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Mike Maharrey: Did FDR really confiscate everybody's gold?

Section: Confiscation

By Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Friday, May 31, 2024

Did the U.S. government really try to confiscate Americans' gold?

The short answer is ... well, there isn't a short answer. It's a complicated subject with more nuance than most people give it.

... Dispatch continues below ...


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Yes, President Franklin D. Roosevelt did try to take most of the gold out of the public's hands. But the scheme didn't go quite as well as many people claim.

Still, some gold dealers use the confiscation story to try to scare you into only buying collectible coins because there was an exception in Roosevelt’s order for "gold coins having a recognized special value to collectors of rare and unusual coins." They’ll say, "The government could come to take your Gold Eagles as they did in 1933, but not these collectible coins we’re selling.' Of course, these collectible coins come with higher premiums and bigger profits for the dealer. 

You might call it a confiscation con because the reality is there wasn’t “confiscation” in the strict sense of the word.

So what actually happened? ...

... For the remainder of the report:

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