What is the Gold Reserve Act Of 1934?

Order made by President F.D. Roosevelt forbidding the hoarding of gold coin and gold bullion, including gold certificates, within the United States. Order required all who owned these items to deliver them to the US Federal Reserve in at the rate of $20.67 per ounce. Was in response to the Great Depression to bolster the U.S dollar, which was still representative currency at the time. Order was repealed by President Ford in 1974.

What people ask…

Why did Roosevelt take us off the gold standard?
Did Roosevelt confiscated all gold?
When did the Federal Reserve stop using gold?
What President confiscated gold?

See Also…

Executive Order 6102, Commodity, Commodity Money, Representative Money, Fiat Money

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