# Gold coins? NOT SO FAST!



## Magus (Dec 1, 2008)

A federal judge has upheld a verdict that strips a Pennsylvania family of their grandfather’s gold coins — worth an estimated $80 million — and has ordered ownership transferred to the US government.

Judge Legrome Davis of the Eastern District Court of Pennsylvania affirmed a 2011 jury decision that a box of 1933 Saint-Gaudens double eagle coins discovered by the family of Israel Switt, a deceased dealer and collector, is the property of the United States.

In the midst of the Great Depression, then-President Franklin Roosevelt ordered that America’s supply of double eagles manufactured at the Philadelphia Mint be destroyed and melted into gold bars. Of the 445,500 or so coins created, though, some managed to escape the kiln and ended up into the hands of collectors. In 2003, Switt’s family opened a safe deposit back that their grandfather kept, revealing 10 coins among that turned out to be among the world’s most valuable collectables in the currency realm today.

Switt’s descendants, the Langbords, thought the coins had been gifted to their grandfather years earlier by Mint cashier George McCann and took the coins to the Mint to have their authenticity verified, but the government quickly took hold of the items and refused to relinquish the find to the family. The Langbords responded with a lawsuit that ended last year in a victory for the feds.

Because the government ordered the destruction of their entire supply of coins decades earlier, the court found that Switt’s family was illegally in possession of the stash. Even though they may had been presented to the dealer by a Philadelphia Mint staffer, Judge Davis agrees with last year’s ruling that Mr. McCann broke the law.

"The coins in question were not lawfully removed from the United States Mint,” the judge rules.

Despite this decision, though, the attorney representing Switt’s family says the government has no right to remove their own items and transfer property back to the state.

"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," Barry Berke, an attorney for the Langbords, tells ABCNews.com


My two cents, if THEY made it, THEY OWN IT!
Get maple leaves.


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## CulexPipiens (Nov 17, 2010)

I'd say just don't reveal unless cashing them in but since these were rare to begin with that might have been hard to do. Go with commonly accepted but non US coins... Maple Leafs, Krugerands, etc. and don't advertise what you have.


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## mojo4 (Feb 19, 2012)

Render unto ceasar what is caesar's. And ceasar sucks!!


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## BillS (May 30, 2011)

The coins were stolen. That's the bottom line.


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## Zanazaz (Feb 14, 2012)

The story of the coins is interesting. In one case, one of the coins surfaced, and the U.S. Mint agreed to split the profits with the "owner". Why is this case different? All 20 coins left the mint in a probably illegal way. I wasn't there, I didn't see what happened, nor do I know what happened. I just read the story. Here...

As far as value, the only reason they were so valuable is because of their rarity. Two were given to the Smithsonian Institute, and the rest were melted. All but the 20 "acquired" by a mint cashier. I say acquired, because the story is that the cashier exchanged the 1933 coins with ones of an earlier date. Theft? I don't know, but still kind of hinky. Even if the family was allowed to keep the coins, and sold them, their value as collectibles would have definitely gone down.

Unless I am missing something there's still one coin unnaccounted for? I wonder what happened to it?


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## Magus (Dec 1, 2008)

If I ever found such things out scavenging, I'd be melting them down into jewelry or nuggets and ditching them as fast as humanly possible.

Caesar sucks...
I love it!

Oh, BILLS...the same applies to all those "JUNK" U.S coins, look it up, currency is FEDERAL property.


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## Sentry18 (Aug 5, 2012)

Personally I wonder what the family was even thinking. If you find 20 rare gold coins you take ONE, only ONE, in to be inspected and valued. Not 20! You say we found this ONE gold coin and need it identified and valued. Then when Uncle Stealsalot takes it and says "MINE!" like a 2 year old you can say okay and go home. Then you start looking for private collectors with deep pockets. Then you just find a way to be happy with say $20,000,000.


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## invision (Aug 14, 2012)

Agreed, but many people aren't that smart... Isn't that were the term sheeple came from? LOL... Hate to see it happen and hope it gets overturned at supreme court or lower, but doubt it will. How many win against gov?


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## invision (Aug 14, 2012)

Something I just thought of as I hit send... If gov lost, you know IRS would step in and lay fines for unpaid taxes every year since the man died on the family.... Go figure.


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## deetheivy (Aug 7, 2012)

Wow invision, I wonder how much that would be today.


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## invision (Aug 14, 2012)

Well I am an only child, and everything is in trust to me from my parents so the tax is different, but depending upon inheritance tax and penalties, I am sure that it would be what... 50% or more?!?


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## TheRiver (Mar 31, 2012)

Sentry18 said:


> Personally I wonder what the family was even thinking. If you find 20 rare gold coins you take ONE, only ONE, in to be inspected and valued. Not 20! You say we found this ONE gold coin and need it identified and valued. Then when Uncle Stealsalot takes it and says "MINE!" like a 2 year old you can say okay and go home. Then you start looking for private collectors with deep pockets. Then you just find a way to be happy with say $20,000,000.


What he said. Think before you act.


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