EO 6102

In 1933 President Roosevelt issued Executive Order 6102, which required every US citizen to turn in most of their gold in exchange for bank notes.

The gold was valued at $20.67/oz. The following year, the government increased the price of gold to $35/oz with the Gold Reserve Act of 1934, effectively devaluing the notes people had received by almost half, since the value of their notes never went up with the inflated gold price.