That reference to “Depression-era gold coins” is telling. Most of those gold coins were likely the coins confiscated from private owners by the US government following Roosevelt’s Executive Order 6102 which outlawed the private ownership of gold. Few Americans owned gold bars, of course, and the gold that was in non-institutional private hands was mostly gold coin. Roosevelt’s edict required that private citizens hand this gold over to the US government in exchange for what was effectively below-market prices. And what if you would rather not give up your property to the US government? Too bad.
Fascinating article!
That reference to “Depression-era gold coins” is telling. Most of those gold coins were likely the coins confiscated from private owners by the US government following Roosevelt’s Executive Order 6102 which outlawed the private ownership of gold. Few Americans owned gold bars, of course, and the gold that was in non-institutional private hands was mostly gold coin. Roosevelt’s edict required that private citizens hand this gold over to the US government in exchange for what was effectively below-market prices. And what if you would rather not give up your property to the US government? Too bad.
Sorry-this article doesn't past the smell test.