In 1933 in order to give credibility to the Gold Standard executive order 6102 was issued by President Franklin Roosevelt. The order criminalized the possession of monetary gold by any individual, partnership or corporation. There is nothing in the constitution that allows for such an order and it was challenged in court. Its enforceability was always in question but many Americans blindly submitted. The privately owned Federal Reserve Bank paid $20.67 per ounce for the gold they received. Later the exchange rate was set at $35 per ounce for international transactions where it stayed until 1971.