Executive Order 6102

In 1933, President Franklin D. Roosevelt issued Executive Order 6102, requiring Americans to turn in most of their gold to the government. Refusal to comply could result in heavy fines or jail time. The order was part of a set of emergency measures, including the Emergency Banking Relief Act, intended to combat the effects of the Great Depression.

The main goal was to give the government more control over the nation’s money supply. By collecting private gold and paying citizens $20.67 per troy ounce, the government could then raise the official price of gold – which Roosevelt quickly did, setting it at $35 per ounce. This devalued the dollar by almost 60% overnight, making it easier for the government to fight deflation and encourage economic recovery.

This incident wasn’t unique to the U.S.; governments in other countries, such as the UK, Soviet Union, and China, have also forced citizens to give up their gold at various times. Gold remains a target for confiscation because it’s difficult to hide and often kept in banks. Since banks store large amounts of gold for their customers, authorities can seize it with less effort than trying to collect from millions of households. Thus, while gold is valued for preserving wealth, it also comes with significant risks during political and financial crises.