CAC's big offer

[Hard Times]

CAC's big offer

 

Seems to be jumping the gun here as there is still time for an appeal.....

[123cents]

It's called Publicity 101.

[Schatzy]

 

 

Just an advertising stunt!!

$20 million even seems like a lowball offer!!

[PerryHall]

An obvious publicity stunt. I doubt JA thought his offer would ever be accepted. If the government ever sold them it would have to be at public auction to be fair by giving everyone an equal chance to buy one.

[James_OldeTowne]

$20 million? What a joke.

 

I offer $25 milllion, and I am not kidding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Seriously!

[jtryka]

Total publicity stunt! Every collector knows any real dealer would only offer 95% of melt!

[rons]

Heck, the last dealer I visited offered 92% !!!!!!!

[Chris1976]

correct me if I am wrong, but didnt one of these coins sell at auction in 2002 for over $7 million?

 

-Chris#2

 

 

"The 1933 Double Eagle sold at auction on July 30, 2002, for $6.6 million, plus the 15% buyer's fee, which brought the total cost to the buyer to $7,590,000, plus $20 to monetize the coin and compensate the Mint for the $20 it believes it lost when the coin was thought to have been stolen. The buyer chose to remain anonymous, so once again we don't know where the Farouk specimen is, or when it might suddenly show up again. One thing is for sure: the Secret Service can't confiscate it any more!"

 

Quoted from http://coins.about.com/od/famousrarecoinprofiles/p/1933_Gold_Eagle.htm

[WoodenJefferson]

Green Beans for everybody!

 

The coins will be spirited back to the vaults at Fort Knox, where they will lie undisturbed for the next 100 years.

[PerryHall]

correct me if I am wrong, but didnt one of these coins sell at auction in 2002 for over $7 million?

 

-Chris#2

 

 

"The 1933 Double Eagle sold at auction on July 30, 2002, for $6.6 million, plus the 15% buyer's fee, which brought the total cost to the buyer to $7,590,000, plus $20 to monetize the coin and compensate the Mint for the $20 it believes it lost when the coin was thought to have been stolen. The buyer chose to remain anonymous, so once again we don't know where the Farouk specimen is, or when it might suddenly show up again. One thing is for sure: the Secret Service can't confiscate it any more!"

 

Quoted from http://coins.about.com/od/famousrarecoinprofiles/p/1933_Gold_Eagle.htm

 

If they are sold, there will then be 11 in collector's hands so the value would have to drop due to the number of available specimens increasing by a factor of 11.

 

 

 

 

[L1ncolnF4n]

correct me if I am wrong, but didnt one of these coins sell at auction in 2002 for over $7 million?

 

-Chris#2

 

 

"The 1933 Double Eagle sold at auction on July 30, 2002, for $6.6 million, plus the 15% buyer's fee, which brought the total cost to the buyer to $7,590,000, plus $20 to monetize the coin and compensate the Mint for the $20 it believes it lost when the coin was thought to have been stolen. The buyer chose to remain anonymous, so once again we don't know where the Farouk specimen is, or when it might suddenly show up again. One thing is for sure: the Secret Service can't confiscate it any more!"

 

Quoted from http://coins.about.com/od/famousrarecoinprofiles/p/1933_Gold_Eagle.htm

 

If they are sold, there will then be 11 in collector's hands so the value would have to drop due to the number of available specimens increasing by a factor of 11.

 

 

 

 

I actually think the value would hold near $3,000,000 per coin. Even though there would be 11 examples in public hands, it opens the door to a registry rush and will hold the value. They will also have the appeal of owning such a notorious coin.

[Chris1976]

I agree that the value will drop, but I dont feel that it will drop to that extent. The one that sold previously wasnt even graded. It was in a holder simular to that of the GSA morgans. If I were to take a guess, I would think that the other 10 that have not been sold as of yet would still have a value around $4.5 million at a wholesale level and possibly still be around $5 to $5.5 million in the retail market (on the high end of my guess) after being graded and green beaned. Or at least have a wholesale price around the $3.5 million range due to there only being 11 examples that would be available.

 

-Chris#2

[Mark T]

$20 million? What a joke.

 

I offer $25 milllion, and I am not kidding.

 

 

Seriously!

 

Heck with you James – my offer stands at 30 million and I will throw in my 25 year old Ferrari just as a bonus !

 

 

[WoodenJefferson]

Would John Albanese and the consortium crack them out of the NGC holders to cross them into PCGS plastic, or leave them as is and bean them appropriately?

[BillJones]

Would John Albanese and the consortium crack them out of the NGC holders to cross them into PCGS plastic, or leave them as is and bean them appropriately?

 

If I were John Albanese & Co., I'd leave them in the NGC plastic. It's to their advantage to have two viable front line grading services. But there are the PCGS fans out there who think there is only one grading service, and they could make money by crossing over a few.

[BillJones]

correct me if I am wrong, but didnt one of these coins sell at auction in 2002 for over $7 million?

 

-Chris#2

 

 

"The 1933 Double Eagle sold at auction on July 30, 2002, for $6.6 million, plus the 15% buyer's fee, which brought the total cost to the buyer to $7,590,000, plus $20 to monetize the coin and compensate the Mint for the $20 it believes it lost when the coin was thought to have been stolen. The buyer chose to remain anonymous, so once again we don't know where the Farouk specimen is, or when it might suddenly show up again. One thing is for sure: the Secret Service can't confiscate it any more!"

 

Quoted from http://coins.about.com/od/famousrarecoinprofiles/p/1933_Gold_Eagle.htm

 

I still think that the government bought that coin. Until I see that piece surface somewhere in the private sector, I'm going to hold to that opinion. For whatever reason the government does not want any of these coins in numismatic circulation despite the fact that there are millions of dollars in it for them, both from the initial sale and subsequent capital gains tax.

[ultra-crepidarian]

You miss the point. This story transcends numismatics. It isn’t just a story about ten old “Saints”:

 

“Considering all the trouble the government is having with the deficit and the debt limit, this would be an easy way to cut 20 million dollars from the deficit,” Albanese said. ... “I’ve read that the average American is in debt for $40,000” he added “This would pay the debt for 500 people."

 

No this is a story about a compassionate man: A modern day “Saint” who walks among us. Saint Albanese the Altruistic: An individual with a sense of fair play who manifests the selfless attitude that has made America the nation it is today!