<P> The stated reason for the order was that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse . The New York Times, on April 6, 1933, p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding . On March 6, taking advantage of a wartime statute that had not been repealed, he issued Presidential Proclamation 2039 that forbade the hoarding' of gold or silver coin or bullion or currency', under penalty of $10,000 and / or up to five to ten years imprisonment ." </P> <P> The main rationale behind the order was actually to remove the constraint on the Federal Reserve which prevented it from increasing the money supply during the depression; the Federal Reserve Act (1913) required 40% gold backing of Federal Reserve Notes issued . By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit (in the form of Federal Reserve demand notes) that could be backed by the gold in its possession (see Great Depression). </P> <P> Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (consumer price index, adjusted value of $391 today) per troy ounce . Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, violation of the order was punishable by fine up to $10,000 (equivalent to $189,049 today) or up to ten years in prison, or both . </P> <P> Order 6102 specifically exempted "customary use in industry, profession or art", a provision that covered artists, jewelers, dentists, and sign makers among others . The order further permitted any person to own up to $100 in gold coins (a face value equivalent to 5 troy ounces (160 g) of gold valued at about $6,339 in 2016). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins". That protected recognized gold coin collections from legal seizure and likely melting . </P>

When did the government take all the gold