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FEDERAL RESERVE BANK
OF DALLAS

December 28, 1933.

To the Bank Addressed:

We are quoting herewith telegram today received from H. Morgenthau, Jr., Act­
ing Secretary of the Treasury, who requests that you give this Order the widest pub­
licity possible, particularly calling it to the attention, by telegraph or telephone, of
each of your customers whom you have any reason to believe holds any gold coin,
gold bullion or gold certificates required to be delivered. For your information the
Treasurer, will, upon receipt of confirmations provided for in the Order, request the
bank in whose custody gold coin, gold bullion or gold certificates are placed to de­
liver the same to place designated by the Treasurer at the Government’s expense.
Meanwhile, all gold coin, gold bullion and gold certificates shall be held in custody
for the United States and, as they will belong to the United States, they should not
be entered in your bank’s debit and credit book.

Yours very truly,

Governor.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Order of the Secretary of the Treasury— Requiring the Delivery of Gold Coin
Gold Bullion, and Gold Certificates to the Treasurer o f the
United States
December 23, 1913,
W hereas, Section 11 of the Federal Reserve Act of January 99 103*^ as amended by Section 3
of the Act of March 9, 1933, entitled “ An Act to provide relief in the existing national emergency in
banking and for other purposes,” provides in Sub-Section (N ) as follows: “ Whenever in the judgment
of the Secretary of the Treasury such action is necessary to protect the currency system of the United
States, the Secretary of the Treasury, in his discretion, may require any or all individuals, partner­
ships, associations and corporations to pay and deliver to the Treasurer of the United States any or
all gold coin, gold bullion, and gold certificates owned by such individuals, partnerships, associations
and corporations. Upon receipt of such gold coin, gold bullion or gold certificates, the Secretary of
the Treasury shall pay therefor an equivalent amount of any other form of coin or currency coined or
issued under the laws of the United States. The Secretary of the Treasury shall pay all costs of the
transportation of such gold bullion, gold certificates, coin or currency, including the cost of insur­
ance, protection, and such other incidental costs as may be reasonably necessary. Any individual, part­
nership, association, or corporation failing to comply with any requirement of the Secretary of the
Treasury made under this sub-section shall be subject to a penalty equal to twice the value of the
gold or gold certificates in respect of which such failure occurred, and such penalty may be collected
by the Secretary of the Treasury by suit or otherwise.”
A nd W hereas, In my judgment such action is necessary to protect the currency system of the
United States; Now, Therefore, I, Henry Morgenthau, Jr., acting Secretary of the Treasury, do hereby
require every person subject to the jurisdiction of the United States forthwith to pay and deliver to
the Treasurer of the United States all gold coin, gold bullion, and gold certificates situated in the
United States, owned by such person, except as follows:
(a) Gold bullion owned by a person now holding such gold under a license heretofore granted
by or under authority of the Secretary o f the Treasury, pursuant to the executive order of August 28,
1933, relating to the hoarding, export, and ear-marking of gold coin, bullion, or currency and to
transactions in foreign exchange;
(b ) Gold coin having a recognized special value to collectors of rare and unusual coin (but not
including quarter eagles, otherwise known as $2.50 pieces)
(c) Unmelted scrap gold and gold sweepings in an amount not exceeding in the aggregate $100,
belonging to any one person; and gold which has been put through a process o f fabrication for a
specific and customary industrial, professional, or ornamental use;
(d ) Gold coin, gold bullion, and gold certificates owned by a Federal Reserve Bank or the Re­
construction Finance Corporation; and,
(e) Gold bullion and foreign gold coin now situated in the Phillipine Islands, American Samoa,
Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands o f the United States, owned by
a person not domiciled or doing business in the Continental United States.
Section 2. Delivery. The gold coin, gold bullion, and gold certificates herein required to be paid
and delivered to the Treasurer of the United States shall be delivered by placing the same forthwith
in the custody of a Federal Reserve Bank or branch or a bank member of the Federal Reserve System,
for the account of the United States and by forwarding confirmation that the gold coin, gold bullion,
and gold certificates have been so placed in custody for the account of the United States and are held
subject to the order of the Treasurer of the United States, signed by such bank and the person mak­
ing the delivery (or the authorized agent of such person), to the Treasurer of the United States, Wash­
ington, D. C., in a postage prepaid envelope bearing a postmark dated prior to midnight of the day the
gold coin, gold bullion, and gold certificates are so placed in custody.
Section 3. Payment and Reimbursement of Costs. Upon receipt of the confirmation signed and
delivered as required under Section 2, the Secretary of the Treasury will pay for the gold coin, gold

bullion, and gold certificates placed in custody for the account o f the United States in accordance with
Section 2, an equivalent amount of any form of coin or currency coined or issued under the laws of
the United States designed by the Secretary of the Treasury.
The Secretary of the Treasury will pay all costs of the transportation o f such gold coin, gold
bullion, and gold certificates to the Federal Reserve Bank or branch or bank member of the Federal
Reserve System in the city or town nearest to the place where such gold coin, gold bullion, and gold
certificates are now situated, including the cost of insurance, protection, and such other incidental costs
as may be reasonably necessary. Persons desiring reimbursement for such costs actually incurred shall
submit their accounts on voucher forms which may be obtained by writing to the Treasurer of the
United States, Washington, D. C.
S ection 4. Definitions. As used in this order, the term “ person” means any individual, part­
nership, association, or corporation; the term “ United States” means the United States and any place
subject to the jurisdiction thereof; the term “ Continental United States” means the States of the United
States, the District of Columbia, and the Territory o f Alaska; the term “ gold coin” means any coin con­
taining gold, including foreign gold coin ; and the term “ gold bullion” means any gold which has been
put through a process of smelting or refining that is in such form that its value depends upon the gold
content and not upon the form, but does not include gold coin or metals containing less than five troy
ounces of fine gold per short ton.
Section 5. Any individual, partnership, association or corporation failing to comply with any
requirement hereof or of any rules or regulations issued by the Secretary of the Treasury hereunder
shall be subject to the penalty provided in Section 11 (N ) of the Federal Reserve Act, as amended.
This order may be modified or revoked at any time.
(Signed)

H. MORGENTHAU, JR.,
Acting Secretary of the Treasury.

Approved:
F ranklin D. R oosevelt.
The White House, December 28, 1933.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102