| Author |
 Replies: 18 / Views: 2,500 |
|
Pillar of the Community
United States
526 Posts |
|
|
|
|
Pillar of the Community
United States
1431 Posts |
I don't know what part of this bothers me more.
Is it that the government went to such great lengths to seize a few gold coins worth untold millions in numismatic value only to melt them down, or is it that the inheritors willingly delivered them into the hands of the mint perhaps knowing full well the questionable legal status of those coins?
|
|
Pillar of the Community
United States
1049 Posts |
WoW !!... Question: Surely knowing full well the rarity and value of these coins, and how hard up they are for revenues, couldn't the Feds auction these? It pains me to think they would be destroyed..
|
|
Pillar of the Community
United States
8515 Posts |
It would be nice if the mint put them up for auction but pretty sure the law says they have to be melted.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
|
|
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
|
|
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.
|
|
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.
|
|
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 |
|
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.
|
|
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.
|
|
Moderator
 United States
187446 Posts |
Quote:
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. |
|
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...  |
|
Pillar of the Community
United States
4132 Posts |
I don't really see the injustice here, they're stolen property.
|
|
Pillar of the Community
United States
8515 Posts |
No injustice whatsoever. I'm glad they took em away.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
|
|
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?
|
|
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.
|
| |
Replies: 18 / Views: 2,500 |
Posted 09/07/2012 2:19 pm
