Executive Order 6102
On April 5, 1933, President Franklin D. Roosevelt issued Executive Order 6102, requiring all persons to surrender their gold coin, gold bullion, and gold certificates to the Federal Reserve. The penalty for non-compliance was a \$10,000 fine and up to 10 years imprisonment.
Overnight, private gold ownership became illegal in the United States. It would remain so for over 40 years, until President Gerald Ford signed legislation in 1974 restoring the right of Americans to own gold.
Why Pre-1933 Coins Survived
Despite the recall order, millions of gold coins survived — many held overseas by foreign banks, some hidden by American families, and others preserved by collectors under a narrow exemption for coins of "recognized special value to collectors."
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