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Thread Title: Where did this "WALL OF GREED HOARD" originate from ??
Created On Sunday March 13, 2011 7:52 PM


GrimReaper
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Sunday March 13, 2011 7:52 PM

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And why is there no Numeral grade assigned to it ?? Just curious !!


Wall of Greed Notes

-------------------------
Looking for Atlanta $1-$20 Series 1928-present + Stars , Raw or Graded !! &
FR-1509 ,FR-1509*,FR-1510,FR-1510*,FR-1511*,FR-1512*,FR-1514*
in PCGS 66 or 67PPQ**


EBAY ITEMS
Check out - BrettEldredge.com !! Hometown Singer

Edited: Sunday March 13, 2011 at 9:31 PM by GrimReaper

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Weg
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Sunday March 13, 2011 8:32 PM

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Never heard of it, what are you referring to?

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Staircoins
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Sunday March 13, 2011 9:29 PM

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Here's an article on the so-called "Wall of Greed" hoard

PCGS has slabbed some of these notes with a cute little "wall of greed" pic on the holder:


Here's one of the notes for sale. There are several available online right now. (Not mine - FYI only.)





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Littletweed
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Sunday March 13, 2011 9:48 PM

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Copied from Denoms (eBay) listing

Money found in Ohio house's walls no treasure

By Joe Milicia
Associated Press

POSTED: 02:43 p.m. EST, Nov 05, 2008

CLEVELAND: In the end, a contractor who found $182,000 in Depression-era currency hidden in bathroom walls got just a few thousand dollars and, he feels, some vindication.

The discovery amounted to little more than grief for Bob Kitts, who couldn't agree on how to split the money with homeowner Amanda Reece.

It didn't help Reece's financial situation either. She testified in a deposition that she was considering bankruptcy and a bank recently foreclosed on one of her properties.

As for the 21 descendants of Patrick Dunne a wealthy businessman who stashed money that was minted in a time of bank collapses and joblessness, only to have it divvied up decades later in a similar economic climate they'll each get a fraction of the find.

"I called it the greed case," said attorney Gid Marcinkevicius, who represents the Dunne estate.

"If these two individuals had sat down and resolved their disputes and divided the money, the heirs would have had no knowledge of it. Because they were not able to sit down and divide it in a rational way they both lost."

Kitts would later call his discovery "the ultimate contractor fantasy."

He was tearing out the bathroom walls of an 83-year-old home near Lake Erie on spring day in 2006 when he discovered two green metal lockboxes suspended by a wire below the medicine chest. Inside were white envelopes with the return address for "P. Dunne News Agency."

"I ripped the corner off of one," Kitts said during a deposition in a lawsuit filed by Dunne's estate. "I saw a 50 and got a little dizzy."

He called Reece, who had hired him for a remodeling project, at work. She got there within 45 minutes.

They counted the cash, piled it on the dining room table and posed for photographs. Both grinned like lottery jackpot winners holding an oversized check.

But how to share? She offered 10 percent. He wanted 40 percent. From there things went sour.

A month after The Plain Dealer reported on the case in December 2007, Dunne's estate sued, claiming the rights to the money.

By then there was little left to claim.

Reece testified in a deposition that she spent about $14,000 on a trip to Hawaii with her mother and sold some of the rare late 1920s bills on eBay and to a coin dealer. She said about $60,000 was stolen from a shoe box in her closet, but testified that she never reported the theft to police.

Kitts said Reece accused him of stealing the money and that she began leaving him threatening phone messages. Marcinkevicius doesn't believe the money was stolen but said he couldn't prove otherwise.

After Reece dropped her claim to the remaining $25,230, Cuyahoga County Probate Magistrate Charles Brown last month gave Kitts 13.7 percent and the rest to Dunne's heirs.

If the currency is sold at an appraised value of $38,592, Kitts will get $5,287 and each of the 21 heirs will receive $1,586. Heir Mary Curtis, who testified in court about her uncle's wealth, did not return a phone call seeking comment.

Brown reasoned $157,000 would belong to the heirs because it was found in envelopes bearing Dunne's name.

About $25,000 was found in cardboard boxes with no identification in another bathroom wall. Brown determined that that money would belong to the property owner, Reece, but since she dropped her claim Kitts should get the money because he found it.

Reece didn't keep the money from the two finds separate, so Brown decided to split the remaining $25,230 on a prorated basis.

Reece, a mortgage loan officer, testified in a deposition that she's buried in debt, in part because of the real estate meltdown. She's loaded with credit card debt, and properties she bought in 2003 and 2004, near the peak of the real estate boom, have lost value.

A bank foreclosed on a Cleveland house she owns with $60,750 due on a $62,300 mortgage that she took out a week after the money was found.

