| Executive Order 6102 |
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| executive orders of franklin d. roosevelt | |
| 6102 | |
| 1933 in law | |
| gold | |
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The order specifically exempted "customary use in industry, profession or art" - a provision which covered artists, jewelers, dentists, and electricians, among others. The order further permitted any person to own up to $100 in gold coin (equivalent to about $10,000 As Of 2006 ). Section 9 of the Order noted the punishment for failure to comply could include a fine of up to $10,000 or up to ten years in prison. Nevertheless, anecdotal accounts later related that many persons who possessed large amounts of gold simply ignored the order and hid their gold until the Order ceased to be in effect. The government held the $35 per ounce price until August 15 , 1971 when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, abandoning the Gold Standard . The limitation on private gold ownership in the U.S. was repealed by an act of Congress codified in , 1974 . P.L. 93-373 does not repeal the Gold Clause Resolution Of 1933 which makes unlawful any contracts which specify payment in a fixed amount of money ''or'' a fixed amount of gold. That is, contracts are unenforceable which use gold monetarily rather than as a commodity of trade. See also External links
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