CAC offers US Government $20 million for 10 1933 Double Eagles!

saintguru · July 25, 2011 12:17AM

ten for $20 million!!

Hey...it's interesting!

AnkurJ · July 25, 2011 12:19AM

WOW! I doubt it will happen.

DennisH · July 25, 2011 12:20AM

They do need the money, though!

keyman64 · July 25, 2011 12:21AM

A good publicity attempt by JA...but it will NEVER HAPPEN.

saintguru · July 25, 2011 12:24AM

I agree. But it IS bold. Kind of like picking a fight with the Feds with a litttle cash for fighting.

MrEureka · July 25, 2011 12:31AM

â€œSeven or eight already are spoken for,â€ he said. â€œI have at least that many buyers ready and willing to purchase these coins if my offer is accepted by the government. And I wouldnâ€™t mind at all if we ended up with the other two or three in our inventory.â€

Very cool way to tell the world that our market has "depth", and it also gives readers the chance to consider buying one for themselves. Great move!

Sonorandesertrat · July 25, 2011 12:34AM

A publicity stunt, nothing more. Those coins, if retained by the government, will never be sold.

USMoneylover · July 25, 2011 12:34AM

Surely the Langbords will appeal, wwhich would tie them up preventing the sale.

PCcoins · July 25, 2011 12:34AM

No way that happens, 20 mil for the US Gov. is like 20c in my pocket, its basically useless to them and not the best bride. CAC needs to step up the offer to 100 mil to even get the Gov's attention.

Tiny · July 25, 2011 12:35AM

Heck if the Gov would give me 90 days to pay I would offer 50 million.
Have PCGS grade then and put them on eBay

crypto79 · July 25, 2011 12:36AM

<< Heck if the Gov would give me 90 days to pay I would offer 50 million.
Have PCGS grade then and put them on eBay

>>

You wouldn't make your money back.

BAJJERFAN · July 25, 2011 12:38AM

<< Surely the Langbords will appeal, wwhich would tie them up preventing the sale. >>

The case isn't a done deal yet. There is still a motion for dismissal pending.

BAJJERFAN · July 25, 2011 12:41AM

Does anyone really think that $20 mil means chit to the Government? I suppose it does if they are paying you.

Unknown · July 25, 2011 12:45AM

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tahoe98 · July 25, 2011 12:45AM

...has any of this been cleared by timmy g.

Tiny · July 25, 2011 12:47AM

<< 

<< Heck if the Gov would give me 90 days to pay I would offer 50 million.
Have PCGS grade then and put them on eBay

>>

You wouldn't make your money back. >>

I don't know about that. If one sold for 7.59 million and to be conservative do ten for
say 6 mill each I think I could clear a couple of bucks. Dreams aren't they beautiful.?

BigE · July 25, 2011 12:56AM

I think Tiny could make this work. May I be the first to offer a company slogan?

How about "BIG COINS SELL AT TINY AUCTIONS"

------------BigE

LindeDad · July 25, 2011 12:57AM

<< 

<< 

<< Heck if the Gov would give me 90 days to pay I would offer 50 million.
Have PCGS grade then and put them on eBay

>>

You wouldn't make your money back. >>

I don't know about that. If one sold for 7.59 million and to be conservative do ten for
say 6 mill each I think I could clear a couple of bucks. Dreams aren't they beautiful.? >>

eBay software would not allow bids over a million when the Stella scammer was being pushed up a month or so ago.

khayse · July 25, 2011 12:58AM

> We see this as a way to do our share to help reduce the nation’s deficit
i.e. we see this as a way for us to make a lot of money.

Kudos to them. I'd offer it if I had it.

-Keith

saintguru · July 25, 2011 12:59AM

Perhaps....it's merely an opportunity to illustrate the national debt crisis and get some fun publicity at the same time? Perhaps.

