Gold Confiscation in the United States

Yes—gold confiscation did happen in the United States. On May 1, 1933, President Franklin D. Roosevelt issued Executive Order 6102, which required most U.S. citizens to turn over their privately held gold coins, bullion, and gold certificates to the Federal Reserve.

The goal of this order was to remove gold from private hands and give the government more control over the money supply during the Great Depression. In exchange, citizens were paid $20.67 per troy ounce, the official gold price at that time. Violating the executive order was a federal offense, punishable by up to 10 years in prison, a $10,000 fine, or both—equivalent to over $170,000 in today’s dollars.

There were a few exceptions:

1. Individuals could retain up to $100 in gold coins (about 5 ounces).
2. Rare and collectible coins with “recognized special value” were exempt, which laid the foundation for the modern interest in numismatic coins as a strategic investment.

May 1, 1933 – President Roosevelt's Executive Order 6102 required U.S. citizens to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. An exception to the order was listed in section 2 (b) “Gold coin and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; and gold coins having a recognized special value to collectors of rare and unusual coins.”

Jan 30, 1934 - The 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 and changed the value of the dollar in gold from $20.67 to $35 per ounce.

1954 - In 1954 the Treasury Department amended the Gold Regulations of the original Executive Order to enable the continuance of the exemption of rare coins from the gold confiscation provisions, and they expanded the definition of "coins" with a recognized special value to collectors of rare and unusual coins to include "gold coin made prior to April 5th, 1933 (Federal Register 4309, 4312 1954, as codified in 31 CFR Section 54.20)

Aug 15, 1971 - The price of gold remained fixed from Jan 30, 1934 until August 15, 1971, when President Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange.

Dec 31, 1974 - On December 31, 1974, with Executive Order 11825, President Gerald Ford repealed the Executive Order that Roosevelt used to call in gold in 1933. This was necessary because on the same day Congress restored Americans' right to own gold. The limitation on gold ownership in the U.S. was repealed after President Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub. L 93-373 which went into effect December 31, 1974. P.L. 93-373 did not repeal the Gold Repeal Joint Resolution, which made unlawful any contracts that specified payment in a fixed amount of money or a fixed amount of gold. That is, contracts remained unenforceable if they used gold monetarily rather than as a commodity of trade.

Oct 28, 1977 - 1977 Congress removed the president's authority to regulate gold transactions during a period of national emergency other than war. However, the Act of Oct. 28, 1977, Pub. L. No. 95-147, § 4(c), 91 Stat. 1227, 1229 (originally codified at 31 U.S.C. § 463 note, recodified as amended at 31 U.S.C. § 5118(d)(2)) amended the 1933 Joint Resolution and made it clear that parties could again include so-called gold clauses in contracts formed after 1977.

Dec 17, 1985 – President Reagan signed into law the Gold Bullion Coin act which allowed the US Mint to produce gold coins from “newly mined domestic sources”. Gold American Eagles went on to become one of the most well known gold coins.

While unlikely under current conditions, the potential for future gold confiscation cannot be completely ruled out. Governments historically act decisively during economic crises—and what happened once could, theoretically, happen again.

What’s Changed Since 1933?

• The president no longer has unilateral authority to confiscate gold in peacetime.
  Gold is no longer tied to currency values, so the government has less incentive to seize it for monetary purposes.
• Public perception and legal protections have changed dramatically.

However, in times of national emergency or war, Congress can reinstate broad economic controls. Investors should be aware that financial laws evolve with political and economic needs.

One historical advantage of rare and collectible coins is that they were specifically excluded from the 1933 confiscation order. This has led many investors to include pre-1933 U.S. gold coins in their portfolio as a hedge against potential future policy changes.

Advantages of Numismatic Coins:

• Exempt from past confiscation orders
• Recognized historical and collector value
• Less likely to be seen as a monetary instrument
• May offer greater privacy in transactions

That said, no one can predict future government policy with certainty. Investors should weigh these benefits alongside potential liquidity and market risks.

Gold remains a powerful hedge against inflation, market volatility, and currency devaluation—but understanding the legal landscape is critical for making informed decisions.

Action Steps for Modern Gold Owners:

• Diversify your holdings between bullion and Investment Grade coins.
• Understand historical laws so you can identify early signs of policy shifts.
• Consult a trusted advisor who can help you select products with potential protection benefits.
• Consider secure storage options, such as state-regulated depositories that may add an extra layer of legal clarity.
• Speak with a U.S. Gold Bureau Advisor

Gold confiscation in the U.S. is not a myth—it is a documented historical event. While the likelihood of it happening again is low, being informed and prepared is essential for serious investors. Whether you're buying gold for wealth protection, legacy building, or portfolio diversification, understanding the legal and historical context can help you make smarter decisions.

Have questions about gold, or how to protect your investment? Call us at (800) 775-3504 to get personalized guidance from a Precious Metals Specialist.