1870-CC $20 Stolen from Brinks Shipment
MrEureka
Posts: 24,286 ✭✭✭✭✭
Sorry if someone else posted this already, but I didn't see it.
From the Heritage website:
Press Release - October 19, 2011
Shipment Theft Reported of a Newly Discovered and Finest Known 1870-CC $20, NGC AU58
DALLAS, TX – A Brinks shipment from Professional Coin Grading Service to Heritage Auctions on October 17th was apparently broken into, and the finest known 1870-CC $20 stolen. The coin is graded AU58 by Numismatic Guaranty Corporation and carries NGC Certification ID 3414402-001.
“When we opened the Brinks bag, it was evident that the shipping box had been sliced open, and the PCGS box within was empty,” said Paul Minshull COO of Heritage. “We immediately called PCGS, who confirmed that their security surveillance video showed that the box and package with the coin were shipped as usual and in good order. At that point, we contacted Brinks security and our insurance company, and their investigations have started. We have also reached out to the FBI.”
“In my 29 years at Heritage I have not heard of a coin loss in a Brink shipment before,” said Minshull, “so this is an extremely rare incident.”
The 1870-CC $20 rarity was only recently discovered and sent to Heritage for auction. According to Heritage President Greg Rohan, it was slated to go into the FUN Platinum Night auction in Orlando in January 2012.
“While the coin is fully covered under our insurance, this is about more than money. It’s really about what we hope will be just a temporary loss of a numismatic treasure,” Rohan said. “This rarity was not only newly discovered and the finest known, but it was a gorgeous coin and the best ever seen in the marketplace.”
The Carson City Mint had been under construction since 1866, but many delays were experienced due to inclement weather, lack of building materials, and a chronic shortage of funds to pay the workers. They began coining operations on Feb. 11, 1870, with a small emission of silver dollars; coinage of double eagles commenced on March 10, with a delivery of 1,332 pieces. Technical problems continued to beset the Mint, and the first year’s total production of double eagles was only 3,789 pieces. That entire mintage was released into circulation, so every 1870-CC double eagle known today shows some signs of wear (the issue being completely unknown in Mint State). Experts estimate a surviving population of 35-50 examples in all grades, and this newly discovered example is the finest survivor.
“At this level of rarity, the coin will turn up in the marketplace sooner or later, and it will be identified because it’s so notable,” said Minshull. “We’re working with the authorities to coordinate all avenues of inquiry to prompt an early and safe recovery of the coin and apprehend all wrongdoers.”
From the Heritage website:
Press Release - October 19, 2011
Shipment Theft Reported of a Newly Discovered and Finest Known 1870-CC $20, NGC AU58
DALLAS, TX – A Brinks shipment from Professional Coin Grading Service to Heritage Auctions on October 17th was apparently broken into, and the finest known 1870-CC $20 stolen. The coin is graded AU58 by Numismatic Guaranty Corporation and carries NGC Certification ID 3414402-001.
“When we opened the Brinks bag, it was evident that the shipping box had been sliced open, and the PCGS box within was empty,” said Paul Minshull COO of Heritage. “We immediately called PCGS, who confirmed that their security surveillance video showed that the box and package with the coin were shipped as usual and in good order. At that point, we contacted Brinks security and our insurance company, and their investigations have started. We have also reached out to the FBI.”
“In my 29 years at Heritage I have not heard of a coin loss in a Brink shipment before,” said Minshull, “so this is an extremely rare incident.”
The 1870-CC $20 rarity was only recently discovered and sent to Heritage for auction. According to Heritage President Greg Rohan, it was slated to go into the FUN Platinum Night auction in Orlando in January 2012.
“While the coin is fully covered under our insurance, this is about more than money. It’s really about what we hope will be just a temporary loss of a numismatic treasure,” Rohan said. “This rarity was not only newly discovered and the finest known, but it was a gorgeous coin and the best ever seen in the marketplace.”
The Carson City Mint had been under construction since 1866, but many delays were experienced due to inclement weather, lack of building materials, and a chronic shortage of funds to pay the workers. They began coining operations on Feb. 11, 1870, with a small emission of silver dollars; coinage of double eagles commenced on March 10, with a delivery of 1,332 pieces. Technical problems continued to beset the Mint, and the first year’s total production of double eagles was only 3,789 pieces. That entire mintage was released into circulation, so every 1870-CC double eagle known today shows some signs of wear (the issue being completely unknown in Mint State). Experts estimate a surviving population of 35-50 examples in all grades, and this newly discovered example is the finest survivor.
“At this level of rarity, the coin will turn up in the marketplace sooner or later, and it will be identified because it’s so notable,” said Minshull. “We’re working with the authorities to coordinate all avenues of inquiry to prompt an early and safe recovery of the coin and apprehend all wrongdoers.”
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
0
Comments
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>Why would a NGC coin be at PCGS were they trying a cross or something?
Yep, Heritage was trying to cross it. They know which side the bread is buttered on.
Russ, NCNE
Hopefully this gets returned quickly.
<< <i>Wow, that coin is going to be hard to move. >>
Which is why it may be melted and sold for scrap to destroy any evidence of its source.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Wow, that coin is going to be hard to move. >>
Which is why it may be melted and sold for scrap to destroy any evidence of its source. >>
Depending upon who stole the coin, yes it could be sold for melt to get rid of the coin to protect themselves from getting caught. Sad day for the coin and its history if this happens.