Al, I will sell you half my Saint(memory) collection for half of what I got for it. Invoice is on the way.

saintguru · July 25, 2011 1:01AM

<< 

<< 

<< Heck if the Gov would give me 90 days to pay I would offer 50 million.
Have PCGS grade then and put them on eBay

>>

You wouldn't make your money back. >>

I don't know about that. If one sold for 7.59 million and to be conservative do ten for
say 6 mill each I think I could clear a couple of bucks. Dreams aren't they beautiful.? >>

They wouldn't be worth close to $6 mil each, if hypothetically there were for sale. I think $2-2.5MM each is a fair-market assesment.

RB1026 · July 25, 2011 1:04AM

Savvy move by JA and CAC. There is no downside for his company on this. Of course the U.S. Govt won't sell them to him. He knows that. We all do. That being said, this was a FREE way to promote his company and our hobby. Free publicity at its finest. It was very smart of them to think of this first and get their name out there. Well done!

stevek · July 25, 2011 1:06AM

Offer the government the head of Ayman al-Zawahiri...and they might take that deal for the coins.

roadrunner · July 25, 2011 1:11AM

I would think that $2 MILL per coin would be the very low end of the range. The MS66 by itself, or whichever coin is graded highest (and CAC'd) would be worth at least twice as
much as the typical specimen of the 10. The govt would probably also have to reimburse the owner of the Farouk coin at least several $million. By having all 10 JA would have
the market cornered if you will....at least until the next 10 pop up looking for govt "acceptance." JA could also offer to compensate the Farouk coin owner with some cash if the govt
won't....or buy him out as well. It may well be that that the Farouk coin owner in only interested in the coin if he has the only one legally available to the public.

Kudos to JA for tossing this offer out there. But first things first. The Langbords haven't tossed in the towel yet.

roadrunner

devious · July 25, 2011 1:13AM

<< Savvy move by JA and CAC. There is no downside for his company on this. Of course the U.S. Govt won't sell them to him. He knows that. We all do. That being said, this was a FREE way to promote his company and our hobby. Free publicity at its finest. It was very smart of them to think of this first and get their name out there. Well done! >>

What's the point in getting their name out there if they're not accepting new memberships? I really don't think it was a publicity stunt. I think it was really a business proposition. Just my two cents. And a way to promote the hobby. I do agree there.

messydesk · July 25, 2011 1:19AM

Good publicity stunt, indeed, and also a way to embarrass the gummint when they turn down the offer for fair market value for something which they will either destroy, making them worth $1600 each, or permanently impound, making them worth 0. Hopefully, JA CC'ed a gummint watchdog group or two.

CoinRaritiesOnline · July 25, 2011 1:25AM

Absolutely brilliant!

CaptHenway · July 25, 2011 1:38AM

<< A publicity stunt, nothing more. >>

But very well done!!!

PerryHall · July 25, 2011 2:08AM

An obvious publicity stunt. I doubt that JA thought there was any chance the government would accept his offer.

Groiny · July 25, 2011 2:11AM

I'm so proud of CAC .......... they have our best interests in mind

...lets see ........., 14 Trillion ,

minus 20 million

.carry the B.S , and a remainder of Egg on the Face ,

and were left with : who gives a chit

agentjim007 · July 25, 2011 2:13AM

Gov. should sell them for $20 million each.

saintguru · July 25, 2011 2:27AM

<< Absolutely brilliant! >>

Unknown · July 25, 2011 2:29AM

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Coinsponge · July 25, 2011 2:37AM

I don't think this offer was made as a pure publicity stunt. It is possible with the budgetary woes washington is having that they might bite. That money could pay a few salaries. Of course, it is an long shot because once they get a taste of the interest that exists they will suspect they can get more and the greed factor will kick in.

CaptHenway · July 25, 2011 2:40AM

If nothing else, it might help save the coins from destruction, should the Treasury think to do something (else) stupid.

