What Kind of Coins Are Nonconfiscatable in the U.S?

Common Claims of Nonconfiscatable Coins

• The most common justification for the nonconfiscatable nature of a coin is that it was minted before 1934, making it exempt from future confiscation. Other coins claim exemption through their status as legal tender of the U.S., through their rarity or their unusual value to collectors. While these claims are often supported by appeals to historical documents, none of the documents in question apply directly to privately-held gold today.

The Gold Recall of 1933

• As part of the New Deal, President Franklin D. Roosevelt issued Executive Order 6102, which required all citizens to turn over most gold coin and bullion to the Treasury in exchange for paper currency. The order contained a few exceptions, such as gold used for industrial or artistic purposes, as well as coins of unusual rarity or special value. The executive order also banned the private possession or trading of gold in amounts exceeding $100. Much of the gold affected by the recall was in the form of pre-1934 gold coins which were legal tender, the same coins which are often advertised as nonconfiscatable today.

1969 Treasury Gold Regulations

• In 1969, new treasury regulations relaxed the laws requiring a license to import rare collectible coins in the U.S. These regulations referred specifically to coins collected for their rarity value, and did not allow for the accumulation of rare coins as a commodity-based investment. The regulations are completely unrelated to the gold recall of 1933. Nevertheless, sections of these regulations are often quoted out of context to imply that advertised coins are of special value to due their rarity, and therefore exempt from future confiscation.

Current Legal Status of Gold

• In 1975, the restrictions on private gold ownership put into place in 1933 were lifted, meaning that American citizens could once again trade and store gold legally. This made the 1969 treasury regulation on rare coins obsolete, since all gold coins enjoyed the same legal status. If the government enacted a gold recall similar to the 1933 executive order, it would not be bound by either the 1969 treasury regulations or the provisions of the 1933 gold recall, and no coin is specifically marked as nonconfiscatable by U.S. law.