gold as a private citizenpresidential orderprivate ownership of gold was bannedrecalled gold coinsremoved from circulation in the U.S. in 1933
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States".wikipedia
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Executive order

executive ordersExecutive order (United States)Presidential Executive Order
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States".
Executive Order 6102 forbade the hoarding of gold coin, bullion and gold certificates.

Trading with the Enemy Act of 1917

Trading with the Enemy ActTrading with the Enemy Act 1917U.S. Trading with the Enemy Act
The order was made under the authority of the Trading with the Enemy Act of 1917, as amended by the Emergency Banking Act the previous month. The New York Times, on April 6, 1933, p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he issued Presidential Proclamation 2039 that forbade the hoarding 'of gold or silver coin or bullion or currency', under penalty of $10,000 and/or up to five to ten years imprisonment."
The proclamation cited TWEA (obliquely referenced as the "Act of October 6, 1917) as the basis of his authority. Aware that such action was legally dubious since the United States was not at war, Roosevelt asked Congress to ratify his actions by passing the Emergency Banking Relief Act, which amended TWEA to enable its use during any "period of national emergency declared by the President." President Franklin D. Roosevelt, using these new authorities, issued Executive Order 6102 to limit gold ownership. These restrictions continued until January 1, 1975. The TWEA has been amended several other times.

Franklin D. Roosevelt

Franklin Delano RooseveltFranklin RooseveltRoosevelt
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States".
Executive Order 6102 declared that all privately held gold of American citizens was to be sold to the U.S. Treasury and the price raised from $20 to $35 per ounce.

Great Depression

DepressionThe Great DepressionDepression era
By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit (in the form of Federal Reserve demand notes) that could be backed by the gold in its possession (see Great Depression).
On April 5, 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates, coins and bullion illegal, reducing the pressure on Federal Reserve gold.

Gold coin

gold coinsgoldgold piece
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States". Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce.
In the United States, 1933's Executive Order 6102 forbade the hoarding of gold and was followed by a devaluation of the dollar relative to gold, although the United States did not completely uncouple the dollar from the value of gold until 1971.

Gold certificate

gold certificatesgoldgold bonds
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States". Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce.
After the gold recall in 1933, gold certificates were withdrawn from circulation.

1933 double eagle

19331933 $20 gold coin1933 $20 gold Double Eagle
Executive Order 6102 also led to the extreme rarity of the 1933 Double Eagle gold coin.
In 1933, in an attempt to end the 1930s general bank crisis, U.S. president Franklin D. Roosevelt issued Executive Order 6102, which provisions included:

Emergency Banking Act

bank holidayMarch Bank Holidaybanking holiday
The order was made under the authority of the Trading with the Enemy Act of 1917, as amended by the Emergency Banking Act the previous month.
One month later, on April 5, 1933, President Roosevelt signed Executive Order 6102 criminalizing the possession of monetary gold by any individual, partnership, association or corporation and Congress passed a similar resolution in June 1933.

Gold Reserve Act

Gold Reserve Act of 1934devaluation of the U.S. dollargold price revaluation (dollar devaluation) in 1934
The price of gold from the Treasury for international transactions was then raised by the Gold Reserve Act to $35 an ounce.
A year earlier, 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 exceptions for some jewelry and collector's coins.

New Deal

The New DealHundred Days Congressfirst hundred days
The four justices were nicknamed the "Four Horsemen" by the press, as their conservative views were in opposition to President Roosevelt's New Deal agenda.
In March and April in a series of laws and executive orders, the government suspended the gold standard.

Gold Clause Cases

Perry v. United States294 U.S. 240until the 1930s
The President soon afterward issued Executive Order 6102, requiring the surrender of all gold coins, gold bullion, and gold certificates to the government by May 1, 1933 in exchange for their value in U.S. dollars at the rate of $20.67 per troy ounce.

James Clark McReynolds

James C. McReynoldsJames McReynoldsJustice McReynolds
The Supreme Court upheld all seizures as constitutional, with Justices James Clark McReynolds, Willis Van Devanter, George Sutherland, and Pierce Butler dissenting.
McReynolds also wrote the dissent in the Gold Clause Cases, which required the surrender of all gold coins, gold bullion, and gold certificates to the government by May 1, 1933 under Executive Order 6102, issued by President Franklin Roosevelt.

John M. Woolsey

John Monroe WoolseyJohn WoolseyWilliam W. Woolsey
There was a need to strengthen Executive Order 6102, as the one prosecution under the order was ruled invalid by federal judge John M. Woolsey, on the grounds that the order was signed by the President, not the Secretary of the Treasury as required.
Woolsey also invalidated Executive Order 6102, an Executive Order signed by President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates".

Executive Order 6814

6814
Executive Order 6814 closely mirrors Executive Order 6102, which FDR signed on April 5, 1933, "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States" with some differences.

Gold standard

goldgold exchange standardbacked by gold
This price remained in effect until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock).

President of the United States

PresidentU.S. PresidentUnited States President
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States".

Hoarding (economics)

hoardinghoardstoring grain
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States".

Gold bar

gold bullionbarsgold bars
Executive Order 6102 is a United States presidential executive order signed on April 5, 1933, by President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States".

Gerald Ford

Gerald R. FordFordGerald R. Ford, Jr.
The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in which went into effect December 31, 1974.

The New York Times

New York TimesNY TimesNYT
The New York Times, on April 6, 1933, p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he issued Presidential Proclamation 2039 that forbade the hoarding 'of gold or silver coin or bullion or currency', under penalty of $10,000 and/or up to five to ten years imprisonment."

Presidential proclamation (United States)

presidential proclamationproclamationpresidential proclamations
The New York Times, on April 6, 1933, p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he issued Presidential Proclamation 2039 that forbade the hoarding 'of gold or silver coin or bullion or currency', under penalty of $10,000 and/or up to five to ten years imprisonment."

Federal Reserve Act

Federal Reserve Act of 1913The Federal Reserve Act1913 establishment of the Federal Reserve
The main rationale behind the order was actually to remove the constraint on the Federal Reserve which prevented it from increasing the money supply during the depression; the Federal Reserve Act (1913) required 40% gold backing of Federal Reserve Notes issued.

Bullion

silver bullionactual gold weightgold and silver
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce.

Federal Reserve

Federal Reserve SystemUS Federal ReserveU.S. Federal Reserve
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce.

Troy weight

troy ouncetroy ouncestroy pound
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce.