Beginning in 1961, U.S. citizens were prohibited from holding monetary gold in the United States or abroad.

Question

Quizplus · Accepted Answer

This is true. The Gold Reserve Act of 1934 had already required U.S. citizens to turn over most of their gold to the Federal Reserve, but in 1961, President Kennedy signed an executive order that made it illegal for U.S. citizens to own monetary gold in any form, including bullion, coins, and certificates, whether held in the U.S. or abroad. This policy was not fully reversed until 1974.