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Executive Order 6102 is an executive order signed on April 5, 1933, by US President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States."
The 1933 double eagle is a United States 20-dollar gold coin. Although 445,500 specimens of this Saint-Gaudens double eagle were minted in 1933 in the midst of the Great Depression, [1] none were ever officially circulated, and all but two were ordered to be melted down. However, 20 more are known to have been rescued from melting by being ...
U.S. President Franklin D. Roosevelt declares a national emergency and issues Executive Order 6102, making it illegal for U.S. citizens to own gold. Emergency Conservation Work founded. April 7 – Sale of some beer is legalized in the U.S. under the Cullen-Harrison Act of March 22, 8 months before the full repeal of Prohibition in December.
The Agricultural Adjustment Act included the Thomas Amendment, a provision that allowed the president to reduce the gold content of the dollar, to coin silver dollars, and issue $3 billion in fiat money not backed by gold or silver. In April 1933, Roosevelt took the United States off the gold standard. [65]
1933 was a common year starting on Sunday of the Gregorian calendar, the 1933rd year of the Common Era (CE) and Anno Domini (AD) designations, the 933rd year of the 2nd millennium, the 33rd year of the 20th century, and the 4th year of the 1930s decade.
The Gold Clause Cases were a series of actions brought before the Supreme Court of the United States, in which the court narrowly upheld the Roosevelt administration's adjustment of the gold standard in response to the Great Depression.
This further depressed the economy until Roosevelt stepped into office in 1933 and ended the gold standard, thereby ending the deflationary policy. [3] A true understanding of the Great Depression requires not only knowledge of the U.S. monetary system but also the implications of the gold standard on its participatory nations.
Treasury holdings of gold in the US tripled from 6,358 in 1930 to 8,998 in 1935 (after the Act) then to 19,543 metric tonnes of fine gold by 1940. [3] The revaluation of gold referenced was an active policy decision made by the Roosevelt administration in order to devalue the dollar. [4]