Judge Says 10 Rare Gold Coins Worth $80 Million Belong to Uncle Sam

Discussion in 'General Discussion' started by Quigley_Sharps, Sep 7, 2012.

  1. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    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.

  2. CATO

    CATO Monkey+++

    Have you noticed that EVERYTHING the govt. does these days is focused on revenue, rather than its specific job? Tax this, tax that, take some of this, take that. They change the rules to suit them.

    It is time to take back the reigns.
  3. TheEconomist

    TheEconomist Creighton Bluejay

    $80 million can't even ease things quantitatively much....wth

    Maybe its to pay for the SSA's ammo...
    Quigley_Sharps likes this.
  4. ghrit

    ghrit Bad company Administrator Founding Member

    There is theft involved, for sure. Now, who from and who by is still an open question, which is why it is on appeal.
    Quigley_Sharps likes this.
  5. Silversnake

    Silversnake Silverback

  6. ssonb

    ssonb Confederate American

    How dumb can you get!!!! Hey, lookie here I have these two coins that I want you to take a look at.............. I cannot get them back!!!Well I'll just sue!...Hello Mr lawyer if I can get my coins back you will get paid 20% of the sale price after recovery and sale..30%? well you drive a hard bargin but OK . OH dang, the court says that since they seem to be stoldt that I am out of luck..I am very sorry that you are not going to get paid mr lawyer. Better luck next time.
  7. Byte

    Byte Monkey+++

    Funny part is the gooberment won't be selling the coins at auction for $80 mil. They remove that much more gold from the hands and reach of people that understand its value. Never. Not. Ever. Attempt. To. Do. ANY. Business. With. A. Government!

    Case closed. The original holders lose. Everything they throw into the legal fight is wasted.

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