Which of the following describes the purpose of Executive Order 6102?Forced citizens to turn in their paper currency for gold coinsIncreased the value of goldDecreased the value of goldForced citizens to turn in their gold coins for paper currency
Question
Which of the following describes the purpose of Executive Order 6102?Forced citizens to turn in their paper currency for gold coinsIncreased the value of goldDecreased the value of goldForced citizens to turn in their gold coins for paper currency
Solution
The purpose of Executive Order 6102 was to force citizens to turn in their gold coins for paper currency. This order was issued by President Franklin D. Roosevelt in 1933 during the Great Depression. The government needed to increase its gold reserves to deal with the economic crisis. Therefore, it required all citizens to exchange their gold coins, gold bullion, and gold certificates for paper currency. The only exceptions were for certain types of jewelry and industrial-use gold. The order made it illegal to own gold in order to prevent hoarding and speculation.
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