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 Replies: 69 / Views: 6,189 |
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Bedrock of the Community
13014 Posts |
For anyone thats interested the Smithsonian Channel is currently running a special show on the Secret Service chasing down the 1933 Double Eagles till 11pm eastern time June 18th
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Bedrock of the Community
 13014 Posts |
Very interesting back in the 50s the king of egypt owned one and the secret service was told not to go after it.
Another sold for 7.5 mil and is in on display.
And the worst part of all one family found 10 in their inheritance and asked the US government to certify they were real. They all were and confiscated. That battle is still in court now.
And there are up to 5 more unaccounted for that some lucky families are no doubt enjoying.
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Pillar of the Community
United States
1388 Posts |
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Bedrock of the Community
13014 Posts |
Was very interesting. Now I want a 33 Double Eagle more than ever lol
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Valued Member
United States
227 Posts |
Dern <Edited by staff to make more family friendly> I missed it...
Wow the government took TEN from them? But seriously why on earth would you go to the government to certify them...... some people, not so smart.
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Bedrock of the Community
13014 Posts |
Donk they wanted to see if they were real or not. Probably had no idea they were illegal. 10 would be a brutal loss, life changing money. I cent remember the exact details but it seemed like the government was okay with the 7.5 million dollar sale of the one on public display. I kind of feel like at this point they should just let the 16 or so exist
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Valued Member
United States
227 Posts |
I know they had no idea what they were, but it was still a bad move. They should have stopped to think for a second "OK, these could potentially be valuable (even if they're just worth their weight in gold, I mean its 10 solid gold coins for gods sake), who can we trust to verify them?". Does THE GOVERNMENT go at the top of that list? Not to mention the first step would be to try to learn about the coins yourself (for many reasons). Even if this occurred before the days of the internet I would have simply called a numismatic professional and said this is what I think I have, tell me what I need to know about it.
Ugh just a brutal story but that's what happens I guess ... makes me really hate the government I mean honestly at this point who cares. What good does destroying them do.
Edited by donkrx
06/19/2012 01:31 am
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Bedrock of the Community
13014 Posts |
I mean I could see having the mint verify theyre legit to be put up for auction which I think is what they were doing. 10 gold coins while valuable at the time the gold weight was no where near the type of price of today too. Definitely sucks for the family that inherited them, but considering how they were stolen who ever in that family got them almost certainly was involved in the heist. I get the whole illegal thing and they dont want people having them seems they should at least be able to sell them to a museum or something, but then again that would make the 7.5 million one less valuable so definitely a lot of competing interests here. Really just crappy situation all around. Could only imagine how excited I would be to get my hands on 10 of them then have it gone like that |
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Valued Member
United States
227 Posts |
As far as the illegal aspect, why then aren't the 1913 Liberty V nickels illegal... I mean I dunno I just would like to see some consistency there. But again, its the government. You can't expect them to use logic for very much of what they do. |
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Pillar of the Community
United States
1208 Posts |
The court battle was lost.
The court ruled in favor of the govt.
This was earlier this year IIRC.
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Bedrock of the Community
13014 Posts |
That's brutal. How high up on the appeals chain has it gotten?
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Pillar of the Community
United States
3486 Posts |
"Donk they wanted to see if they were real or not. Probably had no idea they were illegal. 10 would be a brutal loss, life changing money. I cent remember the exact details but it seemed like the government was okay with the 7.5 million dollar sale of the one on public display. I kind of feel like at this point they should just let the 16 or so exist"
The "OK" coin was exported WITH A PROPER LICENSE" and that claim of legitimacy
held up in court.
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Pillar of the Community
United States
1391 Posts |
I used to feel bad for the family. But if you can't type "1933 20 dollar" in google and read for 10 minutes you had it coming. After reading for 10 minutes you should have put them back in the saftey deposit box and shut up. If you needed they money I can see taking ONE out and trying to sell it. What did they do? So it sold for 7.5 million and was like, "I've got ten, let's see, 7.5 mill times 10. !!"
The collectors are the ones that loose. I know I could never affort to buy one but at least to other people would have them and that would make me happy.
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Bedrock of the Community
United States
36710 Posts |
allranger, I think they knew what the coins were worth. I think they just tried to get legal status for them from the government and it backfired.
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Bedrock of the Community
United States
14454 Posts |
Quote:
Very interesting back in the 50s the king of egypt owned one and the secret service was told not to go after it. This King Farouk coin is still the only legal 1933 St Gaudens that is legal tender and is the one that sold at auction for the highest price ever paid for a US coin. The reason they didn't go after it is because King Farouk was given export papers from the Secretary of the Treasury in 1944 (not the 1950's as stated above) for the coin (which he purchased from Israel Switt for $1,575), so that meant they knew what it was when they gave it to him which pretty much gave him ownership of the coin. If he had just put it in his pocket and flew back home it would have been a different story and its the one case that has brought allot of controversy throughout the years because all others that have been found has been confiscated by the Govt. Quote:
allranger, I think they knew what the coins were worth The 10 coins known as the Switt Family coins (The family of Israel Switt, who actually sold the coin to King Farouk) definitely knew what they had and what they were worth. Court documents showed that they went to the Safety Deposit Box the day before the auction for the King Farouk Coin was to end and that is why they waited until the one legal specimen was sold for 7.59 million Dollars before they brought their coins to public view trying to cash in on the publicity of the highest price ever paid for a coin Quote:
How high up on the appeals chain has it gotten?
If I am not mistaken they have exhausted all their efforts to keep the coins and took it all the way to the Supreme Court |
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Pillar of the Community
United States
8516 Posts |
The family members were descendants of one of the original thief's, Israel Switt. No way they should benefit.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
Edited by 52Raymo
06/19/2012 12:14 pm
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Replies: 69 / Views: 6,189 |
Posted 06/18/2012 11:10 pm
