Some political misjudgments of the past are so notorious that today they are referenced by a single word: Prohibition, Appeasement, Internment, Escalation. The confiscation of gold from American residents in 1933 should be included in that category. In the late 1920s, the mere thought of gold confiscation would have been inconceivable to everyone, including those who later supported it. How and why it happened deserves proper examination; it is an essential part of American history. Kenneth R. Ferguson received his master's degree from the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin in 1973. He made his living as a professional coin dealer for over 40 years, serving as both President of the Texas Coin Dealers Association and Consultant to the American Numismatic Association. He has lived in Austin since 1966.