Executive Order 6102 required all gold coins, gold bullions, and gold certificates in denominations of more than $100 turned in for $20.67 per troy ounce in exchange. The stated reason was that the "hoarding", or withdrawal and withholding of gold was stalling economic growth and worsening the depression.
To fight off the depression, Roosevelt’s administration believed that inflating the money supply could promote consumption and get the economy running again. However, the US was still using the gold standard, and the Federal Reserve Act (1913) required 40% gold backing of Federal Reserve Notes that were issued. In order to relieve the constraint on the Federal Reserve and increase the money supply, Executive Order 6102 was signed to get an influx of gold from the citizen's private holdings which had greatly increased due to the fear of bank failures during the Great Depression.
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