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- Before his second full day in office was over, President Roosevelt had suspended all banking transactions in the United States. The goal was to stanch the hoarding of currency and gold by anxious depositors. Runs on the nation’s banks had pushed them into or near collapse.
History calls it a “bank holiday.” That makes it sound cheerful. No confetti was involved.
WanderingEng · 2893 days ago · link ·
I never realized Roosevelt's order banning gold hoarding was only a month after he took office. This led to, among other things, the notable rarity of the 1933 double eagle coin.
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