Question for the classics folks about old U.S. Gold....
Raufus
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To the extent that anyone knows, primarily what kind of gold coins fell victim to the FDR's 1933 Exec Order barring many forms of gold ownership? Were many 1700's coins lost forever or were they considered collectable or otherwise protected? How about other early and or rare U.S. gold?
I've often wondered what the populations and market for classic U.S. gold coins would look like today w/o the order. I'd imagine that many a treasure was lost forever. Such a shame.
If anyone has any info I'd love to know.
Thanks.
Land of the Free because of the Brave!
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I believe collectible coins were exempted from that EO.... However, likely not everyone read the fine print.... I have no idea what may have been lost... not sure anyone really knows... Someone might have a specific story or two....Cheers, RickO
At that time most people could not read. Illiteracy was very high.
The general "interpretation" of that EO was that "collectors" could keep up to 5 examples of each pre-1933 gold coin that they desired, even dirt common ones, as they all were considered "of special interest and/or value." It was basically a loop hole for any gold coin collector of that period to stock pile whatever they wanted. Few understood the order or the loop hole. Anyone who owned a 1799 gold coin wasn't likely to turn it for $10 paper, it was likely already worth considerably more than $10.
David Ganz has some in depth articles on the gold coin confiscation. Google that for about a half hours worth of fun reading. In a nutshell, everything was collectible as long as you could show it was a "collection" and you were a "collector." I don't know of a single person being challenged....other than the Govt's obsession with picking up every 1933 $20 Saint from the mid-1930's through the 1940's. Those seem to be the only thing that was really challenged.
There will be an article in a future issue of The Numismatist on part of this subject. Also, then the Saint-Gaudens double eagle book is published it will have extensive information on survival the these and other US gold coins.
Few early US gold coins were not destroyed due to the gold hoarding orders or the Gold Act of 1934.
Looking forward to the article. Just to clarify did you mean to say, "Few early US gold coins were destroyed..?"
Yes --- "Few early US gold coins were destroyed due to the gold hoarding orders or the Gold Act of 1934."