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Thread: Feds seize gold coins worth $80 mln from Pennsylvania family

  1. #1
    Potmetal Cebu_4_2's Avatar
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    Feds seize gold coins worth $80 mln from Pennsylvania family

    Feds seize gold coins worth $80 mln from Pennsylvania family

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    Published time: September 07, 2012 18:46
    Edited time: September 07, 2012 22:52
    http://rt.com/files/usa/news/gold-co...display.si.jpg




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    Banking, Court, Law, USA

    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
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    Unobtanium Twisted Titan's Avatar
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    Re: Feds seize gold coins worth $80 mln from Pennsylvania family

    Cry me a river.

    But shed not a tear.

    Those jews will take this to supreme court.

    Its makes for better drama and a bigger strawman to beat when they are finally "vindicated"
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    Bitcoin Miner Ares's Avatar
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    Re: Feds seize gold coins worth $80 mln from Pennsylvania family

    2 mistakes

    Having it in a Safety Deposit box. 2nd, taking them to the U.S. mint to be evaluated. That would be like me taking a 1000oz silver bar to the U.S. mint who is running at full capacity, can't keep up, and is looking for more silver and asking "Hey what's this worth?" To have them respond with force and saying it's worth a lot more to me than you. Too bad so sad....
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    Re: Feds seize gold coins worth $80 mln from Pennsylvania family

    Old story, but a good reminder nonetheless.
    "Liberty is so creative, and the government is so stupid, that I’m very optimistic about the future"
    - Lew Rockwell

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    Re: Feds seize gold coins worth $80 mln from Pennsylvania family

    Holy crap! I'd be pissed!!!! If I were them, I would have never expected that at all. I would have went to a coin store before going to the mint though....
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    Re: Feds seize gold coins worth $80 mln from Pennsylvania family

    I would've recognized that the coins were illegal to possess and melted them down for their content, if you ever tried to dispose of them it'd be a good possibilty you might end up doing time
    If you don't think to good, don't think too much

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    Great Value Carrots iOWNme's Avatar
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    Re: Feds seize gold coins worth $80 mln from Pennsylvania family

    So a CRIMINAL Judge ruled that the CRIMINAL Judge in 1933 was correct in his CRIMINAL ruling? God Lord.....
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    Potmetal Cebu_4_2's Avatar
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    Re: Feds seize gold coins worth $80 mln from Pennsylvania family

    Quote Originally Posted by Sui Juris View Post
    So a CRIMINAL Judge ruled that the CRIMINAL Judge in 1933 was correct in his CRIMINAL ruling? God Lord.....
    True but they were supposed to be turned in. Why in the world would they take them to the US mint? Didn't trust anyone else?

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