More on the 1933 Double Eagles

Danegeld · August 25, 2005 3:18AM

1933 Double Eagle

Yahoo News now has more on the 1933 St Gauden's 20 Dollar pieces...

Ben

Coinosaurus · August 25, 2005 3:31AM

More litigation. Why I am not surprised?

nwcs · August 25, 2005 3:58AM

They made the mistake of asking the mint for help. I hope this blows up the mint's stupidity on some of these coins. Maybe some letters to congress may help? Wouldn't it be great to see 1974 aluminum cents, 1964-D peace dollars and the such be openly traded so we can all enjoy them? There is no benefit for the govt. to keep them confiscatable (not that it is a word anyway).

KentuckyJ · August 25, 2005 4:05AM

I'll run up to Fort Knox and have a talk with the guy in charge of the vault. Maybe we can get this thing settled peacefully

KJ

BASEagle · August 25, 2005 4:13AM

Do you believe the attorney when he says the coins were just found recently?

Mike

EJB · August 25, 2005 4:17AM

Back when they auctioned that first one off a friend said, "WAIT TILL THE REST COME OUT". I didn't realize it then but I guess he was right...

ritepath · August 25, 2005 4:26AM

Mint officials asked to authenticate the coins, then confiscated them after doing so, Berke said.

stoopies!

KentuckyJ · August 25, 2005 4:43AM

The real question is how many coins, if any, are in collector hands, other than the one that sold at auction for 7.5 mil? In the book Illegal Tender David Tripp makes a fairly convincing case for the existence of other 1933 Double Eagles, outside the Smithsonian and the auction coin. It is highly unlikely any of these hidden coins, at least one of which has been photographed, are from the 10 turned over by the Switt family.

KJ

291fifth · August 25, 2005 4:51AM

<< The real question is how many coins, if any, are in collector hands, other than the one that sold at auction for 7.5 mil? In the book Illegal Tender David Tripp makes a fairly convincing case for the existence of other 1933 Double Eagles, outside the Smithsonian and the auction coin. It is highly unlikely any of these hidden coins, at least one of which has been photographed, are from the 10 turned over by the Switt family.

KJ >>

This has the makings of a very interesting legal case (read David Ganz's piece in Numismatic News). The government's case appears to be considerably less than airtight. You have to wonder what the law firm already knows as a result of its investigation into the 1933 Double Eagle that eventually was monetized and sold for over $7 million. The other hidden pieces are not likely to appear until the litigation surrounding this case is complete.

kranky · August 25, 2005 4:54AM

I don't think that what the family did was done without considering the possibility that the Mint would just keep the coins. I have to believe that there was/is a plan to get the coins declared legal to own, and the actions were taken as part of that plan.

I doubt it surprised anyone involved when the Mint kept the coins. Now we'll have to see how the family's strategy plays out.

Steve27 · August 25, 2005 5:21AM

"The family attorney said the coins were found recently, and Langbord and her son, Roy, notified the Mint of the discovery in September. Mint officials asked to authenticate the coins, then confiscated them after doing so, Berke said."

GTS · August 25, 2005 5:44AM

I can't help but question the family's strategy, I hate to play monday morning quarterback but I think they told the Mint about at least 9 too many double Eagles.I'll bet if they have anymore they will melt them down themselves and make earings and belly button rings.
GTS

Conder101 · August 25, 2005 6:43AM

<< I have to believe that there was/is a plan to get the coins declared legal to own, and the actions were taken as part of that plan. >>

Sure, but you let them know you have ONE. Then fight the legal battle over that one. If you lose you still have nine more. If you win you have established a president for the legality of the rest.

kranky · August 25, 2005 7:01AM

<< 

<< I have to believe that there was/is a plan to get the coins declared legal to own, and the actions were taken as part of that plan. >>

Sure, but you let them know you have ONE. Then fight the legal battle over that one. If you lose you still have nine more. If you win you have established a president for the legality of the rest. >>

I would have thought the same thing but I still think they have a reason for doing it the way they did, though I can't imagine what it is.

ClausUrch · August 25, 2005 7:22AM

They have 500 instead of 10.

777 · August 25, 2005 8:11AM

These will eventually make it to a major auction firm; Once the mint-the lawyers-the family who was subjected to confiscation of them- figure out what percentage goes to whom; Everyone will be happy in the end except the Individual who purchased his recently for 7.5mil

PTVETTER · August 25, 2005 8:24AM

You all know there are more out there?

The family said he sold a few

would I like to have one of those. Ship it oversea and sell it for millions and retire.

Ed62 · August 25, 2005 10:03AM

One of the leading lights in this business is on record saying he knows of 3 or 4 others in private hands. And that was before the latest 10 from Switt's daughter.

TheRaven · August 25, 2005 10:07AM

I was surprised at it seemed the entire issue of Numismatic News was devoted to these 1933 Double Eagles.....

Should be some interesting reading.....

Might have to dust off Illegal Tender and read it again.....

Coinosaurus · August 25, 2005 10:40AM

Over at cnn.com they picked up the story--

Link

Conder101 · August 25, 2005 3:49PM

<< The family said he sold a few >>

No kidding, Switt was the source of the pieces that were confiscated in the 40's.

Elcontador · August 25, 2005 4:03PM

I think I "get it." First the 1913 Nickels and now this. Both coins were illegal to own, but someone got them from a mint employee in an "unauthorized manner." He then held onto the coins for a long enough time so he wouldn't get himself in the "big house," and then he or his family / friends try to sell them for big bucks.

Maybe it's time to make some friends with the 'right' mint employees. Maybe they will 'create' or 'ignore' a flaw in a die, and perhaps you or I can get our hands on them. After all, we haven't had a 3 legged nickel or a major double die coin in awhile.

These are the reasons why I have no desire to own either of these coins. They weren't meant to circulate and I think they belong in museums. If you gave me one of them, that's where I would send it.

sonofagunk · August 25, 2005 10:08PM

My question has always been, it is illegal to own these in the USA. Would PCGS slab one at a Canadian show?

Julian · August 26, 2005 1:45AM

I do not understand why the family would have given 10 coins to the USSS for authentication.

They knew for certain that the coins were genuine. Their attorney could have told them that.

Why, in any event, give them 10, as has been stated earlier?

The only reason to even give them one is to bring this matter to court.

As for the TPG's authenticating one/all of the coins, I believe that they certainly would have provided that service, but would not have listed them in the pop reports, unless they were given permission to do so by the submitter.

Longacre · August 26, 2005 1:49AM

<< The only reason to even give them one is to bring this matter to court. >>

You're probably right. It was probably to get standing. But I am still curious about giving up all 10.

saintguru · August 26, 2005 1:54AM

I think the simplest answer is sheer naivete. The family assumed that the coins would be allowed and made the errror of handing them over.

Now, as for how many could be "out there", the final mint census was off by about 30-40 coins. No bags were gone, just a few handfuls of coins. So you have 2 at the Smithsonian, one from Fenton, 10 from Izzy...that's 13...then there were the 14 or so that the Secret Service confiscated in the original purge. That makes about 27 coins accounted for.

MAYBE there are as many as a dozen or maybe only a couple unaccounted for. The 1927-D has now easily passed the 1933 (illegal or not) as the most rare Saint.

I do not think the government will allow these to be sold. They will be declared "National Treasures" and distributed to variouys museums and Federal displays. Just my opinion.

Oh..I forgot to addd mine into the total. It's at least an MS66.

ecos · August 26, 2005 1:55AM

I have walked by his store, where the Eagles were hidden, on jeweler's row many times . I was so close, yet so far!

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