<< <i>Some crackhead has probably already cracked it out and pawned for the value of the gold. >>
Do crackheads usually hit Brinks trucks?
<< <i>For those of us that aren't in the know (not me, but perhaps someone else reading this!), what is the approx value of said coin? >>
IMO at least $400k
<< <i>Shouldn't be that many possibilities in regards to access to the Brinks bag... >>
Indeed - a handful of possible candidates.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
<< <i>
<< <i>For those of us that aren't in the know (not me, but perhaps someone else reading this!), what is the approx value of said coin? >>
IMO at least $400k >>
Wow, I'm really hoping whomever did this isn't going to do something stupid with it so it's not identifiable.
<< <i>
<< <i>For those of us that aren't in the know (not me, but perhaps someone else reading this!), what is the approx value of said coin? >>
IMO at least $400k >>
I was thinking higher...
<< <i>
<< <i>
<< <i>For those of us that aren't in the know (not me, but perhaps someone else reading this!), what is the approx value of said coin? >>
IMO at least $400k >>
I was thinking higher... >>
Yeh, I think it's closer to $600k. It was just a quick, on the fly, number!
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Video in the vault, video of the transfer points, video both internal / external of the delivery vehicle.
C'mon, it's the age of surveillance cameras.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Just like great works of art that get stolen and placed in private collections this
could be the same with this coin. I can't help but think the thief knew what was
in the bag and like stated I amazed that Brinks hasn't got the person or persons
on video.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Good riddance.
<< <i>But will it be in an MS-62 holder when they find it eventually? >>
Are you stating that any of the TPGs could possibly let this thing move through without recognizing it as a missing rarity?
<< <i>If this coin is put to sleep for 50+ years, it will still be recognized when it wakes up. >>
Yes, but fifty years is a long time. It could be an inside job involving an employee and a high end collector. How many years did the Langbords keep those 1933 Double Eagles in the safe deposit box? It could happen, but I hope this coin is found sooner than later.
"Seu cabra da peste,
"Sou Mangueira......."
BTW, it's also possible - actually, likely - that an airline employee stole the coin. I say that because, as I understand it, Brinks shipments being flown are delivered by the Brinks truck to a commercial airline, and then picked up by another Brinks truck at the destination airport. No Brinks employees accompany the shipment on the flight.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>If this coin is put to sleep for 50+ years, it will still be recognized when it wakes up. >>
I would pay someone 75k for that coin, my kids can sort it out when I am gone.
PM sent.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>People are automatically assuming it happened in transit and was a Brinks employee? Of course not knowing the particulars, but I think it could just as easily have been someone at PCGS or Heritage. >>
odds
I think I'm going to set up a saved eBay search just to see if the idiot tries it.
<< <i>Ooh, that's gonna be one giant insurance check. >>
along with a higher insurance premium with the next premium
Just another sign of the times. We seem to be devolving as a nation.
"The only place success comes before work is in the dictionary."
~ Vince Lombardi
<< <i>Just another sign of the times. We seem to be devolving as a nation. >>
You mean devolving from times before when we used to rob trains/banks/anything from horse back/car/etc?
Theft seems to be a pretty ingrained part of the fabric of our nation regardless of the times.
On a positive note, at least no one was hurt, no homes/cars/etc were damaged.
And I too, hope they catch the person that did this.
<< <i>Brinks bags are tagged with shipping labels that state the value of the contents. The bags are huge, so that a "Brinks case" - basically, a padlocked catalog case - will easily fit. So the guy that opened the package knew the value, and could not have known if the contents were some quantity of coins, or a small sack of diamonds, or cash, or whatever. He just "took a shot".
BTW, it's also possible - actually, likely - that an airline employee stole the coin. I say that because, as I understand it, Brinks shipments being flown are delivered by the Brinks truck to a commercial airline, and then picked up by another Brinks truck at the destination airport. No Brinks employees accompany the shipment on the flight. >>
Could it have been a baggage handler then? Hard to believe no Brinks employees would fly with a cargo clearly worth close to a million dollars. What are they being paid for?
Free Trial
When thieves in fancy suits can steal trillions on Wall St. and in Washington and not get prosecuted, it does not go unnoticed. Expect this kind of thing to occur more often.
"The only place success comes before work is in the dictionary."
~ Vince Lombardi
I vote inside job either on the Brinks side, PCGS side, Heritage side, shipper side or isurance fraud.
Who stands to benefit the most? Who had it last? Follow the chain of custody.
<< <i>It wasn't a crackhead that sold it for scrap. Are you serious?
I vote inside job either on the Brinks side, PCGS side, Heritage side, shipper side or isurance fraud.
Who stands to benefit the most? Who had it last? Follow the chain of custody. >>
Had to be
while in route to Heritage. I would start with Brinks, then proceed to the ones involved with the coin at Heritage.
Look at the employees who receive in merchandise. We need more facts, which we're not privy to.
Shall be an interesting "Who done it" case. Wonder if the perp or perps are reading this very thread?
<< <i>I don't share the Heritage dudes confidence this will ever show up in the market place. The finger is sure being pointed at Brinks and id imagine their internal investigation would be quite something. Theres a fair chance this coin was stolen to order im thinking. >>
That was my though, but it's just a guess. It could be anything really.