Executive Order 6102, signed by President Franklin D. Roosevelt in 1933, prohibited the hoarding of gold coin, gold bullion, and gold certificates within the United States. The order was aimed at increasing the money supply during the Great Depression by eliminating constraints on the Federal Reserve, which was required to have 40% gold backing of Federal Reserve Notes. The order demanded that all gold be delivered to the Federal Reserve, with some exemptions for specific industries and collectors (as well as very small amounts). They were exchanged for $20.67 per troy ounce. Failing to comply with this order brought with it a fine of up to $10,000, 10 years in prison, or both.
Some have worried that the US government may consider taking similar actions again.
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