U.S. GOES OFF THE GOLD STANDARD
PRIVATE CITIZENS MUST TURN IN THEIR GOLD
The New York Times
April 20, 1933
The Times half page triple-tiered headlines announce, “GOLD STANDARD DROPPED TEMPORARILY TO AID PRICES AND OUR WORLD POSITION; BILL READY FOR CONTROLLED INFLATION.” President Franklin D. Roosevelt nationalizes gold owned by private citizens and abrogates contracts in which payment was specified in gold. Currency could never again be exchanged for gold! (The Act of April 5, 1933, read in part: “Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933…” with some exceptions such as gold used in industry, and that up to $100 face value in gold coins could be kept by collectors.) As a coin collector/dealer/appraiser myself, I found this section quite fascinating.
This most historic issue also contains a front page article on Hitler and Germany, fighting in China, and a good deal more historic reading. Of course, this is the complete 38-page newspaper with news, sports, movies and much more. It’s a hard one to keep in stock–I don’t know where my next will come from…or if there will be a next time! I’d frame it for a den or office as it does make a great conversation piece.