Reece's phone number has been disconnected, and her attorney Robert Lazzaro did not return a phone call seeking comment. There were no court records showing that Reece had filed for bankruptcy.

Kitts' contractor business finally has picked up again. He said he lost a lot of business because media reports on the case portrayed him as greedy.

He said he feels vindicated by the court's decision to give him a share.

"I was not the bad guy that everybody made me out to be," Kitts said in an interview. "I didn't do anything wrong."

He's often asked why he didn't keep his mouth shut and pocket the money. He simply answers that he wasn't raised that way.

"It was a neat experience, something that won't happen again," Kitts said. "In that regard, it was pretty fascinating; seeing that amount of money in front of you was breathtaking. In that regard, I don't regret it.

"The threats and all that's the part that makes you wish it never happened."

CLEVELAND: In the end, a contractor who found $182,000 in Depression-era currency hidden in bathroom walls got just a few thousand dollars and, he feels, some vindication.

The discovery amounted to little more than grief for Bob Kitts, who couldn't agree on how to split the money with homeowner Amanda Reece.

It didn't help Reece's financial situation either. She testified in a deposition that she was considering bankruptcy and a bank recently foreclosed on one of her properties.

As for the 21 descendants of Patrick Dunne a wealthy businessman who stashed money that was minted in a time of bank collapses and joblessness, only to have it divvied up decades later in a similar economic climate they'll each get a fraction of the find.

"I called it the greed case," said attorney Gid Marcinkevicius, who represents the Dunne estate.

"If these two individuals had sat down and resolved their disputes and divided the money, the heirs would have had no knowledge of it. Because they were not able to sit down and divide it in a rational way they both lost."

Kitts would later call his discovery "the ultimate contractor fantasy."

He was tearing out the bathroom walls of an 83-year-old home near Lake Erie on spring day in 2006 when he discovered two green metal lockboxes suspended by a wire below the medicine chest. Inside were white envelopes with the return address for "P. Dunne News Agency."

"I ripped the corner off of one," Kitts said during a deposition in a lawsuit filed by Dunne's estate. "I saw a 50 and got a little dizzy."

He called Reece, who had hired him for a remodeling project, at work. She got there within 45 minutes.

They counted the cash, piled it on the dining room table and posed for photographs. Both grinned like lottery jackpot winners holding an oversized check.

But how to share? She offered 10 percent. He wanted 40 percent. From there things went sour.

A month after The Plain Dealer reported on the case in December 2007, Dunne's estate sued, claiming the rights to the money.

By then there was little left to claim.

Reece testified in a deposition that she spent about $14,000 on a trip to Hawaii with her mother and sold some of the rare late 1920s bills on eBay and to a coin dealer. She said about $60,000 was stolen from a shoe box in her closet, but testified that she never reported the theft to police.

Kitts said Reece accused him of stealing the money and that she began leaving him threatening phone messages. Marcinkevicius doesn't believe the money was stolen but said he couldn't prove otherwise.

After Reece dropped her claim to the remaining $25,230, Cuyahoga County Probate Magistrate Charles Brown last month gave Kitts 13.7 percent and the rest to Dunne's heirs.

If the currency is sold at an appraised value of $38,592, Kitts will get $5,287 and each of the 21 heirs will receive $1,586. Heir Mary Curtis, who testified in court about her uncle's wealth, did not return a phone call seeking comment.

Brown reasoned $157,000 would belong to the heirs because it was found in envelopes bearing Dunne's name.

About $25,000 was found in cardboard boxes with no identification in another bathroom wall. Brown determined that that money would belong to the property owner, Reece, but since she dropped her claim Kitts should get the money because he found it.

Reece didn't keep the money from the two finds separate, so Brown decided to split the remaining $25,230 on a prorated basis.

Reece, a mortgage loan officer, testified in a deposition that she's buried in debt, in part because of the real estate meltdown. She's loaded with credit card debt, and properties she bought in 2003 and 2004, near the peak of the real estate boom, have lost value.

A bank foreclosed on a Cleveland house she owns with $60,750 due on a $62,300 mortgage that she took out a week after the money was found.

Reece's phone number has been disconnected, and her attorney Robert Lazzaro did not return a phone call seeking comment. There were no court records showing that Reece had filed for bankruptcy.

Kitts' contractor business finally has picked up again. He said he lost a lot of business because media reports on the case portrayed him as greedy.

He said he feels vindicated by the court's decision to give him a share.

"I was not the bad guy that everybody made me out to be," Kitts said in an interview. "I didn't do anything wrong."

He's often asked why he didn't keep his mouth shut and pocket the money. He simply answers that he wasn't raised that way.

