Of course, you all realize that any of us that post here have voluntarily given up a great deal of information which can be readily had in this day and age......
Monetary dynamics were far different in 1933 than they are today. No way this will happen again, based on what is going on now in this arena. I'm not the least bit concerned.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
It was illegal to own it, but it's not like they went door to door and raided your house looking for it. I believe only one person was convicted of hording gold. You were allowed to keep up to $100 worth of gold. Special exclusions for rare and unique gold coins were allowed.
It irks me when a lot of people say "Illegal to own gold'. It was illegal to own over $100 worth of gold. It was not illegal to own ANY gold. There were plenty of people who had large hoards of gold, buried or otherwise hidden from view. As I said, there was no army men going door to door and overturning your house looking for it, so gold hoarders did not worry about it.
Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong.
<< <i> Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong. >>
This law included only paper money in the form of the gold certificates which promised to pay the bearer in gold coin upon demand. I guess it was too embarrassing to the government to have these notes in circulation considering they had no intention of honoring the promise which was printed on them. Obviously, jewelry was also exempt. The government would never attempt to rip the wedding rings off of peoples hands although a few years later a certain European country did just that to some of their citizens.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i> Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong. >>
This law included only paper money in the form of the gold certificates which promised to pay the bearer in gold coin upon demand. I guess it was too embarrassing to the government to have these notes in circulation considering they had no intention of honoring the promise which was printed on them. Obviously, jewelry was also exempt. The government would never attempt to rip the wedding rings off of peoples hands although a few years later a certain European country did just that to some of their citizens. >>
An interesting fact about the gold certificates was that it was illegal to own them well into the 1960s. I remember when I was in high school I saw a TV program when a reporter was interviewing a U.S. Treasury official. It had to have been a plant, but the reporter had a gold certificate. The guy from the Treasury said, "I'll have to take that. Those aren't legal to own," or something like that. It struck me as really odd because the note obviously didn't contain any gold.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
<< <i> Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong. >>
This law included only paper money in the form of the gold certificates which promised to pay the bearer in gold coin upon demand. I guess it was too embarrassing to the government to have these notes in circulation considering they had no intention of honoring the promise which was printed on them. Obviously, jewelry was also exempt. The government would never attempt to rip the wedding rings off of peoples hands although a few years later a certain European country did just that to some of their citizens. >>
Gold clauses in contracts, debentures, etc. also were no longer operative.
By 1970, when they started the London Fix (or before), all pre 1933 gold coins were ok to own and traded at varying premiums to the gold price. Maybe a $10 premium for common AU Double Eagles, or around $45. By Jan 1973 gold was $65.
Comments
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>Never say never. You don't know what the U.S. will be like a century down the road. >>
Fine. I'll bet it'll never again. If you don't believe me, let me hold the money.
"Seu cabra da peste,
"Sou Mangueira......."
It irks me when a lot of people say "Illegal to own gold'. It was illegal to own over $100 worth of gold. It was not illegal to own ANY gold. There were plenty of people who had large hoards of gold, buried or otherwise hidden from view. As I said, there was no army men going door to door and overturning your house looking for it, so gold hoarders did not worry about it.
Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong.
- Jim
<< <i>As I said, there was no army men going door to door and overturning your house looking for it, so gold hoarders did not worry about it. >>
So your point is- since it didn't happen before, it can't happen now?
<< <i>Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong. >>
So your point is...
<< <i> Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong. >>
This law included only paper money in the form of the gold certificates which promised to pay the bearer in gold coin upon demand. I guess it was too embarrassing to the government to have these notes in circulation considering they had no intention of honoring the promise which was printed on them. Obviously, jewelry was also exempt. The government would never attempt to rip the wedding rings off of peoples hands although a few years later a certain European country did just that to some of their citizens.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i> Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong. >>
This law included only paper money in the form of the gold certificates which promised to pay the bearer in gold coin upon demand. I guess it was too embarrassing to the government to have these notes in circulation considering they had no intention of honoring the promise which was printed on them. Obviously, jewelry was also exempt. The government would never attempt to rip the wedding rings off of peoples hands although a few years later a certain European country did just that to some of their citizens. >>
An interesting fact about the gold certificates was that it was illegal to own them well into the 1960s. I remember when I was in high school I saw a TV program when a reporter was interviewing a U.S. Treasury official. It had to have been a plant, but the reporter had a gold certificate. The guy from the Treasury said, "I'll have to take that. Those aren't legal to own," or something like that. It struck me as really odd because the note obviously didn't contain any gold.
<< <i>
<< <i> Also, this law was for gold bullion, coins, and paper money. I don't think it covered gold jewelry. Correct me if I'm wrong. >>
This law included only paper money in the form of the gold certificates which promised to pay the bearer in gold coin upon demand. I guess it was too embarrassing to the government to have these notes in circulation considering they had no intention of honoring the promise which was printed on them. Obviously, jewelry was also exempt. The government would never attempt to rip the wedding rings off of peoples hands although a few years later a certain European country did just that to some of their citizens. >>
Gold clauses in contracts, debentures, etc. also were no longer operative.
By 1970, when they started the London Fix (or before), all pre 1933 gold coins were ok to own and traded at varying premiums to the gold price.
Maybe a $10 premium for common AU Double Eagles, or around $45. By Jan 1973 gold was $65.