Free Republic is FREE to those who don't pay for it... but yet THEY get worth out of it, yes???
Posted on 08/25/2005 9:52:28 AM PDT by LibWhacker
PHILADELPHIA - The U.S. Mint seized 10 Double Eagle gold coins from 1933, among the rarest and most valuable coins in the world, that were turned in by a jeweler seeking to determine their authenticity.
Joan S. Langbord plans a federal court lawsuit to try to recover them, her attorney, Barry H. Berke, said Wednesday. Langbord found the coins among the possessions of her father, longtime Philadelphia jeweler Israel Switt, who had acknowledged having sold some of the coins decades ago. She now operates her father's business.
David Lebryk, acting director of the Mint, had announced in a news release that the rare coins, which were never put in circulation, had been taken from the Mint "in an unlawful manner" in the mid-1930's and now were "recovered."
The coins, which are so rare that their value is almost beyond calculation, are public property, he said.
But Berke said Mint officials couldn't prove the coins had been stolen, or were subject to forfeiture.
In 2002, Sotheby's and numismatic firm Stack's auctioned off a 1933 Double Eagle coin for $7.59 million, the highest price ever paid for a coin. That Double Eagle, which is believed to have been part of a collection belonging to King Farouk of Egypt, surfaced when a coin dealer tried selling it to undercover Secret Service agents.
After a legal battle, the dealer was permitted to sell the coin at auction on the condition he split the proceeds with the Mint.
In its statement, the Mint said officials were still deciding what they would do with the seized coins, which are being held at Fort Knox. They said they had no plans to auction them but would consider saving "these historical artifacts" for public exhibits. Other double eagle coins seized in the past were melted down.
Double Eagles were first minted in 1850 with a face value of $20. The 445,500 coins minted in 1933 were never put into circulation because the nation went off the gold standard. All the coins were ordered melted down, but a handful are believed to have survived, including two handed over to the Smithsonian Institution.
Langbord declined to discuss how the coins might have come into the possession of her father, who operated an antiques and jewelry shop for 70 years and died in 1990 at 95.
The Mint contends Switt obtained a cache of the gold coins from his connections at the Mint just before they were to be reduced to bullion in 1937.
Switt admitted in 1944 that he had sold nine Double Eagle coins, but he was not charged in connection with those transactions, according to the Mint.
The family attorney said the coins were found recently, and Langbord and her son, Roy, notified the Mint of the discovery in September. Mint officials asked to authenticate the coins, then confiscated them after doing so, Berke said.
He contended Langbord and her son never relinquished their right to the coins.
Don't go introducing economic truth into an emotional argument.
Conjecture. No evidence whatsoever that that is the case. The government employees stole this woman's property. Period.
Thus, that post of mine began with a big, bold "if".
Due process of law, comin' right up.
You both definitely have a point that the coins were stolen property and taking it back is what the government does with stolen property. I still think the disparity between King Farouk's (or whoever's) coin and these coins is unfair.
I guess the thing that really kicks me in the gut is that they handed them over to the Mint or announced even that they had them. I wonder, because they couldn't be so ignorant of what these coins represented, if maybe they've got 20 more back at the jewelry store.
all ur stuff r belong to us
"The value of gold is a myth."
So's the value of the dollar. Would you rather have a $20 bill or a $20 gold piece?
They did. Didn't help. FedGov does what it wants to do.
'After a legal battle, the dealer was permitted to sell the coin at auction on the condition he split the proceeds with the Mint.'
This jumped out at me right away, Bogey! Un-freakin'-believable! The Mint gets a cut just because???? No way!
BTW -- what is the government going to do with their windfall??? Reduce the debt??? Doubt it!!!
Free Republic is FREE to those who don't pay for it... but yet THEY get worth out of it, yes???
If that's really true, then why did our government order almost all of it to be confiscated?
"Owning full auto machine guns is illegal. ..."
"someone is sure to point out all you need is a Class III license, residence in a state that permits it, a $500 per gun license, etc. OK, granted."
Actually, you don't need any form of license. All it takes is permission from the local top cop and the payment of a 200 dollar tax.
The intrinsic cost of producing an ounce of gold is ~$175 and falling rapidly (new production is around $125 per oz). One could argue that the spot price, which tends to reflect cartel pricing unless the central banks are dumping stock, does not reflect its true and reasonable value.
No problem. If you are offering me $1 million for an ounce of gold, let me know when and where and I will have it...
I think that's the point. THey can't prove that the coins were stolen. There was a three or four day window when they could have been legally purchased. I think that given as much time has passed the burden of proof on FedGov should be fairly high. Problem is, FedGov has lots of guns and has demonstrated time and time again that they are more than willing to use them.
Not conjecture. No 1933 gold coins were publically issued. Some were stolen and sold on the black market. This woman's dad admitted to selling some of the stolen coins in 1944. Now more show up, passed down from the admitted fence. Q.E.D.
They are either stolen from the Mint or are counterfeit currency, either of which case deserves confiscation. If the latter, she deserves arrest as well.
You got me.
It doesn't happen often.
Relish this victory. :0)
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