Unknown · July 25, 2011 2:42AM

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TwoKopeiki · July 25, 2011 2:51AM

It's a neat publicity stunt and a way to give Langbords a prospective venue for disposing of the coins if they end-up winning the appeal (which I highly doubt they will).

RichieURich · July 25, 2011 2:56AM

Good publicity stunt.

These coins have been seen, especially at the Denver ANA where they could be evaluated to the n-th degree. Thus, I find it interesting that the CAC offer is "sight-unseen", and might be more once the coins are examined. Does anyone really think these 10 1933 double eagles still are "sight-unseen"?

Unknown · July 25, 2011 3:04AM

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BigE · July 25, 2011 3:05AM

<< Good publicity stunt.

These coins have been seen, especially at the Denver ANA where they could be evaluated to the n-th degree. Thus, I find it interesting that the CAC offer is "sight-unseen", and might be more once the coins are examined. Does anyone really think these 10 1933 double eagles still are "sight-unseen"? >>

Who knows, maybe they have been glued to a cardboard evidence card

----BigE

tradedollarnut · July 25, 2011 3:09AM

<< Good publicity stunt.

These coins have been seen, especially at the Denver ANA where they could be evaluated to the n-th degree. Thus, I find it interesting that the CAC offer is "sight-unseen", and might be more once the coins are examined. Does anyone really think these 10 1933 double eagles still are "sight-unseen"? >>

Was JA even at the Denver ANA?

ElKevvo · July 25, 2011 3:09AM

I did not realize CAC was in the retail coin business...I always thought the goal of CAC was to provide independent grade evaluations. If they are moving towards buying and selling it could muddy the waters in terms of whether or not they can give a truly independent evaluation. Don't get me wrong, I think that JA et. al. are of the highest integrity but it is the perception I would be concerned with.

K

CertifiedGoldCoins · July 25, 2011 3:10AM

This is a deal that isn't going to happen, no matter what the courts rule. As for the revenue from the sale, twenty million wouldn't slow down the US Debt Clock for long. LINK

tradedollarnut · July 25, 2011 3:14AM

<< I did not realize CAC was in the retail coin business...I always thought the goal of CAC was to provide independent grade evaluations. If they are moving towards buying and selling it could muddy the waters in terms of whether or not they can give a truly independent evaluation. Don't get me wrong, I think that JA et. al. are of the highest integrity but it is the perception I would be concerned with.

K >>

The function of CAC has from day one to be a marketmaker in quality PCGS and NGC coins - they are moving toward nothing.

tradedollarnut · July 25, 2011 3:15AM

I do see this offer as making it much more difficult for the government to melt the coins ... if that was ever in the back of their collective minds.

PerryHall · July 25, 2011 3:18AM

I can't imagine the government selling them by any way other that a public auction. If they sold them to JA/CAC for $20M, Heritage could scream that they would have paid $25M and it would turn into a big scandal.

Zoins · July 25, 2011 3:21AM

Making it more difficult for the government to melt them is a good objective.

sellitstore · July 25, 2011 3:27AM

So....do I hear $25 million?

pf70collector · July 25, 2011 3:27AM

Didn't the last one go for $7.59 million. $10 million seems like a real low ball figure. $100-$150 million seems more realistic.

Longacre · July 25, 2011 3:29AM

Respectfully, was the comment in the story about reducing the deficit by $20 million a serious attempt to incent the sellers? As the President leads us out of the current financial turmoil, I doubt that $20 million will hit the radar.

BAJJERFAN · July 25, 2011 3:29AM

<< 

<< Good publicity stunt.

These coins have been seen, especially at the Denver ANA where they could be evaluated to the n-th degree. Thus, I find it interesting that the CAC offer is "sight-unseen", and might be more once the coins are examined. Does anyone really think these 10 1933 double eagles still are "sight-unseen"? >>

Was JA even at the Denver ANA? >>

He conducted a grading class there, IIRC. Whether he actually took the time to seek out the coins I have no idea.

CAC offers US Government $20 million for 10 1933 Double Eagles!

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