Guess the grade

[MBA101]

Figured you guys would have fun with this one...

 

[Amanda]

 

Is that the one that's legal to own?

 

-Amanda

[MikeInFL]

My WAG is it looks like an altered date in AU...Mike

[TJ'S Coins]

AU if authentic.

[MBA101]

The pic is legit. And I don't see how it could be AU (legally anyway)

[DC Dawg]

Body bagged for being counterfeit!

 

Scott

[MBA101]

How about this:

 

[DC Dawg]

These are the ten coins from the Israel Switt family that were confiscated last year. They are worth a fortune regardless of the grade!! Considering the King Farouk coin sold for over $7 million, one can only imagine what these coins would be worth.

 

Scott

[TJ'S Coins]

How about this:

 

 

There was an article in "Coin World" or "Numismatic News" when these coins were made public. Some of them are AU since they were carried in the pocket, perhaps as show pieces to brag about to a friend or fellow collector. Anybody else remember more details of these coins?

[MBA101]

I don't remember who in this forum has the blog, but there is a link from someone's blog site to the government web page with the story on these 10 coins, with pics (14 MB worth) of the coins. I am amazed that it is such a big deal to make these coins legal to own. The story claims the government wants to keep the coins as part of an effort to educate the public or some such nonsense. Auction these puppies off and get them out into Numismatic circulation!

[DC Dawg]

The press release from the US Mint can be found here.

 

The picture you posted can be found at the US Mint Pressroom.

 

According to the US Mint and several court precedences, the Mint did not officially release the coin into circulation and is US government property. The one specimen, the King Farouk coin that sold in 2002 for $7.59 million, is the only legal 1933 Double Eagle. It was determined that the coin was legal because of the export license that was approved to have the coin shipped to Egypt that was granted by the State Department without proper consultation with the Mint. As part of the settlement, the Mint monetized the coin and split the auction proceeds with the former owners. Of course Sothebys, the famous auction house, retained the standard 15% buyers fee!

 

BTW: In order to monetize the coin, the Mint had to be paid $20 so that the books would balance. The auctioneer paid the $20 out of his pocket!

 

The cataloger and researcher for Sothebys, David Tripp, wrote a book titled Illegal Tender: Gold, Greed, and the Mystery of the Lost 1933 Double Eagle about the King Farouk Double Eagle. The book has all of the reasons why the government considers any future finds chattle. You can read my review on my blog (I know... shameless plug! ). It is a great book and a wonderful story, especially since it is true!

 

Tripp speculated that there were more 1933 double eagles but did not have enough information to prove his theory. In fact, he speculated that if any were found that they would be associated with Israel Switt. Since they were found by the Switt family, it lends a lot of credence to the suspicion that Switt may have been the recipient of the coins when they left the Mint in either 1933 or 1934.

 

BTW: Three other 1933 Saint Gaudens Double Eagles are known to exist. One is owned by the Department of the Treasury as part of their archive in Philadelphia. The other two are owned by the Smithsonian Institute. Since its founding, the Smithsonian has received two copies of each coin minted. They were sent the 1933 gold coins by procedure since it wasn't until 1934 when the vaults were reopened and the coins melted.

 

After the Switt coins were confiscated, Rep. Frank Lewis (R-OK) introduced the Numismatic Rarities Certainty Act of 2006 (H.R. 5077). The purpose of the bill was to provide for legal tender status to all coins and currency, including patterns and the 1913 Liberty Head nickels. Lewis said that he did not want the Mint going after collectors after not being bothered for so many years. But the bill only covers coins minted before January 1, 1933. The bill never left the committee mainly because of the opposition by the Mint and by the numismatic community because it would leave out the 1933 Saint-Gaudens Double Eagles. It is likely the bill will die in committee along with the 109th congress. It is possible that this bill will be re-introduced for the 110th congress, but nobody is sure.

 

In the mean time, the ten 1933 Double Eagle coins confiscated from the Switt family remain property of the US Government and, if the government gets its way, will never be legal tender and will only be seen in displays. However, the Switt family is suing the government over this issue. This story is not over... but it will take a long time to run its course!

 

Scott

[relicsncoins]

In the mean time, the ten 1933 Double Eagle coins confiscated from the Switt family remain property of the US Government and, if the government gets its way, will never be legal tender and will only be seen in displays. However, the Switt family is suing the government over this issue. This story is not over... but it will take a long time to run its course!

 

The G'ment had them on display at the Denver ANA show with about 15 secret service agents guarding them.

 

JJ