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Old News? Anyone see the most recent Coin World article about the 10 1933 double eagles?
RBinTex
Posts: 4,328 ✭
Looks like 10 more will hit the market in the near future. If I had paid $7M+ for "the one" sold I'd be pretty po'd.
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<< <i>Looks like 10 more will hit the market in the near future. If I had paid $7M+ for "the one" sold I'd be pretty po'd. >>
The owner and seller of the Farouk coin would probably sue the Gov't -- if I recall correctly, the settlement allowing the Farouk coin to be sold (and proceeds split with the Federal Gov't) stipulated that the Farouk coin would be the only one legal to own.
A legal battle is likely to get started at some point, if these coins go public, then that Farouk coin owner will likely sue the government, althought if the other 10 are auctioned off (1-2 million each?) they could take care of that person as well financially.....
I wish that bill legalizing all pre-33 coinage would include the 33 Saints, 64 Peace & 74 Aluminum pennies.....
<< <i>These coins are in limbo probably sitting in fort knox.....
A legal battle is likely to get started at some point, if these coins go public, then that Farouk coin owner will likely sue the government, althought if the other 10 are auctioned off (1-2 million each?) they could take care of that person as well financially.....
I wish that bill legalizing all pre-33 coinage would include the 33 Saints, 64 Peace & 74 Aluminum pennies..... >>
Reason the new legislation runs to 1932 only is because of the 1933 Saint issue. It will be battled in the courts for years. Hasn't it been over a year now since the 10 new ones were made public? No action. I haven't gotten my new Coin World yet, but I can't believe this will be settled anytime in the next three years. JMHO. Steve
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
Russ, NCNE
<< <i>
<< <i>These coins are in limbo probably sitting in fort knox.....
A legal battle is likely to get started at some point, if these coins go public, then that Farouk coin owner will likely sue the government, althought if the other 10 are auctioned off (1-2 million each?) they could take care of that person as well financially.....
I wish that bill legalizing all pre-33 coinage would include the 33 Saints, 64 Peace & 74 Aluminum pennies..... >>
Reason the new legislation runs to 1932 only is because of the 1933 Saint issue. >>
In theory, couldn't they pass a new law that made it legal to own all the coins after '33, as well, which would cover the '64 Peace and the '74 aluminum pennies?
I don't really understand the logic behind making these illegal to own, anyway. What's the difference?
-- Adam Duritz, of Counting Crows
My Ebay Auctions
Just look at the 1933 Saint, there's only one. The lucky buyer who knows their classics now owns this ultimate coin, of which forever and ever there will only be one example of and they will be the lucky sole owner.
Us Modern guys will try not to laugh *too* much when the rest get legalized. Heck, maybe one day we'll see them on the HSN! 50 Flex payments of $25,000!
If indeed a swap out was done, the coins are not really stolen then are they? At this point in time they where all $20 coins period.....
Where did the figure of 25 of these coins come from?
Isn't there a new book on the 33 Saint coming out this month of something? Illegal Tender is a good book already out on the subject btw.....
but i also find it humorous.
it seems to me, that our govt should make the darn things
legal, and stop with all the slick willy prior plans.
compensate the original buyer to stop him/her from suing.
then while they are at it, stop eminent domain from being
abused to take people's homes for more tax money.
and then... groan
<< <i>I don't really understand the logic behind making these illegal to own, anyway. What's the difference >>
No one made them Illegal. There were never released from the mint so the underlying issue is that they still belong to the government and if you own one then it must have been stolen.
I don't think they even need to pass a law. I'd guess that the mint could just put them in its next statement of items released.
They were stolen from the Mint in 1933; that's why they are illegal to own.
Isn't there a new book on the 33 Saint coming out this month of something?
Alison Frankel's book entitled, Double Eagle. It is excellent and explains everything very well. It would be an enjoyable and informative read to anyone who has even the slightest interest in coins and without question would be appreciated by everyone who posts here.
<< <i>No one made them Illegal. There were never released from the mint so the underlying issue is that they still belong to the government and if you own one then it must have been stolen. >>
Yes, if you take the government's claim at face value. There may be considerable evidence for not doing so, and this may have been part of the impetus for the government to settle on the Farouk-Fenton piece.
"Bill would legitimize all pre-1933 coinage"
1. make immune from seizure any coins, medals, or other numismatic items made or issued prior to 1/1/33.
2a) if made on or after 1/1/33 the bill would require the mint to "display & preserve an appropriate number"...for educational/historic purposes...
2b). If "extra" examples (beyond the number need to comply with 2a) exist, the bill requires the gov to auction off "surplus" & use the proceeds for the preservation 7 display of the Smithsonian's collection through the creation of an endowment fund...
SPECIFICALLY included are the 1933 $20's, the 1964-D Peace dollars, & the 1974 aluminum Lincoln cent.
3. By 1/1/07 the treasury muyst report it's holdings of these types of items 7 precent a revised list at least every 5 years.
So it's claimed - and yet there was never any report of a theft. More likely, they were purchased from the Mint ... and the government's claim is full of crap.
<< <i>2a) if made on or after 1/1/33 >>
Where they actually minted (made) in 1933 or just dated 1933?
Gold Eagles had been minted and issued.
Gold Double Eagles had been minted but not issued. Theoretically.
The story goes a Philadelphia jeweler bought 10 or more $20 gold coins before they were issued because he had a connection at the Mint. Not a problem, unless they're not issued.
Joe