Roosevelt's executive order 6102 was issued on April 5, 1933, during the Great Depression, as part of his efforts to stabilize the economy and the banking system. At the time, the U.S. government was facing a severe shortage of gold reserves, which were necessary to back up the U.S. dollar. Roosevelt believed that hoarding of gold by private citizens was exacerbating the problem by reducing the supply of gold available to the government.

To address this issue, Roosevelt ordered the confiscation of privately held gold coins and bullion and required individuals to exchange their gold for paper currency at a fixed price of $20.67 per ounce. This effectively devalued the U.S. dollar and allowed the government to increase its gold reserves.

Roosevelt's administration argued that this measure was necessary to stabilize the economy and prevent further banking failures, as the lack of confidence in the U.S. dollar was causing people to withdraw their money from banks, which in turn reduced the banks' ability to lend money.
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