Beautifully engraved unissued $5000 Bond certificate from the Cleveland, Cincinnatic, Chicago and St. Louis Railway Company issued in 1938. This historic document was printed by the American Banknote Company, and has an stamp on the face indicating it is no longer payable in gold coin due to FDR law change in 1933. This item is over 73 years old.
Unique Gold Bond Stamp
Bonds were Payable in Gold or Gold Coin to give the impression that they were a more secure investment. In reality, they were not more secure since there wasn't any gold set aside as collateral for these bonds.
On April 5, 1933, President Franklin D. Roosevelt signed Presidential Executive Order 6102 which invoked his authority to make it unlawful to own or hold gold coins, gold bullion, or gold certificates. The export of Gold for purposes of payment was also outlawed, except under license from the Treasury.
On January 30, 1934, the Gold Reserve Act became law which made the ownership of gold illegal except for coins of numi
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