"It was a neat experience, something that won't happen again," Kitts said. "In that regard, it was pretty fascinating; seeing that amount of money in front of you was breathtaking. In that regard, I don't regret it.

"The threats and all that's the part that makes you wish it never happened."
Ray Whitaker hopes his clients will receive what remains of the mysterious fortune. - Walter Novak

*
Walter Novak
*
Ray Whitaker hopes his clients will receive what remains of the mysterious fortune.

Late into the night, in an office crammed with leather-bound phone books and stacks of yellowed microfilm, Ray Whitaker works. He's a professional genealogist, so work means combing forgotten files and police records, searching for people both dead and alive. It's not glamorous; his office is tucked in a dusty VFW building in Euclid. But it's decent work. If a person needs to find a long-lost ex-lover, Whitaker's the man. And he can earn several thousand dollars from his gratifying deed.

Whitaker's leads often come from obits in the newspaper. But last December, he got a call from his boss, the owner of Worldwide Finders. Whitaker had been hard at work on a complicated unclaimed funds case. But his boss had a new, more lucrative case for Whitaker to dive into, and the lead wasn't in some obscure death notice. It was on the front page.

The story, which ran in The Plain Dealer and was picked up in papers nationwide, was about a contractor named Robert Kitts. While renovating the bathroom of an acquaintance's Lakewood home in 2006, Kitts had ripped out a wall and stumbled across a metal box. Inside, he found a wad of old money. It was accompanied by no note, no explanation for its existence just the words "P. Dunne" printed on the paper that held it together.

Soon Kitts and the home's owner, Amanda Reece, were pulling three more metal boxes from the walls, each stuffed with money $182,000 in antique bills from the late 1920s. A trip to an appraiser only bolstered their windfall: Some of the bills were rare Cleveland Federal Reserve banknotes. Their treasure was worth nearly $500,000.

Had they agreed to divide the money had they realized that without each other, neither would be a penny richer they never would have made the front page. Whitaker's boss wouldn't have sent him chasing after their fortune.

But while Reece promised the contractor 10 percent of the find, Kitts claims, she soon stopped answering his calls. So Kitts hired a lawyer, who told him that not only did he deserve 10 percent, he deserved the whole stash. According to a little-known "finders-keepers" law, the money was all his as long as no heirs could rightfully claim it.

The PD story in hand, Whitaker started poring through court records in search of the mysterious P. Dunne. And he quickly learned that Dunne wasn't that mysterious a man at all. Rather, he was a high-powered broker in 1940s Cleveland, a guy whose friends included Arthur B. McBride, the first owner of the Cleveland Browns. When he died in his home in 1968, Whitaker learned, Dunne left the majority of his assets $636,000 worth to his sister-in-law, Agatha Gannon.

But that didn't include the money he had stashed in the walls, a typical savings device for a man who lived through the Depression. So while Gannon owned the home a large brick and wood Tudor on Edgewater Drive she had no clue there was a separate fortune stuffed in her walls. It took Reece's decision to remodel a bathroom, 40 years and six or seven owners later, to uncover it.

Armed with reams of records, Whitaker followed the Gannon family tree across several levels of branches. He discovered that she'd died in 1974, alone and unmarried. So she left her estate to 21 nieces and nephews the rightful heirs, Whitaker believed, to the stack of bills in the wall.

By late December, he had tracked down seven living nieces and nephews, and the families of several deceased heirs more than 50 potential clients in all. And he made each of them an offer: If a lawyer could wrestle the fortune from Kitts and Reece whose lawyers were wrestling over it themselves the descendants could split the dough, with the lawyers and Worldwide each getting a cut.

Six people signed on, so Whitaker called Euclid attorney Egidijus "Gid" Marcinkevicius. And with that, the two-person cage match over control of the treasure in the wall money that had gone untouched for at least 38 years had morphed into a 20-person battle royal, with lawyers and a genealogist all in line for a paycheck. "Whenever I ask my assistant for the case," says Marcinkevicius, "I ask her to grab 'The Greed File.'"

Finally, last week a year and a half after Kitts tore up Reece's bathroom the Greed File was opened in court, at a hearing to determine the money's rightful owner. As they waited for it to start, Reece and Kitts sat silently on the benches outside the courtroom. Both stared blankly out the windows at the dense fog that had engulfed the city, doing everything to avoid eye contact.

Once inside, Magistrate Charles Brown attempted to get a handle on the case, seeming puzzled. "Essentially," Marcinkevicius said finally, "we're all here to see who gets the money."

But first there was the question of how much money was left to get. Reece's lawyer, Skip Lazzaro, told the court that most of the money was gone.

