Langbord's loss
Onedollarnohollar
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so, what happens to these? do they get melted like the rest did? put in a museum? trade them to China to reduce some of our debt to them?
so, what happens to these? do they get melted like the rest did? put in a museum? trade them to China to reduce some of our debt to them?
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Judge Says 10 Rare Gold Coins Worth $80 Million Belong to Uncle Sam (ABC News)Enlarge Photo
Judge Says 10 Rare Gold Coins Worth …
A judge ruled that 10 rare gold coins worth $80 million belonged to the U.S. government, not a family that had sued the U.S. Treasury, saying it had illegally seized them.
The 1933 Saint-Gaudens double eagle coin was originally valued at $20, but sold for as much as $7.5 million at a Sotheby's auction in 2002, according to Courthouse News.
After President Theodore Roosevelt had the U.S. abandon the gold standard, most of the 445,500 double eagles that the Philadelphia Mint had struck were melted into gold bars.
However, a Philadelphia Mint cashier had managed to give or sell some of them to a local coin dealer, Israel Switt.
In 2003, Switt's family, Joan Langbord, and her two grandsons, drilled opened a safety deposit box that had belonged to him and found the 10 coins.
When the Langbords gave the coins to the Philadelphia Mint for authentification, the government seized them without compensating the family.
The Langbords sued, saying the coins belonged to them.
In 2011, a jury decided that the coins belonged to the government, but the family appealed.
Last week, Judge Legrome Davis of the Eastern District Court of Pennsylvania, affirmed that decision, saying "the coins in question were not lawfully removed from the United States Mint."
Barry Berke, an attorney for the Langbords, told ABCNews.com, "This is a case that raises many novel legal questions, including the limits on the government's power to confiscate property. The Langbord family will be filing an appeal and looks forward to addressing these important issues before the 3rd Circuit."
The family said in its suit that in another seizure of the 1933 double eagle, the government split the proceeds with the owner after the coin sold for $7.59 million in 2002, according to Coinbooks.org. "
Theodore Roosevelt???????? It was Franklyn Roosevelt. Learn your history ms Susanna Kim
"originally valued at $20, but sold for as much as $7.5 million" As much as? More like exactly... Her wording makes no sense, makes it sound like a recent valuation. Should've explained $20 is the face value not collectible value.
And she named the wrong president. Probably one of the worst numismatic articles I've ever read.
Amat Colligendo Focum
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Rec78: <<Judge Says 10 Rare Gold Coins Worth $80 Million Belong to Uncle Sam (ABC News>>
CAC Offers $20 Million For 1933 Double Eagles
The reported estimated value of $80 million is not sensible. 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.
LochNess: <<Probably one of the worst numismatic articles I've ever read. >>
Please consider reading my two articles on this case. For the first piece, I was the co-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
Seriously, I remember the stated intention of displaying them. Funny, we have Izzy to thank for their survival.
Lance.
Well betwwen this story and the recent story where the courts returned ship wreck treasure to spain I think,what does it tell us?I only know what I would do if I found some 1933 st gaudens or some gold coins in a shipwreck....dont ask dont tell.
<< <i>During and after the trial the gov't made a BFD about how they were national treasures and belonged to the people. So, they'll probably melt them.
Seriously, I remember the stated intention of displaying them. >>
They have been put on display. The Treasury has also said they don't intend to melt them:
<< <i>The United States Department of the Treasury has said that it does not intend to monetize, issue, auction, or destroy the 10 recently recovered 1933 Double Eagles. >>