Technicalwealth, thanks for sharing your personal story. Sorry to hear your great-grandfather had to give up his gold. Apparently many people did not comply with this. A number of years ago, I asked a family friend who remembered the gold confiscation order and he said that no, they did not give up their gold.

As a another cautionary tale on overtrust of fiat and the government, my grandfather was a young physician who had saved up a bit of money but the currency got inflated away and so the family went hungry for a while.

Tough times back then.