Posted on 08/30/2011 12:33:14 PM PDT by CincyRichieRich
How did a Philadelphia family get hold of $40 million in gold coins, and why has the Secret Service been chasing them for 70 years?
U.S. Mint/AP Photo This coin is worth $7.6 million
The most valuable coin in the world sits in the lobby of the Federal Reserve Bank of New York in lower Manhattan. It's Exhibit 18E, secured in a bulletproof glass case with an alarm system and an armed guard nearby. The 1933 Double Eagle, considered one of the rarest and most beautiful coins in America, has a face value of $20—and a market value of $7.6 million. It was among the last batch of gold coins ever minted by the U.S. government. The coins were never issued; most of the nearly 500,000 cast were melted down to bullion in 1937.
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Most, but not all. Some of the coins slipped out of the Philadelphia Mint before then. No one knows for sure exactly how they got out or even how many got out. The U.S. Secret Service, responsible for protecting the nation's currency, has been pursuing them for nearly 70 years, through 13 Administrations and 12 different directors. The investigation has spanned three continents and involved some of the most famous coin collectors in the world, a confidential informant, a playboy king, and a sting operation at the Waldorf Astoria in Manhattan. It has inspired two novels, two nonfiction books, and a television documentary. And much of it has centered around a coin dealer, dead since 1990, whose shop is still open in South Philadelphia, run by his 82-year-old daughter.
(Excerpt) Read more at finance.yahoo.com ...
Consensus? Thats the level of proof we expect from our Gov't?
Balderdash. The US Mint has records of what was struck and what left. If, then those records do not fulfill the question of where did these ten come from, then there is no stolen property.
No complaint. No deficient inventory. Nothing.
While I understand your argument, the simple fact remains...The United States Government is trying to cover up a mistake it made, by taking property without just compensation. (and by smearing these peoples ancestors to do so, (and yes, I know the backstory, that is not the point))
No one OWNS anything in this country, it can ALL be taken by force of arms by uncle sham and his trained gorillas when they want it.
And there’s really nothing anyone can do about it except die n a futile gesture of resistance.
We’ve all been property for a long, long time.
Moral of the story is don’t never tell the gubmint nuttin’.
I have a 1933 $20 coin. I keep it in the Ark of the Covenant with my Holy Grail. The government is welcome to come search for their coin but they have to quest for the Ark and the Grail first.
>>And there’s really nothing anyone can do about it except die n a futile gesture of resistance.<<
Some of us are not so easily defeated.
From Wikipedia: "His wearing of gold neck chains and other jewelry was the result of customers losing the items or leaving them behind at the night club after a fight. A customer, who may have been banned from the club or trying to avoid another confrontation, would not have to re-enter the club if Mr. T wore their jewelry as he stood out front."
...get a kick out of the last throw...after the guy yells at them....had to throw the last one...*smiles*
Some may...and we will die. But on the whole, I don't believe the citizenry of this nation has the balls.
An absurd valuation from the beginning. A single coin with the history that the Farouk 1933 Double-Eagle possesses, is a singular rarity and thus commands the way upscale pricing for it's uniqueness. Sold today with the knowledge that there are 10+ in existence would probably drop its value to $3-4 million with its provenance intact.
The 10+ remaining siblings that were never legally in circulation? Even if made legal tender, they would be in the $500k+ range as very rare exemplars. In 2009 a 1932 Double Eagle was advertised for retail sale at $75k (MS64 - near gem quality). Thus the $40 million of the title is laughable!
As for the confiscation of gold, this possession was the result of an original theft from the US Government. I do not expect heirs of thieves to gain from the theft.
The Lone Ranger Rides Again!
"before ye shall pass,you must answer three questions, #1 where's was the big eared one born?..#2 how is it he attends college with no means of support,..#3..and how long before he (at this point the sound goes out on Doogle's computer for security reasons)..and the American people rejoice
Some of us are not so easily defeated.
Unfortunately Dr.Zoidberg is right.....how many of your neighbors will put their lives on the line to back you up?
You would never win a battle like that on your own, it would require mass resistance. I do love your attitude though as I'm the same way.
Conversely, would you put your life on the line to back up your neighbor?
I'm not trying to be snarky, just think about it for a minute.
“Two of the 1933 specimens were given by the Mint to the U.S. National Numismatic Collection at the Smithsonian Institute. These were the only two legal specimens to ever become part of a coin collection; however, by 1952, the Secret Service had confiscated 8 more 1933 Double Eagles.
“How did they leave the Mint? Why weren’t they melted down?
Was the 1933 Double Eagle Switched for Another Coin?
“We may never know for certain how these coins left the Mint, - but there is a general consensus among scholars that a Mint cashier by the name of George McCann exchanged about 20 1933’s doomed for destruction and replaced them with earlier dated Double Eagles. - This way, the accounting books would balance and nobody would realize that anything was amiss.
“What we do know for sure is that a Philadelphia area jeweler by the name of Israel Switt came into possession of at least 19 of the coins.
“Israel Switt sold at least 9 of the 1933 Double Eagles privately to collectors...”
[snip]
“In September of 2004, Joan Langbord, one of Israel Switt’s heirs, discovered ten more specimens of the 1933 Double Eagle amongst his effects. Apparently unaware of the legal status of these coins (or perhaps just a bit too trusting of the government) she sent all ten specimens to the U.S. Mint to have them authenticated. The Secret Service declared the coins to be seized, and now Langbord is fighting the government over ownership while the specimens languish at Fort Knox.”
Read more:
http://coins.about.com/od/famousrarecoinprofiles/p/1933_Gold_Eagle.htm
It would indeed be futile to take them on “full frontal”, because they have virtually unlimited resources.
If you fear confiscation, HIDE it. Keep some in your home for them to confiscate and “do their job”, and let them move on.
Then send the balloon up (short wave, whatever).
Organize resistance for the second wave, or pick a time to fight them on YOUR TERMS.
Fighting them on their terms will just end up losing one good resistance fighter (and a bunch of preps) that could have been used better later.
Wasn’t about gold. It was about possessing millions in stolen property.
“”Can the US Government Seize Your Silver or Gold? You Bet!””
Why bother with all that work? Much simpler to seize imaginary zeros and ones from your IRA and 401K’s with the push of a button than trying to search all the back yards with metal detectors.
Besides, when they come for the gold they know that they’ll have to take some lead first with much of it, and the funny thing about soldiers, especially Marines, that pesky little oath they took to the Constitution. Forcing some poor grunt to shoot grandpa because he refuses to hand over his life savings and retirement in his own home he’s defending will cause some serious morale issues for the troops and their commanders.
Can you imagine a Governor Perry, Daniels, or even Palin if she were still in office to allow the federal government to walk into their states and seize assets like that?
Not without a fight, I guarantee it.
The government needs to read the Constitution.
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