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 Replies: 57 / Views: 7,419 |
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Valued Member
United States
60 Posts |
A former federal cop assigned to the U.S. Mint in Philadelphia admitted stealing $2.4 million in "error" coins.
William Gray, 64, of North Wildwood, N.J., admitted in federal court that he took the $1 presidential coins, all missing edge lettering, and sold them to a California coin dealer. Gray pleaded guilty to theft of government property and income tax evasion, said U.S. Attorney Paul Fishman.
Gray had worked at the U.S. Mint since 1996. He said he took the coins knowing they would be considered more valuable to collectors because they were considered "mint errors." He mailed them from New Jersey.
He was freed on $50,000 bail and will be sentenced on Dec. 20.
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Valued Member
United States
304 Posts |
Well at least someone wants the Prez dollars. Just kidding.
Seriously though, how'd he make off with them? Stick 2.4 Mil of them in his pants and walk out the door? I'd be reviewing the security protocol at the Philly mint after this.
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Pillar of the Community
United States
1903 Posts |
How on earth do you inconspicuously get away with that many coins? 2.4 million coins, that is over 42,000 pounds of coin. That takes more than just one man, sounds like more people are involved.
Even if they are giving the 2.4 million as collector value of the said coins, and average $100 value per coin that still has about 24,000 coins involved, or 420 pounds of coin. That is still no trivial quantity.
Sounds like Mr. Gray is just the tip of the iceberg.
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Bedrock of the Community
United States
12437 Posts |
This article is sorely lacking in details. I have serious doubts about anyone being able to steal 2.4 million Prez dollars, that would be a massive physical volume. My cursory calculation tells me that would be 20 tons of Prez dollars and there is no way to haul out that much, it would be the equivalent of stealing over 25lbs of coins every single day of the year for four straight years. That would also be by far the largest theft in US Mint history. I have a suspicion that the $2.4 million figure is the amount of money he made on his illegal activities, not the face value of the coins. Still, it would have to be thousands or even a couple tens of thousands of coins. Certainly large numbers but not in the millions.
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Pillar of the Community
United States
2661 Posts |
This would have to make one wonder, will the Secret Service aggressivly pursue and confiscate any or all Prez $ errors the way they have the 1933 $20 golds.
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Forum Dad
 United States
24148 Posts |
Quote:
I have a suspicion that the $2.4 million figure is the amount of money he made on his illegal activities, I have a suspicion that's the number the IRS came up with to tax him on.  |
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Valued Member
United States
56 Posts |
I'm with you Bio, I'm assuming that by 2.4 million they mean "coins valued at 2.4 million" and not 2.4 million coins because Uff Da! that would be some mondo coinage in the ol' pockets. But that's sorta par for the course with news reports and value estimates (like every hacking story involves "millions of dollars in damages"). Also since we don't know how long he was doing this (clearly since the Presidential release but how early--since the start?) he could have simply be "one piece at a time"-ing it.
Now if only Johnny Cash had sung about working at the Mint...
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Pillar of the Community
United States
1150 Posts |
He obviously forgot that, when it comes to stealing, the government HATES competition.
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Pillar of the Community
United States
1064 Posts |
Another case of greed overcoming common sense; never ceases to amaze me. I guess when all you can see is $$ signs in your eyes, you think you'll never get caught, never think what the consequences might be for you, your career, your family...  |
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Pillar of the Community
United States
1204 Posts |
I live in north wildwood nj and just google it and is all over the net !
I always though my self the only way most of the errors only could come out of the mint per a inside job and now I'm 100% sure ! It could bring the values of errors to about none because its intentional and not a real error !
Edited by Ricardocody
09/09/2011 1:17 pm
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Valued Member
United States
56 Posts |
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Moderator
United States
23522 Posts |
Quote:
He obviously forgot that, when it comes to stealing, the government HATES competition. I don't care who ya are, that's funny right there. |
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Pillar of the Community
United States
1204 Posts |
Superdave we mighty find some in circulation in our area lol !
I knew some bizarre errors only could see the light outside the mint by a kind of maffia , I have some off center that will never fit in a roll besides some error that we see make us think only per a inside job !
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Valued Member
United States
56 Posts |
This does raise some interesting questions though:
Did the dealer know or have suspicions that the guy who kept on selling him error coins was doing so illegally? And if so, shouldn't he/she be charged as well (since they're acting as a fence)?
--and--
How many of our error coins came out this way? I mean, obviously the mint can't catch every error so that'll be the majority of them but just how many got out of the mint via the clerk's pocket? Or, stated differently, how much of the error collectors livelihood (known or unknown to the collector) is based on an initial smuggling out of the mint?
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Valued Member
United States
56 Posts |
Exactly my point, Ricardocody!
some of those off center errors are so wild that you'd think even a slight inspection would have caught it.
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Locked
822 Posts |
I know of a dealer in California, specializing in errors, with tremendous buying power, and probably gets a huge discount at PCGS. Can you think of any? Edited by scubu
09/09/2011 1:32 pm
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Replies: 57 / Views: 7,419 |
Posted 09/09/2011 12:05 pm
