Shadow File #006
- Status
- DOCUMENTED
- Category
- MONEY
- Date
- 1933 â 1974
The Decades When Gold Was Illegal
Financial history is full of rules that feel unimaginable until you read the statute that created them.
The Story
In April 1933, Executive Order 6102 required people in the United States to deliver most gold coin, bullion and gold certificates to the Federal Reserve in exchange for paper currency, with limited exemptions for collectors, jewellers and industry.
The Gold Reserve Act of 1934 followed, and the official price of gold was raised from $20.67 to $35 an ounce â devaluing the dollar against gold after the public had already exchanged theirs.
Private ownership remained restricted until legislation signed in 1974 permitted Americans to own gold again from the end of that year.
The episode is a plain, documented case of monetary policy reaching directly into what individuals were allowed to hold â which is why it keeps surfacing in arguments about money that nobody administers.
What We Know
Verified, documented facts.
- Executive Order 6102 was signed on 5 April 1933, requiring delivery of specified gold holdings to Federal Reserve banks.
- The Gold Reserve Act of 1934 transferred gold title to the Treasury and the official gold price was set at $35 per ounce.
- Exemptions existed for limited personal amounts, collectible coins, and industrial or artistic use.
- Public Law 93-373, signed in August 1974, allowed private gold ownership again effective 31 December 1974.
What Remains Unknown
Open questions â not answered by the record.
- How much privately held gold was never surrendered; compliance figures are estimates.
- How much of the intended economic effect the measures actually achieved â economists still disagree.