I’ve heard people say that bout the safe deposit boxes, but never saw anything in legislation or XO about that. Nobody seems to be able to provide a cite or source for that claim. Not saying it didn’t happen, but seems suspect.
There was a precedent setting court case about a fellow who had gold bars on deposit at a bank, but that’s not the same thing at all. From what I have read gold coin didn’t circulate all that much with the public by that time, although the banks presumably had quite a bit. Hogwever, it seems in hindsight that FDRs diktat “leaked” to quite a number of wealthy individuals prior to the public, and they sent their wealth overseas. Europe has been disgorging US coinage to collectors ever since.
Safe deposit boxes were opened on Federal authority, inspected and any gold bullion or coins seized. They were compensated the government established rate of $35.00 an ounce.
I heard this tale recounted several times in my early life from people who lived through the Great Depression, lost practically everything they had in a bank failure, of a bank owned by cousins. They made out better than most, getting ten cents on a dollar for their deposits. Their safe deposit box was opened and what gold they had was seized. They had no reason to lie, they were no gold bugs, it was currency at the time, or up to that time at least.
They were my paternal grandparents. I have no law to cite, just their word. I accept it. They’re long gone. Again, no reason to lie about it.
1. It seems you may have just invented a new conjunction. Need a definition to go with it, and a context. I would suggest Harry Potter books and Hazzard County, Georgia.
2. It would be interesting to know if anyone has ever made an attempt to gauge just how much of the U.S. gold coin issue was actually taken in and melted down by the Government, as opposed to laid up and sold later. I don't think anyone wanting a representative incuse 1922 quarter-eagle will find it hard to come by.