U.S. Mint Confiscates 10 Rare Gold Coins

[PatrickHenry]

http://cnn.netscape.cnn.com/ns/news/...1721673459.htm

The U.S. Mint seized 10 Double Eagle gold coins from 1933, among the rarest and most valuable coins in the world, that a jeweler says she turned in to determine their authenticity. Joan S. Langbord plans a federal court lawsuit to try to recover them, her attorney, Barry H. Berke, said Wednesday. Langbord found the coins among the possessions of her late father, longtime jeweler Israel Switt, who had acknowledged selling some of the coins decades ago. She now operates her father's business.

It looks like the Mint just grabbed these items without proving that they are entitled to them. Like: "Oh, you aren't entitled to have those. I'm taking them. Now get outta here.!" They may be worth eight million dollars apiece.

In 2002, Sotheby's and numismatic firm Stack's auctioned off a 1933 Double Eagle coin for $7.59 million, the highest price ever paid for a coin. That Double Eagle, believed to have been part of a collection belonging to King Farouk of Egypt, surfaced when a coin dealer tried selling it to undercover Secret Service agents. After a legal battle, the dealer was permitted to sell the coin at auction on the condition he split the proceeds with the Mint. One of the terms of the settlement was that it would set no precedent for any future double eagle that appeared.

Looks like this:

[Prometheus]

That's sad. We give the government way too much leeway on things like this. Beutiful coin by the way.

[Osborn F Enready]

And people wonder why so many don't trust the gubbmint.

[Chris]

I saw something about US currency now a days. That the dollar wasn't backed by anything anymore (whereas it used to be backed by silver) Much more reasons to invest in precious metals like the above mentioned coins.

[belverron]

Why'd the mint get half the proceeds last time?

[PatrickHenry]

They are saying that all those coins are theirs because they were never released to the public. But it's kinda hard to say that the Arab King had 'em illegally. Looks like the solution was to split the proceeds.

[belverron]

Quote by: PatrickHenry They are saying that all those coins are theirs because they were never released to the public.

Umm... so, did the government at any time own the coins?

[Milton Bradley]

Quote by: belverron Umm... so, did the government at any time own the coins?

Great point. Where is my cut?

[PatrickHenry]

Quote by: belverron did the government at any time own the coins?

They made 'em. They don't think there was anyway they could have been in anyone else's possession legally, so their logic is: "Mine, mine, ALL mine!"

Now that they have been siezed, "possession is nine tenths of the law!"

Milton, The Mint is Secret Service ain't it? The guys with Uzis? You don't get no cut...