It was illegal for Americans to own gold (except for some jewelry and collectors coins) between 1933 and 1975.

Gold Reserve Act

The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury. It also prohibited the Treasury and financial institutions from redeeming dollar bills for gold, established the Exchange Stabilization Fund under control of the Treasury to control the dollar’s value without the assistance (or approval) of the Federal Reserve, and authorized the president to establish the gold value of the dollar by proclamation.

Immediately following passage of the Act, the President Franklin D. Roosevelt changed the statutory price of gold from $20.67 per troy ounce to $35. This price change incentiv… Continue Reading (8 minute read)

5 thoughts on “It was illegal for Americans to own gold (except for some jewelry and collectors coins) between 1933 and 1975.”

  1. Gorf_the_Magnificent

    I’m old enough to remember when foreign banks sold “gold options” to U.S. citizens.

    You got a piece of paper that entitled you to buy an ounce of their gold for $1. The price of that piece of paper was roughly the equivalent of the current market price for an ounce of gold. So Americans bought and sold those pieces of paper as if they were essentially ounces of gold.

    You weren’t technically breaking the law, you were just buying and selling the right to buy gold if and when it ever became legal again.

  2. bottleboy8

    As soon as the dollar wasn’t fixed to the price of gold, the government allowed owning gold. The federal reserve can now just print as much money as they want regardless of how much gold is sitting in Fort Knox.

  3. KoshOne

    I’ve heavily invested in gold, which I’ve buried in several different locations around Pawnee. Or have I?

  4. crusoe

    You were allowed to own reasonable amount of coinage, jewelry and gold cutlery. But the total amount was regulated. The idea was to prevent manipulation of gold supply. Which you need to do when your currency is based on it

    After ww2 a bunch of gold mines came online and the world govts had to keep buying most of the output to keep their currencies pegged to gold. This eventually led to the end of the gold std

  5. oldmanbringsthebass

    All your gold belong to us

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