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Replies: 28 / Views: 3,622 |
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Valued Member
United States
111 Posts |
Someone at work told me to be careful about what I buy from the US Mint. She told me that if they ever want to recall back coins purchased from them they can.
Any input on this?
Teena
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Pillar of the Community
United States
1554 Posts |
Well, that sounds just plain silly! How would they know if you still had the coins and who would come to you looking for them, the Coin Police?
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Pillar of the Community
United States
7840 Posts |
How did this "someone at work" come up this whopper? Do you go fishing with her?
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Valued Member
 United States
111 Posts |
Quote: How would they know if you still had the coins Exactly. And as I get older I'll forget who I gave them too. 
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Valued Member
 United States
111 Posts |
Quote: How did this "someone at work" come up this whopper? She heard they did it back in the depression.
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Pillar of the Community
United States
7840 Posts |
Perhaps she may have been referring to the GOLD coins that were illegal to possess after the U.S. was taken off the gold standard in 1933. Or when SILVER was taken out of coins in 1965 (1971 for the JFK's) or the silver certificates were no longer exchanged for silver. So there have been a few times in history, so she may not be too far off her rocker.
Edited by oih82w8 11/19/2011 2:18 pm
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Bedrock of the Community
United States
20753 Posts |
Quote: She heard they did it back in the depression. Which depression? I thought the government was rather busy with big Al Capone and his illigal booze. Of course it would have been easier to conficate everyone's coins rather than tangle with the Chicago gansters. And if there really any coin police, they too would have been messing with the Capone boys. One of the many reasons to learn Spanish. When the coin police come to your door, just pretend you just got here and speak to them in Spanisn. 
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Rest in Peace
United States
4078 Posts |
What about the ASE 25th Anniv. Set. A limit of five but, some people got more than five and some said the Mint was trying to get them back. I believe all this came from some of the CCF threads.
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Valued Member
United States
306 Posts |
Crazy talk. Some people really believe this though. My wife's grandmother swears its still illegal to own silver or gold bullion.
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Pillar of the Community
United States
642 Posts |
Ya, definitely coming from an old timer who remembers the 1933 Gold confiscation. I believe rare coins were quickly brought back though.
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Pillar of the Community
Canada
981 Posts |
Let's see them come to Canada to get mine!
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Bedrock of the Community
United States
14454 Posts |
I hate to break it to you guys but the Govt can recall any coins and make them illegal to own even though I doubt they will. I think since we went off the gold standard it would be hard for a law like that to pass but if they really wanted to confiscate every precious metal coin they could because even though you bought them, they are still their property. Just remember all the gold that was in Fort Knox (I saw was because no one has seen it since 1978 and no real proof its still there until someone does another audit) came from collectors and the general public that had Gold coins when the Govt decided t6o confiscate all of them and melt them down into bars. That was one reason my Grandfather was very weary about using a Safe Deposit Box, I believe in 1933 if you had coins in a SDB they would not let you go in there and get them yourself, some bank employee had to go in there with you and they would confiscate any gold you had in there at the time. At least that is one of the rumors I have heard about those times. they did give you face value for the coins so if you had a $20.00 double eagle you received a $20.00 bill and if you look at it at today's standards the people were robbed
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Valued Member
United States
447 Posts |
They can't take 'em if you hold them offshore. 
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Bedrock of the Community
United States
10284 Posts |
The Government can do anything YOU let them do.
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Bedrock of the Community
United States
14454 Posts |
I understand they would have to put up a fight, I am just saying if they wanted to they could make them illegal to own and tell everyone to turn in their holdings if they wanted to which is what was asked, the only difference is it wouldn't be the mint doing the confiscating it would be the US Government
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Bedrock of the Community
United States
11951 Posts |
Many people will hear or read a story, and may not understand what they are hearing. Then tell others their interpretation.
Of course at some time or other we all get the information wrong ... it happens to me more and more as I get older.
The way I understand what happened in 1933, the government took us off the gold standard. And change the status of gold coinage. It was no longer to be used as legal tender. Which to me is different than making gold coins illegal.
People could still have gold coins in collections or to keep for what ever personal reasons.
As far as I know they never went door to door asking for your gold coins. If I got it right it was .. if you needed to buy something with your gold coins, you had to exchanged them for silver/nickel/copper coins or paper currency.
Of course the government asked citizens to turn in/exchange their gold coins .. but most did not.
Again .. this is just my interpretation of the story.
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Replies: 28 / Views: 3,622 |