EconomicPolicyJournal.com: The Little Known Facts about FDR's 1934 Silver Con...: As a follow up to my post, THIS DAY 83 YEARS AGO: FDR's Evil Executive Order Required Citizens to Turn in All Gold to the Governmen t, ...
Executive Order 6814 is not a fictional future act of government, like the passing of the211th, 212th and 213th Amendments to the Constitution, but an actual Presidential Order by Franklin Delano Roosevelt in 1934.
The order dated August 9, 1934, was entitled Executive Order 6814 Requiring the Delivery of All Silver to the United States for Coinage and required all persons to deliver silver to the U.S government pursuant to the Silver Purchase Act of 1934, subject to certain exemptions....
People turning in their silver got $1.29 an ounce. Payment was made in the form of “standard silver dollars, silver certificates, or any other coin or currency of the United States.” There was a catch however; there was fee of 61 8/25 percent (61.32%) taken from the $1.29 an ounce for “seigniorage, brassage, coinage, and other mint charges.” After the fee, it worked out to a payment of about fifty cents an ounce.
How Much Silver Was Confiscated?
1935: 112,301,335 ounces
1936: 650,452 ounces
1937: 68,777 ounces
1938: 17,361 ounces...
How Did The Government Know Who Had Silver?
While the U.S. government could not have known of all of the silver “situated in the United States”, silver researcher Charles Savoie notes that the U.S. kept a document listing the “Hoarders of Silver”. The document showed individuals who held “spot silver and futures contracts” in amounts over 50,000 ounces of silver. You can see the list by clicking here...
When Did The Confiscation End?
The Silver Purchase Act of 1934 expired on December 31, 1937.
