are the 1933 Double Eagles really worth $80M now?
tmot99
Posts: 5,238 ✭✭✭
Yahoo posted this article on the fate of the Langboard's 1933 double eagles. Yahoo Article
The headline is that they are worth $80 Million. If they are owned by the government, they are not worth that at all. They are only worth that when they are sold and the fact that the government is holding them, they really only have a value of $20 or at most, the spot price of the gold. Not a penny more.
The headline is that they are worth $80 Million. If they are owned by the government, they are not worth that at all. They are only worth that when they are sold and the fact that the government is holding them, they really only have a value of $20 or at most, the spot price of the gold. Not a penny more.
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But I don't think they are worth $80M. I don't think they would bring that much if they were declared legal to own and sold at auction.
The one in private hands brought 7.5M because of the novelty and its unique status. Ten would "flood" the market!
I wonder who the source was who estimated their value for the article...
where is the article that the gov is trying to abscond the one in private hands since they have deemed them illegal for private hands?
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Obviously, no one who understands the coin market thinks if there is only one coin worth $7.5 million, that ten more would be worth $80 million.
But the government lawyers wanted to present a case that the Langbords were unjustly enriched, so they calculated the amount the highest possible way.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>I think the $80 million number was created by rounding the $7.5 million up to $8 million, then multiplying by the number of coins (10).
Obviously, no one who understands the coin market thinks if there is only one coin worth $7.5 million, that ten more would be worth $80 million.
But the government lawyers wanted to present a case that the Langbords were unjustly enriched, so they calculated the amount the highest possible way. >>
Well said.
<< <i>Worth melt until sold.......
And knowing the government, it will probably not be long until they are melted esp. since the Smithsonian already has two for display
Amat Colligendo Focum
Top 10 • FOR SALE
<< <i>Those will be turned into First Spouses before you can say Mary Todd Lincoln. >>
Can you please show us a "First Spouse"?
The complaints would then begin about selling off federal assets too cheaply.
<< <i>does anyone know what the government is going to do with them now? >>
I thought I read where they realized these were national treasures and would continue to display them. They'd be foolish to melt $20-$30 MILL in collector value in
the current economic climate. They'd be tarred and feathered. Leave the melting to the next mint director.
Rich Uhrich: <<Obviously, no one who understands the coin market thinks if there is only one coin worth $7.5 million, that ten more would be worth $80 million. ... But the government lawyers wanted to present a case that the Langbords were unjustly enriched, so they calculated the amount the highest possible way.>>
CAC Offers $20 Million For 1933 Double Eagles
If auctioned at a rate of one every six months, the Switt-Langbord ten would probably realize a total of more than $20 million (including auction firm commissions), but nowhere near $80 million.
Please consider reading my two articles on this case. For the first piece, I was a winner of the NLG award for the best article published on a website.
The Switt-Langbord Case
Analysis of the Verdict in the Switt-Langbord Case, with comments by QDB and David Ganz
They is what they is and that's all that they is.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
go for 3-4 million each,.....jmho
These have a mystique all their own. These coins kept my interest in the hobby when so many other things about it seemed radically flawed. I counted on the government to assess this exactly as they have. Wrong as it is (in my layman's opinion and the dreamer in me), it will be made right because ... Well , they're the last Double Eagles ever made.
When my children were very young (a quarter century now), I read them a Dr Suess book titled , "The Lorax". These coins have a certain parallel to that story, for me.
Go ahead, make fun of me
``https://ebay.us/m/KxolR5
Dag Hammarskjold error stamps.
Restrike 1933 double eagles and sell them to collectors as bullion coins.
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okay.
even a hundred moana lisas wouldn't be worth a trillion dollars.
Whoever is careless with the truth in small matters cannot be trusted with important matters.