Executive Order 6102

President Franklin D. Roosevelt signed Executive Order 6102 on April 5, 1933. This order forbade the "hoarding of gold coin, gold bullion, and gold certificates" by United States citizens. Violators of the order faced a fine of up to $10,000 (nearly $200,000 in today's money) or up to ten years in prison, or both. While some call this order "gold confiscation," it could be argued that this wasn't actually "confiscation" since gold holders were technically reimbursed. However, they were reimbursed in the form of inflationary U.S. dollars, and as the money supply increased, the buying power of each reimbursed dollar was reduced.