A Coin Fit For A King

[EagleDown]

President Franklin D. Roosevelt might not have been the "hero" that we were all taught he was.

http://www.usgoldcoins.com/information/articles/fit_for_a_king.html

Be careful!! I started reading and got lost in this site for over an hour.

Eagle

 

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[Tuberale]

The understanding that private individuals could not keep more than $100 in gold coins was contested, and upheld. As many as 4 coins of the same mintmark and year could be maintained for coin collectors. So if you declared yourself a coin collector you could "keep" much more than the $100 face value. For example, you could keep 4 Kellogg & Co. $50 gold Territorial Gold coins, as well as other gold from other mints and dates.

 

[EagleDown]

The understanding that private individuals could not keep more than $100 in gold coins was contested, and upheld. As many as 4 coins of the same mintmark and year could be maintained for coin collectors. So if you declared yourself a coin collector you could "keep" much more than the $100 face value. For example, you could keep 4 Kellogg & Co. $50 gold Territorial Gold coins, as well as other gold from other mints and dates.

Thank you Tuberale. Just one of the many things that I was not aware of. By the time I was born, the gold act had been in force for 4 years. I (and I believe most citizens,) grew up believing that we could not own gold coins or bullion. Though I do vaguely recall that collectors were allowed to have some. I never knew the ins and outs of that part of the law.

I do remember dumping a few pans of concentrates back into the river because the gold had mercury on it. Of course, when the mercury was cleaned off (by retort, fire, or acid,) the gold was then considered "processed gold" and could only be sold to the government for $32.00 an oz. So, as far as most of us amateur prospectors were concerned, it wasn't worth the effort. I also was taught that the mint would not accept less than a certain amount, which put most of us in the uncomfortable position of committing a federal offence if we held on to the "processed" gold until we had enough to meet the minimum requirements.

Eagle
Eagle

 

[Tuberale]

Thank you Tuberale. Just one of the many things that I was not aware of. By the time I was born, the gold act had been in force for 4 years. I (and I believe most citizens,) grew up believing that we could not own gold coins or bullion. Though I do vaguely recall that collectors were allowed to have some. I never knew the ins and outs of that part of the law.
I am younger than you, then. Like most laws, it's sometimes good to read the original. And you are also correct that many many people didn't think they were allowed to have any gold coins. Don't think Roosevelt was willing to clarify it much, either.

I do remember dumping a few pans of concentrates back into the river because the gold had mercury on it. Of course, when the mercury was cleaned off (by retort, fire, or acid,) the gold was then considered "processed gold" and could only be sold to the government for $32.00 an oz. So, as far as most of us amateur prospectors were concerned, it wasn't worth the effort. I also was taught that the mint would not accept less than a certain amount, which put most of us in the uncomfortable position of committing a federal offence if we held on to the "processed" gold until we had enough to meet the minimum requirements.

Eagle

Different times. Wasn't that long after prohibition, and people still are 'shining without a license. But that also proves, at least to a degree, why so many people hoarded and hid their gold in 1933. A lot of people just didn't trust the government. And FDIC insured deposits didn't start until 1935. Even then, it took several years for people to be convinced of the safety of deposits. Check out the big bank runs and depressions before 1929, too.

 

[EagleDown]

Different times. Wasn't that long after prohibition, and people still are 'shining without a license. But that also proves, at least to a degree, why so many people hoarded and hid their gold in 1933. A lot of people just didn't trust the government. And FDIC insured deposits didn't start until 1935. Even then, it took several years for people to be convinced of the safety of deposits. Check out the big bank runs and depressions before 1929, too.
______________________________________________________________________
Yes, I'm quite aware of the above. I have a head full of "found caches" to confirm it.

And some of them can be amusing.

I remember one from about 1961 that I read in the L.A. Times. It seems that a man and his wife got into an arguement, which quickly esculated into a fight. She punched him in the nose, then he grabbed her by the hair and slammed her head into the wall........(I don't know what the odds on this are, but they are probably astronomical) Her head broke through the plaster, and approx. $80,000 in gold coins came pouring out.

Eagle

 

[Tuberale]

<G> I've heard of butting heads before... Some people will do about anything for a gold coin cascade! Neat story!