Many investors have decided to buy gold money in the form of Gold eagle coins, which were produced by the US Mint from 1839-1933 and again from 1986-2009. The US Mint recently announced that it is suspending production of a number of its trademark Gold eagle coins, and this has fueled speculation that another gold bullion confiscation could be just around the corner.
In 1933, our government stopped releasing gold bullion coins shortly before President Franklin Roosevelt issued Executive Order 6102 and banned the hoarding of gold bullion by US citizens. That order was in effect until 1971, and citizens who sat on their bullion illegally were considered felons.
There is no history of a black market for gold bullion within the US from 1933 to 1971, so if you sat on your gold you had nothing more than a very expensive paperweight that you couldn’t let anyone know about. This situation lasted until 1971, when President Richard Nixon gave the go-ahead for the US treasury to fire up the printing presses by removing the United States from the Gold Standard, which backed US fiat currency with physical gold.
Today’s investors buy gold money in case the dollar collapses, in which case legal tender US gold would most likely become the key means of monetary exchange within the United States. However, before the dollar’s demise was complete our government would most likely have no choice but to issue another gold bullion confiscation.
Historic American gold money like the $20 Saint Gaudens gold coin and the $10 Lady Liberty have been deemed private and non-confiscatable assets by our government, so should another confiscation occur you could still protect your buying power with these coins. Before you buy gold money speak directly with a gold specialist at one of our nation’s major gold exchanges.
Steven Martin
Senior Gold Specialist - Buy-Gold.org
