Roosevelt Franklin
FDR 2X Signed Promissory Note as President of the Georgia Warm Springs Foundation


Typed Document Signed, “Franklin D. Roosevelt”, one page, 8.5” X 3.75”, February 1st, 1927, New York. Also signed “D. Basil O’Connor”. Typed endorsement signed, “Franklin D. Roosevelt” on verso. Promissory note reads in full, “$2500.00 / On February 1st, 1937, at the Bank of America, New York City, GEORGIA WARM SPRINGS FOUNDATION, INC., a corporation of the State of Delaware, promises, for value received, to pay to the order of FRANKLIN D. ROOSEVELT, the sum of Two Thousand, Two Hundred and Fifty Dollars in gold coin of the United States of America of the standard of weight and fineness existing on the date of this note, without interest. / The maker of this note may at any time before maturity pay and discharge the same, by payment at said Bank of America of the principal amount thereof, without interest. / Due February 1st, 1937. / GEORGIA WARM SPRINGS FOUNDATION, INC. / By (signed) Franklin D. Roosevelt / President. / (signed) D. Basil O’Connor / Treasurer.” Typed endorsement on verso reads, “The within-named payee waives presentment and notice of non-payment of the within note / (signed) Franklin D. Roosevelt.” Light creasing, else fine condition with two dark FDR signatures.



At the suggestion of a friend, FDR went to a resort in Warm Springs, Georgia, to bathe in the mineral rich water. The water was so buoyant that he could walk around in it without braces. In 1927, he purchased the resort and converted it to a water therapy treatment center for polio patients. It became the Warm Springs Foundation and, over the years, treated thousands of polio victims who went to Warm Springs, Georgia for treatment. It was believed that the naturally warm waters had recuperative powers for polio victims. The Warm Springs Foundation became the March of Dimes and ultimately funded the research that led to the polio vaccine.



Ironically, had Roosevelt not waived the repayment of the note, he, by his own executive order of 1933 abrogating the gold standard, would not have been able to keep the repayment in the form of gold coin. FDR’s April 5, 1933 Executive Order stated in Section 2, “All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve Bank…all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, 1933…[Section 3] any person becoming the owner of any gold coin… after April 28, 1933, shall, within three days after receipt thereof, deliver same in the manner prescribed in Section 2…” Criminal penalties for ‘hoarding’ gold were posted at $10,000 fine or 10 years imprisonment, or both, as provided in Section 9. The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress which went into effect December 31, 1974.






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