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.
We weren't on the gold standard prior to 33, we were on a gold exchange standard.
And we didn't go off the standard, FDR criminalized gold possession.
Public domain bump?
The government hates competition.
There's money to be made in bumper stickers for that one.
This story is no different than a war trophy NFA weapon being found in the attic. Once contraband always contraband to the gubermint.
'After a legal battle, the dealer was permitted to sell the coin at auction on the condition he split the proceeds with the Mint.'
Hehe... I'm suprised no one pointed that out.
Government: He stole from us!
Seller: No I didn't. These coins are mine.
Gov't: Ok then, sell the coins and give us a cut.
The Mint is acting like a mob racket. Harass and shake down money.
How stupid.
They confiscate the coins and melt them down to bullion or put them under glass for people to oogle over.
But is the family sells them for$15 million and pays MILLIONS in income tax.
Looks like the majority of responses so far are from FReepers unclear on the concept of "property."
F the G.
Unbelievable.
More proof that we are here to serve the government. Our rights are bestowed upon us by the government. They can be taken away at a bureaucrats whims.
We should all bow down and thank the Almighty Federal Government for what it allows us to have ... cheap crap from China, mostly.
ITs for the CHILDREN darn it! ;)
Your money are belong to us.
bump
yes there is a huge difference. gov't just stole these coins, if it were an unregistered NFA weapon, they'd jail you at best, altho don't rule out possibility of them burning down your house.
It's the most non-reactive metal, meaning it doesn't corrode or oxidize. It reflects all infrared energy, making it about the best radiation shield (great for coating spacesuit visors). It has extremely high electrical and thermal conductivity in a wide temperature range. It's the most ductile metal known, meaning you can make extremely thin wires or sheets that still hold together. And by thin, I mean an ounce of gold can make a five mile-long wire.
In all, I'd say it's pretty valuable.
Perhaps the coins were "distressed" and the Mint thought that they would assist in local economic development. Let's ask Justice Souter.
Sounds like theft to me!
AFter reading this, I've got a headache. Wait, let me unclench my jaw.
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