Easily Revoked Privilege. We previously stated that gold ownership was made illegal on 1st May 1933. What we did not tell you was that U.S. citizens, under Order 6102, were allowed to own up to $100 in gold coin [+5 ounces]. Today that would be worth under $8,400, a mere token gesture to real gold owners.
http://news.goldseek.com/GoldForecaster/1331172000.php
The Trading with the Enemy Act, which President Roosevelt invoked in 1933 to restrict private gold transactions, remains law. Although private ownership of gold in the United States was legalized on August 15, 1974, the power to confiscate gold remains in the hands of the President.
http://news.goldseek.com/GoldForecaster/1331172000.php
Alexander Hamilton, first U.S. Secretary of Treasury under President George Washington, priced the American dollar at 24 ¾ grains of gold (not quite 1/20 of an ounce, making its price $19.39.) This set the “gold standard.” The price of gold remained approximately $20 per ounce until February 1934, a period of 142 years.
https://tchistory.org/TCHISTORY/Gold_Timeline.htm
Of course, for FDR, it took WWII to get things moving again, but the national emergency the president invoked in 1933 sounds very familiar here in 2013. The banks were shut, on the verge of collapse. The government, too, after close-fought elections, was struggling to cover its debt repayments.
https://www.forbes.com/sites/greatspeculations/2013/04/05/governments-still-heavy-handed-80-years-after-fdrs-gold-confiscation/
Ford signed proclamation Pub.L. 93-373, which legalized gold ownership and also made it legal to include gold clauses in contracts, effective 1977. Ford failed, however, to reestablish gold as a back up to government fiat or the American dollar.
http://www.huffingtonpost.com/steve-mariotti/when-owning-gold-was-ille_b_10708196.html
This documentation about gold is a compilation (1579 – 2008) of events in a timeline starting from the beginning of the formation of the United States economy. More Gold Mining Techniques Information | Gold in Tuolumne County | Gold in California.
https://tchistory.org/TCHISTORY/Gold_Timeline.htm
Between the end of the American Revolution War and 1823, the U.S. purchased gold at $15 per ounce and accumulated $20 million in gold. Much of the gold went to England after the end of the War of 1812.
https://tchistory.org/TCHISTORY/Gold_Timeline.htm
We should clarify the terms of confiscation. The US Government did not send armed soldiers house to house to search for and seize gold without compensation. Gold coins that were turned in were exchanged for legal tender Federal Reserve notes (paper money) on a dollar for dollar basis. A $10 gold coin was taken and the presenter given a $10 bill. Gold bullion was evaluated for its purity or fineness and compensated at a rate of $20.67 per ounce of fine gold. This was the official US government figure for what one ounce of gold was worth or priced at in dollars.
http://www.gold-eagle.com/article/gold-confiscation-issue-history-and-future-predictions-0
The Bank Runs of the Early 1930s and FDR's Ban on Gold. The gold price reached a record of $1464/ounce this week, fittingly on the 78th year anniversary of FDR’s ban on private gold ownership in 1933. Gold has increased by 30% over the past year, 145% in the past five years and 465% in the past decade; by contrast, the S&P 500 today is only 12% higher vs. a decade ago.
https://www.forbes.com/sites/richardsalsman/2011/04/06/the-bank-runs-of-the-early-1930s-and-fdrs-ban-on-gold/
All Americans were required to turn in their gold on or before May 1, 1933 to the Federal Reserve in return for $20.67 of paper money per troy ounce. Americans who did not turn in their gold were subject to arrest on criminal charges and faced up to 10 years in federal prison. An exception was made for dentists, who could own up to 100 ounces. Proclamation 6102 also prohibited the use of gold in contracts.
http://www.huffingtonpost.com/steve-mariotti/when-owning-gold-was-ille_b_10708196.html
in what year did the us legalize the ownership of gold
The United States legalize the ownership of gold in 1974. The United States legalized the ownership of gold in 1974.