Exceptions (prior to 1974) to Executive Order 6102 (limitation on gold ownership)
DrDarryl
Posts: 616 ✭✭✭✭✭
I'm a US Mint medal collector and I find it interesting that the US Mint was manufacturing and issuing gold medals while Executive Order 6102, Forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.", was an active executive directive and before it was repealed by President Gerald Ford after he signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified in Public Law 93–373, which went into effect December 31, 1974.
One example of this exception is the Congressional Gold Medal. 25 different gold medals were manufacture by the US Mint and award by Congress, via enacted federal laws from 1936 through 1973. https://en.wikipedia.org/wiki/List_of_Congressional_Gold_Medal_recipients
Another example of this exception are the Honor Awards that were awarded by specific US Government Agencies. There is an enacted federal law from the 1940s (keeping the date hidden as I'm still performing research) that authorizes US Government Agencies to "provide the means to recognize agency employees".
As noted in the above snippet, the term "distinguished" is used to identify a gold honor award. There is no enacted federal law that specifically authorizes the manufacture of the different types (by agency) of gold honor awards by the US Mint.
Here an interesting item in my collection: a raw 1971 engraved gold distinguished service award from the Department of the Interior. On the reserve, right side bottom of building is the Gilroy Roberts hallmark.
Apparently private ownership of gold prior to 1974 had exceptions.
Comments
I did not know of this exception. Quite interesting--thanks for sharing.
It is interesting research.
Not all gold was banned, of course. Gold jewelry was legal to produce and sell.
Gold jewelry (which these medals would likely qualify as) was exempted under the act. Can you imagine the furor if gold wedding bands etc. could not be purchased/owned??
Yeah, that would have been a problem.... I have not heard if dental gold was affected at all...perhaps our dentist forum member(s) could elaborate. Cheers, RickO
Thanks for the post - very interesting!
Bought this a few years back - 1957 bar from SF, purchased by a jeweler who never got around to using it!
Hell of a gold bar, @Lakesammman
And as I tried to point out in an earlier thread: The US was busy making gold coins for use by other citizens around the world while its own were banned (or severely limited) from owning gold themselves.
--Severian the Lame
Weiss - that's very interesting! Is the other side blank??