1933 is the year the United States government reached directly into gold. With the banking system collapsing in the depths of the Great Depression, President Franklin Roosevelt issued Executive Order 6102 on 5 April 1933, making it illegal for Americans to hold gold coin, bullion, or certificates. Citizens were compelled to surrender their gold to the Federal Reserve at the official price of $20.67 an ounce.
Within a year the government would revalue gold to $35 — a stroke that devalued the dollar by 41% and handed the Treasury an enormous paper profit. For the ordinary saver, it was a forced sale near the bottom, followed by a devaluation that benefited the state.
The episode is the reason "confiscation risk" remains part of the gold conversation nine decades later. It is also why the free-float era that began in 1971 felt so consequential: for the first time since 1933, Americans could once again own gold freely and watch its price float. To see 1933 in the full sweep of monetary history, explore the 768-year ribbon.
Key events of 1933
- 1933-03-06
The Bank Holiday
Roosevelt declares a national bank holiday and halts gold redemptions as the banking system teeters.
- 1933-04-05
Executive Order 6102
Private ownership of gold is criminalized; Americans must surrender gold at $20.67/oz.
- 1933-06-05
The Gold Clause Repeal
Congress nullifies gold clauses in contracts, severing debts from gold redemption.