Feds seize gold coins worth $80 mln from Pennsylvania family

[The Real Bingo]

Feds seize gold coins worth $80 mln from Pennsylvania family — RT

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

I hope the Langbords win, and then some.

[Steve R Jones]

10 coins among that turned out to be among the world’s most valuable collectables in the currency realm today

hmmm. Not sure how they can be collectable it ya ain't suppose to have em... Maybe if you live somewhere outside the USA?

Bare minimum - the family should be paid for the value of the gold in today's prices..

[tony_j15]

There is no legal question here. The law was clearly (although innocently) circumvented. Additionally, the family is collectively stupid. If you have rare coins/currency, under no circumstances should you ever contact the Mint.

Ethically, I think the family deserves fair market compensation for having their property confiscated and statutes that prohibit gold from being traded or used as currency need to be overturned.

[JEROY]

Happy endings are very rare . What were they thinking of ? ... They knew their Grandfather stole 'em and yet got bold and went shopping ... Hilarious

[Taxmancometh]

Isn't this a violation of the Fifth Amendment?

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

[JEROY]

Here's is the problem Taxmancometh ... It's not their property ..

[Taxmancometh]

Yes it is!

[JEROY]

Okay , i'll steal your Laptop ... And of course my grand grand children are the legitimate owners ...

[Taxmancometh]

Your such a moron. The U.S. government were the ones to institute a law that stole people's property from the begin with.

There is no just compensation. If the feds want the coins then compensate for them! I'm sure this pissed off a lot of people during the great depression.

[Taxmancometh]

Let's say you bought a laptop and the government decided that they would take the laptop to seize the gold inside it without any just compensation. How's that grab 'ya?

[Chuckiechan]

The test will be whether or not they destroy them or auction them off.

Apparently the issue is the coins were illegally transferred. IOW, the person giving had no authority to give or posses the coins.

I have a GI .45 auto that conceivably could be confiscated by the government... "cold dead fingers not withstanding..."

[JEROY]

Your such a moron. The U.S. government were the ones to institute a law that stole people's property from the begin with.

There is no just compensation. If the feds want the coins then compensate for them! I'm sure this pissed off a lot of people during the great depression.

Let's suppose for a minute that you're right and The U.S. government is stole people , Does that make you a legal thief ? ...

And .. Let's suppose for a minute that you're a moron who believes that stealing his laptop is bad but stealing the Government is good , Does that make you a legal moron ?

[JEROY]

Let's say you bought a laptop and the government decided that they would take the laptop to seize the gold inside it without any just compensation. How's that grab 'ya?

How much gold can contain a Laptop ?

[no1_vern]

My train of thought goes like this;

1. the coins were illegally removed from the mint(the word stolen comes to mind)

2.In different, previous judgement(2009), the government was ordered to return the gold coins to the family. JUDGE ISSUES RULING ON CONFISCATED 1933 DOUBLE EAGLES Which brought on the trial of 2011.

3. As noted in the link above, in a previous case of a valuable 1933 gold coin, the Govt sold the coin, and split the proceeds with the owner -

The Landbords' suit noted that in the previous seizure of another 1933 double eagle, the government split the proceeds with the owner after the coin sold for a record $7.59 million at a 2002 auction.

The suit also noted that the government allowed King Farouk of Egypt to own and export a 1933 double eagle in 1944 without questioning how it came into circulation.

4. IN the jury trial, 12 jurors found that the government can legally take the coins back. This judgement is on the appeal.

Judge Davis agrees with last year’s ruling that Mr. McCann broke the law

So, IMO, the coins are illegal gains and must be returned to the government.

[tony_j15]

How much gold can contain a Laptop ?

Enough to make the gerbil think it's doing well, but not enough to keep it from running. Elsewise, we couldn't overclock our systems.

[JEROY]

My train of thought goes like this;

1. the coins were illegally removed from the mint(the word stolen comes to mind)

2.In different, previous judgement(2009), the government was ordered to return the gold coins to the family. JUDGE ISSUES RULING ON CONFISCATED 1933 DOUBLE EAGLES Which brought on the trial of 2011.

3. As noted in the link above, in a previous case of a valuable 1933 gold coin, the Govt sold the coin, and split the proceeds with the owner -

4. IN the jury trial, 12 jurors found that the government can legally take the coins back. This judgement is on the appeal.

So, IMO, the coins are illegal gains and must be returned to the government.

In 1 , you shot the truth , In 2 look for corruption , In 3 the Government offended the law and in fact , the U.S.A. people who is the sole exclusive owner of everything , in 4 , 12 honest men taught the government how to govern ....
So yes : the coins are illegal gains and must be returned to the government.

[JEROY]

Enough to make the gerbil think it's doing well, but not enough to keep it from running. Elsewise, we couldn't overclock our systems.

Better say overclock some minds

[Mike]

Idiots. Don't take something to the Mint to have it verified and appraised, as there would have been plenty of private collectors that could have done it for them. They won't win the case.

[SoloCamo]

Idiots. Don't take something to the Mint to have it verified and appraised, as there would have been plenty of private collectors that could have done it for them. They won't win the case.

+1

[Epidemic]

Bahhh!

At most the people who own these coins should have to pay face value or value per ounce for the gold. that is all that was stolen. had the government had them at the time of the destruction they would have been melted down.

I believe the government is owed the value of gold per ounce which will account for inflation had the money been in their vaults all these years.