Comments on: Gold Confiscation Past and Present http://www.coinlink.com/News/us-coins/gold-confiscation-past-and-present/ Rare Coins & Currency News for Numismatic Collectors - Updated Daily Mon, 07 May 2012 19:57:47 +0000 http://wordpress.org/?v=abc hourly 1 By: Chase http://www.coinlink.com/News/us-coins/gold-confiscation-past-and-present/comment-page-1/#comment-252759 Chase Wed, 20 Jul 2011 19:11:00 +0000 http://www.coinlink.com/News/?p=7551#comment-252759 The Gold Confiscation of 1933 is the single most draconian economic act in the history of the United States! The Gold Confiscation of 1933 is the single most draconian economic act in the history of the United States!

]]> By: Macbeth's Enigma http://www.coinlink.com/News/us-coins/gold-confiscation-past-and-present/comment-page-1/#comment-183470 Macbeth's Enigma Fri, 10 Sep 2010 19:08:57 +0000 http://www.coinlink.com/News/?p=7551#comment-183470 This isn't that difficult. Confiscation is a taking by the government without compensation. The FDR order was not a confiscation -- it reimbursed those who surrendered their gold. The order's penalties are scary, but what is more important is how they were carried out. How many were prosecuted? How many went to jail? How many paid the fear-inducing $10,000 penalty? Answers: One was prosecuted but was not convicted. No one went to jail or paid a penalty. Finally, why would the government in its "infinite wisdom and hypocrisy" again ask for surrender? First ask why FDR did so. The dollar was backed by gold. The dollar is no longer backed by gold. FDR did this during the Great Depression in order to stabilize the dollar and avoid further runs on the banks. Why would the current government do this since the dollar is no longer backed by gold? Why does the American Numismatic consider this a "non-issue"? Because, it is a non-issue. There are many good reasons to collect these coins -- implying that "confiscation" is one reason is simply not valid. This isn’t that difficult. Confiscation is a taking by the government without compensation. The FDR order was not a confiscation — it reimbursed those who surrendered their gold. The order’s penalties are scary, but what is more important is how they were carried out. How many were prosecuted? How many went to jail? How many paid the fear-inducing $10,000 penalty? Answers: One was prosecuted but was not convicted. No one went to jail or paid a penalty.

Finally, why would the government in its “infinite wisdom and hypocrisy” again ask for surrender? First ask why FDR did so. The dollar was backed by gold. The dollar is no longer backed by gold. FDR did this during the Great Depression in order to stabilize the dollar and avoid further runs on the banks. Why would the current government do this since the dollar is no longer backed by gold? Why does the American Numismatic consider this a “non-issue”? Because, it is a non-issue.

There are many good reasons to collect these coins — implying that “confiscation” is one reason is simply not valid.

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