Q: What criteria were used by the government in 1933 to determine whether an individual was allowed to keep their gold? Who determined which coins were gold coins having recognized special value to collectors of rare and unusual coins?
-- Larry Whitman, Hinesville
A: In order to stop what was called the hoarding of gold by individuals, President Franklin D. Roosevelt issued Executive Order 6102 on April 5, 1933. It ordered Americans to deliver "all gold coin, gold bullion and gold certificates" to a Federal Reserve Bank or branch by May 1, 1933, for $20.67 per ounce. The exemptions included: gold that was required for "legitimate and customary use in industry," such as dentistry, mining and refining; gold coin and gold certificates "in an amount not exceeding" $100 belonging to a person, and gold coins of "a recognized special value to collectors;" gold coin and bullion held in trust for a foreign government or bank; and any gold that was licensed to be used in transactions, including export. Secretary of the Treasury William Woodin, who was a prominent coin collector, added the part about rare coins into the order, Amanda Harvey, the assistant library manager with the American Numismatic Association told Q&A on the News in an email. "The desirability and rarity of coins was determined at large by the collecting community and any confusion was dealt with by Woodin's successor, Henry Morgenthau," she wrote.
Andy Johnston wrote this column. Do you have a question about the news? We’ll try to get the answer. Call 404-222-2002 or email q&a@ajc.com (include name, phone and city).
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