Bookkeeping

On 4/4/2008 at 3:11 AM, WoodenJefferson said:

Federal Reserve Bank of New York Building

First used in 1924, the Federal Reserve Bank of New York took six years to build

Federal Reserve Bank of New York Entrance

The entrance to the Federal Reserve Bank of New York is located at 33 Liberty St

Entry to the Gold Vault

This ten-foot passageway is cut through a 90-ton steel cylinder

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Gold Bars in the Gold Vault of the Federal Reserve Bank of New York

The gold vault at the Federal Reserve Bank of New York is built directly on Manhattan's bedrock to be able to support the enormous weight of the gold.

 

 

Gold Bars are held in 122 compartments in the main and auxillary vaults

Each gold bar weighs about 27.4 pounds and is worth about $400,000

 

The Federal Reserve Bank of New York maintains a vault that lies 86 feet below sea level, resting on Manhattan bedrock. By 1927, the vault contained ten percent of the world's official gold reserves. Currently, it is reputedly the largest gold repository in the world (though this cannot be confirmed as Swiss Banks do not report their gold stocks) and holds approx 5,000 metric tons of gold bullion ($160 billion as of March, 2008), more than Fort Knox. The gold is owned by many foreign nations, central banks and international organizations. The Federal Reserve Bank does not own the gold but serves as guardian of the precious metal, which it "protects" at no charge as a gesture of good will to other nations. Free tours of the vault are available to the public.

 

note: Members of three separate bank departments are required to enter the vaults and to move gold bars.

 

 

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On 7/1/2014 at 6:21 AM, DaveG said:

This month's issue of The Numismatist features a two-page article on the alleged 1841-O half eagle by RW Julian.

Walter Breen believed that 50 coins were struck in August 1841 and that only two examples existed, resulting in a great rarity.

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 Mr. Julian's article demonstrates that while the coins were delivered in August, they were most likely struck earlier in the year and dated 1840, as were 8,300 coins that had been struck in January and February.

However, he only makes brief reference to the two supposed examples, mentioning that no one has seen these coins in around 50 years.

One of the coins may have been altered from an 1840-C half eagle, while the other had been purchased at the 1954 Farouk sales by John Jay Pittman.

Doug Winter, in the 2nd edition of his Gold Coins of the New Orleans Mint, relates the story told by Mr. Pittman that was published in David Akers' Pittman I catalog, that Mr. Pittman knew the coin wasn't an 1841-O, but he so enjoyed Walter Breen's identification of the coin (from only a photograph) that he didn't have the heart to correct him!

In case you don't own a copy of either the Pittman catalog or Doug's book, here's a link so you can enjoy the story: (go to page 88) Link

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