Fixing FDR’s Biggest Blunder: From Gold Standard to Fiat Folly and Back

By Jp Cortez – Mises Institute

More than ninety years ago today, April 5, 1933, President Franklin D. Roosevelt issued Executive Order 6102, forever reshaping America’s monetary system. This controversial order marked a pivotal moment in the nation’s financial history. Executive Order 6102 banned private ownership of gold coins, bullion, and gold certificates with the penalty for noncompliance being up to ten years in prison, a fine of $10,000, or both. This draconian edict also signaled the effective end of the gold standard.