Brown turned to Reece. "How much is left?"

"About $18,000," Reece said sheepishly. It was stashed in her 71-year-old mother's safety deposit box in South Carolina. She refused to say how she spent it.

Kitts, sitting in the courtroom gallery, seemed bemused by the process. "When the day is over, I just want to know I did the right thing," he said later. But his lawyer, Pat Farrell, argued that the money is Kitts', citing those finders-keepers laws. Reece's lawyer, of course, says it all belongs to her; she owned the house, after all. And Marcinkevicius, just as Whitaker promised he would, argued that Dunne's cash belonged to Dunne's descendants.

In the end, nothing was settled. Marcinkevicius asked for the rest of the money to be transferred from Reece to a joint safety deposit box, held in the lawyers' names. "No. No. I won't do that," Reece hissed from her front-row seat. "You can't do that." But Lazzaro shushed her, holding up his hand to motion for her silence. Eventually the three lawyers agreed to have the money rest in a safety deposit box until the story was sorted out. Only they'll have access to the cash.

Reece left the courtroom, stoic and silent, and soon Kitts left quietly too. The lawyers stayed behind for a bit, to hammer out a date to come back to court. They seemed chummy as they talked, and when they left, they were all smiling.

-------------------------
I'm on eBay

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Weg
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Sunday March 13, 2011 10:49 PM

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Thanks for the info; I heard a little about the story a while ago but never heard it referred to as the Wall Of Greed Hoard. It's a sad story that does not make me proud to claim to part of the human race which is supposed to have developed and become civilized above animals that just fight for what they want.

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Remember, I'm pullen for ya; we're all in this together.---Red Green---

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PaperPresidents
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Monday March 14, 2011 3:22 AM

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<< And why is there no Numeral grade assigned to it ?? Just curious !! >>



I too thought that was odd and was wondering that same thing when I first saw these slabs.

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MEC2
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Monday March 14, 2011 9:55 AM

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I'm sure because there are SO many, to actually pay to have each one graded is alot more expensive than to ask PCGS to simply slab it and adhere the Wall of Greed moniker. Especially since the attraction on these is the novelty, not the note quality. I've looked at getting one for nostalgia, but the one I look at always seems to go higher in price. I'll end up with one I am sure...

And, as someone who has been watching these alot, there ARE a few that have been graded. But the vast majority were not.


Edited: Monday March 14, 2011 at 9:55 AM by MEC2

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Staircoins
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Monday March 14, 2011 7:10 PM

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<< ...And, as someone who has been watching these alot, there ARE a few that have been graded. But the vast majority were not. >>

Here is one of the graded notes (from another ebay listing) ...


Disclaimer: not my note.



Edit to display one of Denoms' notes, rather than one from an unknown seller.

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Edited: Monday March 14, 2011 at 7:44 PM by Staircoins

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08822
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Monday March 14, 2011 7:25 PM

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I am the seller. I saw no point to pay for grading on low value circs. PCGS was unable at this time to use both the Wall of Greed logo and normal grading. So I made a choice on every note.

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Nobody Pays More!
Trophy National Banknotes
redseals, brownbacks, statistical rarities, entire state and regional collections, first charters, no. #1 notes!
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jonruns
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Tuesday March 15, 2011 12:13 PM

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Mr. Denom -- how many total notes were there??

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08822
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Tuesday March 15, 2011 4:20 PM

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About 500. Not more than 75 remain.

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Nobody Pays More!
Trophy National Banknotes
redseals, brownbacks, statistical rarities, entire state and regional collections, first charters, no. #1 notes!
---------------------------------------------

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PaperPresidents
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Tuesday March 15, 2011 6:07 PM

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<< I saw no point to pay for grading on low value circs. PCGS was unable at this time to use both the Wall of Greed logo and normal grading. So I made a choice on every note. >>



Thank you for explaining that.

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kiyote
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Wednesday February 15, 2012 4:21 PM

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I just picked this one up for $80, very reasonable I thought...

The history behind it is pretty cool!
1934 $50 VF Wall of Greed note

-------------------------
"I'll split the atom! I am the fifth dimension! I am the eighth wonder of the world!" -Gef the talking mongoose.

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MEC2
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Wednesday February 15, 2012 4:57 PM

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I like that note, good price and good pickup. I ended up with a 10 myself, happy I got in on one before they dry up...

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Weg
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Wednesday February 15, 2012 9:11 PM

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I'd like to pick up a nice 1928C or 1928D FRN just for a good example of a true Vivid Yellow-Green seal. It will go with the 1928-D that I picked up by mistake during the FUN auction.

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Remember, I'm pullen for ya; we're all in this together.---Red Green---

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