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How many coins were melted down into bars to be placed in fort knox

HalfDimeHalfDime Posts: 582 ✭✭✭✭

How many coins were melted down into bars to be placed in fort knox

More than 120 million gold coins were melted down and converted into gold bars, many of which were placed in storage at Fort Knox following the U.S. gold recall and subsequent melting operations from 1933 onward. These coins included a wide range of denominations and issues, primarily U.S. gold coins collected by the Treasury in accordance with Executive Order 6073 and related gold policies.

The melted coins were transformed into "coin gold" bars, typically of .900 fine (or 22 karat), reflecting the original purity of the coins.

The first major deposit of these bars, totaling nearly $99 million worth, arrived at Fort Knox from the Philadelphia Mint on January 13, 1937.

Coin melting operations continued for decades, but the vast majority occurred in the years immediately after the 1933 recall, with the Office of Domestic Gold and Silver Operations overseeing the process until its closure in the 1980s.

There is no official breakdown by coin type or exact count of bars made specifically from coins, but the best available estimates from historical sources put the amount at over 120 million coins.
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There is nothing to say for all the melted gold coins but show some tears. :'(:'(:'(

Comments

  • JWPJWP Posts: 28,008 ✭✭✭✭✭

    More than 1?

    USN & USAF retired 1971-1993
    Successful Transactions with more than 100 Members

  • jmski52jmski52 Posts: 23,330 ✭✭✭✭✭

    There's gold in Fort Knox?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • GoldFinger1969GoldFinger1969 Posts: 2,630 ✭✭✭✭✭
    edited August 8, 2025 2:17PM

    I believe RWB's Saint-Gaudens book has the best guestimate for total gold coins melted down, with an emphasis on Double Eagles.

    I'll double-check when I get a chance.

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,666 ✭✭✭✭✭

    So many that we could still coin it for paying off debt, should we ever go back to abiding by the Constitution and repeal some Executive orders or Acts of a corrupt congress , over the past century. But I digress. I work for food, not money.

  • johnny9434johnny9434 Posts: 29,527 ✭✭✭✭✭
    edited August 9, 2025 11:19AM

    @derryb said:
    note that they call the confiscation a "recall."

    I quite dont recall what grandpa told em (can't reapete it it, sorry) ( grandpa had an antique store back then and the feds came in a few times looking for gold, none cause of depression.....)

  • batumibatumi Posts: 900 ✭✭✭✭

    @derryb said:
    note that they call the confiscation a "recall."

    They had newspeak back then, too. Same as today!

  • GoldFinger1969GoldFinger1969 Posts: 2,630 ✭✭✭✭✭
    edited September 30, 2025 10:46AM

    According to RWB, no accurate accounting by weight or count was ever made.

    But he has a chart on Page 591 of his book that says that 66.5 MM ($20), 17.8 MM ($10), 16.6 MM ($5), 2.5 MM ($2.50), 2141 3 coins, and 10849 $1 gold coins were melted by the Treasury Dept. between 1933-42. Coins tricked in for another decade-plus but at much reduced totals.

    I'm talking to him about the tables and charts in the book as either I am misinterpreting the information or he has some noncongruous tables/charts that aren't synching up. Roger is a meticulous researcher so I am sure he can explain the numbers -- and my confusion :) -- and when he does, I'll report back.

  • Downtown1974Downtown1974 Posts: 7,059 ✭✭✭✭✭

    @jmski52 said:
    There's gold in Fort Knox?

    There was in 1953 when they did the audit, so I’m sure it’s still there.

  • GoldFinger1969GoldFinger1969 Posts: 2,630 ✭✭✭✭✭

    @Downtown1974 said:
    There was in 1953 when they did the audit, so I’m sure it’s still there.

    They did another audit in 1975. It's still there.

    So is the Ark of the Covenant. :D

  • jmski52jmski52 Posts: 23,330 ✭✭✭✭✭

    I've heard many different years mentioned as the date of the most recent audits, and to my knowledge, no audit results detailing the number of bars, bar assays and serial numbers have ever been made available to the American Public.

    So much gold has been re-hypothecated and loaned out that no correlation exists between what was originally in the vaults and what is in the vaults now. What we do know is that the serial numbers are not the same and just how much tungsten is masquerading as gold is anybody's guess.

    Any "backing" of Treasuries (or crypto currency) with gold (as is being speculated) would absolutely require a genuine audit. I'm betting against any of that ever happening.

    The only real answer is a currency that is 100% convertible to gold, and let the chips fall where they will. It doesn't look as if this will ever happen either.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
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