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The government is still confiscating gold

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September 06, 2012 – Comments (4) | RELATED TICKERS: GOLD

"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."

......

"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"

 Read the rest here: http://news.yahoo.com/judge-says-10-rare-gold-coins-worth-80-152750965--abc-news-topstories.html

 

4 Comments – Post Your Own

#1) On September 06, 2012 at 11:10 PM, rd80 (98.45) wrote:

When the Langbords gave the coins to the Philadelphia Mint for authentification, the government seized them without compensating the family.

Nah, why pay an appraiser when we can just take them to the mint to be authenticated.  After all, if we can't trust the gov't...

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#2) On September 07, 2012 at 2:55 PM, GirlScoutDad (96.69) wrote:

Somehow, I think I'd go to a coin dealer, or one of the respected professional grading services such as PCGS, NGC, or ANACS, for authentication of a rare coin.  Maybe even APMEX for gold coins.  I just have an urge to grab the Langbords by their shirt collars and ask, "WHY?  Why go to the MINT???"

I hate to play the "blame the victim" game, but it seems to illustrate the cliche, "A fool [not a Fool] and his money are soon parted."

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#3) On September 07, 2012 at 3:38 PM, NOTvuffett (< 20) wrote:

This case really pi$$es me off.  The case came down to the govt. saying that since we don't have any record from the 1930's saying these coins were transferred to this individual, he must have stolen them.  Everybody knows the govt. is the most efficient of entities and never makes a mistake, lol.  Somehow this doesn't meet the "beyond a shadow of a doubt" standard in my mind.

Who is the real crook here? the guy that left coins with a face value of $200 to his family, or the govt. that took away everybody's gold money and even ownership of gold bullion for decades? 

Since our current president oftentimes channels FDR, I think these coins should be melted down as per FDR's mandate.  It would be worth it just for the moaning and wailing of numismatists the world over.

 

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#4) On September 08, 2012 at 1:58 AM, awallejr (83.97) wrote:

Interesting case.  The Langbord's basically had 2 choices, renounce their US citizenship and head to Morocco and live in the lap of luxury, or gamble the way they did.  They gambled, and so far they lost. 

I am surprised that at least a 10% finder's fee was not offered but this comment intrigued me:  "U.S. attorneys in Philadelphia argued that the Langbord family had unclean hands." 

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