Rare US Coins Story

[jacksmar]

A judge ruled that 10 rare gold coins worth $80 million belonged to the U.S. government, not a family that had sued the U.S. Treasury, saying it had illegally seized them.

The 1933 Saint-Gaudens double eagle coin was originally valued at $20, but sold for as much as $7.5 million at a Sotheby's auction in 2002, according to Courthouse News.
http://l3.yimg.com/bt/api/res/1.2/BPCxclJAgiYfi1ZHdND1ZQ--/YXBwaWQ9eW5ld3M7aD0zNjA7cT04NTt3PTY0MA--/http://media.zenfs.com/en_us/gma/us.abcnews.gma.com/ht_gold_coin_tk_120905_wmain.jpg

http://news.yahoo.com/judge-says-10-rare-gold-coins-worth-80-152750965--abc-news-topstories.html


Does anyone have family members with old coins or collections? This story is pretty odd.

[Nitro Express]

The reason for the ruling is Roosevelt issued a gold confiscation order in 1933 which made it illegal for US citizens to own gold and what gold they did have they had to turn in and exchange for paper money. Since the coin was minted in 1933 it would be illegal for a citizen to own and only the government could legally own it.

[jacksmar]

So the 1933 ruling banned ownership of US minted gold?

[Nitro Express]

http://en.wikipedia.org/wiki/Executive_Order_6102

Yup. Roosevelt made it illegal to own gold coins in 1933 and it was illegal until 1974 when Gerald Ford repealed the law.

[Hardrock69]

It really sucks. The "Government" just hates being wrong in legal proceedings like this.

[jacksmar]

I guess they took the coins but should not have taken them or didn't have the law on the side of the government?

[Hardrock69]

Well, in my opinion the judge could have said "Gold is legal to own now so the Treasury department has to give them back".

Or he could have said "The Treasury can have them but they must compensate the family".

I think the family has a chance on appeal though. The only way you can still charge someone with a crime after 80 years is if it is murder. There is a statute of limitations on everything else.
Not only that, it IS legal to own gold these days.

So I think the appellate court judge should rule for both sides. Let the government keep them and pay the family what they are worth as collectible coins.

But then, it is a waste of taxpayer dollars.

It is legal to own gold coins currently, and the way to save taxpayers money is to let the family have the fucking things.

I will be interested in the outcome of this case.

[Nitro Express]

There was a similar case several years ago with a double eagle coin. The government won. Basically the argument the government uses in such cases is the coin never was private property but stollen government property.

[Sensible Shoes]

Seems to me there was a patriotic song called "Under the Double Eagle". Wonder if it's related.