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 Replies: 23 / Views: 2,323 |
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Bedrock of the Community
United States
17884 Posts |
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Cool video, it's silly that there was a 15% buyer's premium, it was the US Treasury getting the funds. But it was the auction house that got the 15%. You think the auction house shouldn't get paid because the US Treasury was getting part of the money from the sale? Quote:
They have there hands in everything. 15% buyers fee! I don't care whose auction it is. I would not give an auction house, bank, or credit card Co. 15% News flash, I believe just about every major auction house gets a 15% buyers premium. Unless you buy it through their ebay listings, in which case you pay 20%. Quote:
I like how Sotheby's kept saying "Where as this coin is deemed legal tender, for public debt". Right. How about the family who had 10 of these 1933 Double Eagles confiscated who were foolish in sending them to the U.S. Government for authentication.They got nothing. That is because it was "Where as THIS coins is deemed legal tender". It had nothing to do with extending legal tender status to any other 1933 double eagle. Quote:
The history behind these coins is rather interesting. Some accounts say that there might be 5 in public hands since the thinking is 25 did leave the mint.
I knew that 9 were melted, 1 sold, and 10 are in the hands of the government...that makes 20. By some account Izzy had 25 coins. In 1944 he only admitted to having sold 9 coins. The government recovered 8 and Farouk had the 9th so they announced that all of the 1933 double eagles had been accounted for. They turned two over to the Smithsonian and melted down the rest. Then Eliasberg admitted to having one and the gvernment insisted he return it. So that meant they had accounted for 10 of the 9 coins! For some reason they never went back to Izzy to ask about this tenth coin and whether or not their were others. Then there was the Farouk coin and then Izzy's family sent them ten coins. That accounts for 21 of the 25 Izzy supposedly had. A 1980 photo exists of a 1933 double eagle that does not match any of the 13 known existing 1933 double eagles, and since it is from 1980 it can't be any of the melted ones. So it proves that there is at least one more of them out there somewhere. Quote:
I thought that family that had the 10 were going to sue to get them back. Any news on that? They have sued and the suit is going forward but it will probably still be a long time before it reaches a conclusion. |
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Valued Member
United States
346 Posts |
Man, that's so cool... being able to track nearly every 1933 Double Eagle in existence.
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Valued Member
United States
429 Posts |
I would love to see the owners entire collection, if you can afford 6.5 million on one coin then the rest have to be something as well.
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Bedrock of the Community
 United States
14454 Posts |
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I like how Sotheby's kept saying "Where as this coin is deemed legal tender, for public debt". Right. How about the family who had 10 of these 1933 Double Eagles confiscated who were foolish in sending them to the U.S. Government for authentication.They got nothing. if you watch video number 2 you will see that the treasurer had to sign the coin over to the owner for it to be deemed "Legal Tender" and until that happens it is illegal to own, and I don't see that ever happening again because it would make the "one" that they proclaimed would be the only one "legal to own" not worth what they sold it for and could cause another huge law suit against them for making the buyer believe they would have the only one legal tender coin ever which in turn caused the price to go up on the sale. This discussion has been had many times on this forum as I am sure it has been had on every other coin forum you can think of, the thing is we will always just have to agree to disagree on this subject, because there are strong arguments that say that its the property of the Govmnt, then there are strong arguments that say its the property of the persons who had possession of the coins. I myself am one that agrees with the Govmnt on this one, they were illegal to own, they never were supposed to be released to the public, so they are illegal to own, that is except for the one that they signed over as "Legal Tender" in this auction. If I was in the family that found them I may feel different on this (I doubt it though) but from where I sit now this is how I see it |
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Pillar of the Community
United States
2797 Posts |
A little more perspective to the story ... King Farouk purchased the coin here in the U.S. and properly applied for an export license for the coin. The request included the type, denomination and date on the coin. US Customs, not wanting to create an international incident at the time approved the export license. Modern day lawyers used this 1950's era U.S. Government validation of this single coin as the basis for their suit to have it declared legal tender. Since it was the only one previously validated by the USG, it will probably be the only one that realizes legal tender status.
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Bedrock of the Community
United States
12437 Posts |
The key distinction between the Farouk specimen and all others is the fact that the Department of Treasury issued an export license in 1944 to allow King Farouk to take the coin to Egypt- that is essentially why the government had to legalize the ownership of that sole example. The export license was necessary because of all the restrictions that FDR's illegitimate law placed on owners of gold. Without the record of that export license, that coin would still be illegal and in Ft. Knox along with the other Israel Switt specimens. The Switts more than likely will never see those coins again or receive any compensation for them but they messed up by sending them Here is a link to a legal website discussing the entire history of the most famous coin in the world and the legal reasoning as to why none of the coins were legitimately obtained in the first place(Switt engineered an apparent inside job with the Philadelphia Mint cashier) http://www.law.com/jsp/article.jsp?...046288235244Edited by biokemist6
08/19/2008 2:46 pm
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Pillar of the Community
United States
3499 Posts |
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Pillar of the Community
Egypt
3470 Posts |
Thanks for the link Bryan1315
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Pillar of the Community
United States
6326 Posts |
WOW !!.....  Thanks Bryan ! |
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Moderator
 United States
188770 Posts |
I finally found the time to watch it, both parts. I had to laugh when they said that the price would also include the $20 face value of the coin!
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Pillar of the Community
United States
6326 Posts |
 ...but of course they would mention that !..... ........every little bit helps!.......  Edited by eaglefoot
08/20/2008 10:51 am
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Rest in Peace
United States
5375 Posts |
I would pay maybe $40 for it.
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Bedrock of the Community
United States
14454 Posts |
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I would pay maybe $40 for it heck you can't even get one of any date hot off the presses from China for that |
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Pillar of the Community
United States
1840 Posts |
Great video! How do you suppose you would take delivery of a coin like that. You certainly just can't stick it in your pocket and walk out of the place.
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Bedrock of the Community
United States
17884 Posts |
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Replies: 23 / Views: 2,323 |
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Posted 08/19/2008 12:55 pm
