Embarrassment for the U.S. Mint

[jeff of pa]

Judge says U.S. must return rare coins to Phila. family

A judge in Philadelphia has ruled that the federal government must return 10 extremely rare gold coins to the family of a late Center City jeweler or outline its case for keeping them in a forfeiture filing.
U.S. District Judge Legrome Davis issued the ruling Tuesday in the case of the 10 1933 "double eagle" gold coins, which experts say could fetch millions at auction. The lawyer representing the family said the coins are thought to be the most valuable gold coins in the world.

The federal government seized the coins in 2004 when the daughter and grandsons of the late jeweler Israel Switt brought them to the U.S. Mint to be authenticated.

Joan Langbord and her sons Roy and David contended in a court filing that the seizure was illegal.

http://www.philly.com/philly/news/52246492.html

 

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[Salvor6]

WOW! The last one sold at auction for over $7 mil. Of course the price will go way down when dealers find out that there are 10 more available. I feel sorry for the guy that bought the last one!

 

[silvercop]

maybe now the family will finally get the coins back. the story i got behind the coins was the mint got the family to give the coins to them under the agreement that they were going to authincate them. then the fed refused to return them and stated that none were authorized to be released that year.

 

[jeff of pa]

the government said it was government property stolen in the 1930s from the U.S. Mint and therefore they had a right to take it,"

"The judge said what the government did was a violation of the Fourth and Fifth Amendments,"

4th.
The right of the people to be secure in their persons, houses, papers, and effects against unreasonable searches and seizures shall not be violated

5th.
No person... shall be compelled in any criminal case to be a witness against himself or be deprived of life liberty or property without due process of law..."

 

[Cappy Z.]

My anti govt posts keep getting censored...but this is a case where finally a judge had a conscience and did the right thing.

 

[stefen]

WOW! The last one sold at auction for over $7 mil. Of course the price will go way down when dealers find out that there are 10 more available. I feel sorry for the guy that bought the last one!

Why feel sorry for the guy that bought the last one!

At 7 Mil, he made a great investment...

By time this is settled in court, the aggregate value will far outstrip the $7 Mil paid for a single coin.

The Switt family, if they are well financially advised, will bring the coins to market over a long period, thus protecting the value of the coins marketability.

This could be a great win-win situation

 

[cw0909]

the story of the coins at link
a curious little story this is, coins were illegal to own as currency, yet when the treasury found
one they changed the rules, so it could be sold. i thought that, that type of change would
take an act of congress

On July 30, 2002, the 1933 Double Eagle was sold to an anonymous bidder at a Sotheby's auction held
in New York for $6.6 million, plus a 15-percent buyer's premium, and an additional $20 needed to
“monetize” the face value of the coin so it would become legal currency, bringing the final sale price
to $7,590,020.00, almost twice the previous record for a coin. Half the bid price was to be delivered to
the United States Treasury, plus the $20 to monetize the coin, while Stephen Fenton was entitled to the
other half. The auction took less than nine minutes

do you think, the u.s. treasury, is planning on doing this again to recoup some funds

link
http://en.wikipedia.org/wiki/1933_Double_Eagle

 

[JoeMoto]

...plus the $20 to monetize the coin...

I guess the 3.3 million wasn't enough.

 

[pegleglooker]

bump

 

[jeff of pa]

...plus the $20 to monetize the coin...

I guess the 3.3 million wasn't enough.

Isn't Greed Wonderful 'S

 

[lostcauses]

This is going to get interesting.

 

[Rptyd]

This is just another absolute to confirm that the US government is about as trustworthy as a fox in the hen-house. If you find something important or of any monetary value you'd better make sure it's loop-hole free before going public...

 

[cw0909]

sorry for those that read deleted post, i posted wrong link
story 8-25-09
The coins, which are so rare that their value is almost beyond calculation, are public property, he said.

http://www.usatoday.com/news/nation/2005-08-25-double-eagles_x.htm

 

[WilliamBoyd]

This case is going to go on for years.