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 Replies: 18 / Views: 2,505 |
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Bedrock of the Community
13014 Posts |
At this point they could use the 80 mil and auction would be best but I can see both sides of the story here.
What bothers me is that certain coins have been allowed to exist even though they shouldnt than for no other reason that they said so. Either go after every coin that got out that shouldnt have or leave them all, just be consistent.
The sad part about this besides the coins, is that even if they sold them for 80 mil they probably spent more money than that over those several decades hunting them down
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Pillar of the Community
United States
2797 Posts |
I've been following this one for years. I never believed the Langbords would get those coins back as there was never an authorized release from the mint for them. All evidence points to an under-the-table deal between Israel Switts and the Philly Mint cashier. The one "legit" example probably came from this arrangement too. It was purchased by Egypt's King Farouk. Fortunately he applied for an export license to return the coin to Egypt. The U.S. Customs office issued it to him and thus the coin became "sanctioned" by the U.S. Govt. The Langbord's coins were never sanctioned.
I do believe they will make their way to sites for historical preservation rather than the smelter.
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Pillar of the Community
United States
2589 Posts |
The government has previously stated that if they recovered the coins they do not intend to melt them. I assume they will be distributed to various federal museum collections, though it would be best for them to auction them off and distribute the proceeds to the Treasury.
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Bedrock of the Community
United States
14454 Posts |
Quote:
I've been following this one for years. I never believed the Langbords would get those coins back as there was never an authorized release from the mint for them I am with you, I didn't see any way that they could ever win this case like they did with the Farouk coin. These were two totally different circumstances even though all coins probably came from the same source, its what happened after it was purchased from Switt that made the case for the Farouk coin. These people didn't have that going for them and I saw no way they could prove they should be able to keep them. I am really happy to get this one over with because as I have stated many times I struggle with the numismatist inside me and my personal moral feelings about this case every time it comes up Quote:
though it would be best for them to auction them off and distribute the proceeds to the Treasury They will melt them before they do that I believe |
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Pillar of the Community
Norway
510 Posts |
Isn't $80 million a little off here? It sold for $7,5 million when collectors believed there was only one. With eleven available, the price for each should be much lower.
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Pillar of the Community
United States
1796 Posts |
Aye there is no worry that they're going to be melted down. The Fed would sooner torch a recovered Rembrandt.
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Moderator
 United States
189340 Posts |
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Isn't $80 million a little off here? It sold for $7,5 million when collectors believed there was only one. With eleven available, the price for each should be much lower. I agree. I also believe that as a part of the sale, the government guaranteed its uniqueness. |
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Pillar of the Community
United States
1064 Posts |
If they were to auction these off, for whatever value, I would think those that have had them confiscated in the past would have a case that they were treated differently. I wonder if there might be more hidden away somewhere...  |
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Pillar of the Community
United States
4132 Posts |
I don't really see the injustice here, they're stolen property.
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Pillar of the Community
United States
8518 Posts |
No injustice whatsoever. I'm glad they took em away.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Pillar of the Community
United States
2541 Posts |
While having 10 more '33 Double Eagles floating around in the numismatic marketplace would certainly be interesting, I have to agree with the ruling. They were taken illegally and should go back to the gov. Maybe they will end up in the Smithsonian?
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Pillar of the Community
United States
2589 Posts |
The 1933's that were siezed and melted in the past were siezed during the era when it was illegal to own gold, so there was no means of the government disposing of them at auction at the time since there was no legal means of doing so.
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Bedrock of the Community
United States
17884 Posts |
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"The Mint meticulously tracked the '33 Double Eagles, So meticulously that on at least four occasions before the Langbord coins turned up they declared that every 1933 double eagle had been accounted for. And they can't auction them off. When they auctioned the Farouk/Fenton coin it was with the understanding that the government would never legitimize another one. So they can't sell these without breaching the contract on the sale of the first one. |
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Valued Member
United States
163 Posts |
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I don't really see the injustice here, they're stolen property. The guy/family should be given a medal and the coins for saving and safeguarding treasure from an out of control government hellbent on destroying them and countless other priceless specimens, most/many of which were stolen from the American public. Of course the coins are unlikely to be destroyed now but they clearly would have been consumed if not for Switt's actions. |
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Valued Member
United States
425 Posts |
Quote:"I don't really see the injustice here, they're stolen property."
True, But is this not also true of ALL pre- 1933 US Gold Coins? I am not expert here but did not the govt. call in ALL gold coins? Does this mean that this case could leed to the Govt. coming after any remaining gold coins?
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Posted 09/07/2012 3:06 pm
