Langbord family Looses Lawsuit over 80 Million Coins...

[busyeye]

currency belongs to Uncle Sam Judge says.

http://www.huffingtonpost.com/mobileweb/2012/09/06/family-loses-lawsuit-gold-coins-belongs-to-uncle-sam_n_1862151.html?prefTab=Today

Wow, Just thought I'd share this article.

[jfines69]

I saw that report... I think that uncle sam has over stepped its bounds... Owning gold has been legal for some time now and regardless of when these coins were made I do not believe that the federal govt has a corner on the gold market... Not only that but the mint had allowed the sell of another just to get some of its profit!!!

[busyeye]

I think it's outright stealing from these people. The judge should have allowed this family a good fair profit. It's just a real shame.

[kloccwork419]

They should of never owned them to begin with... the 1933 anyway. They didnt say if all the coins were the same or not.
You can bet same thing would happen if a 1943 copper showed up somewhere

[onecent1909]

All the coins in questions were dated 1933. Per the order by FDR the USA was off the gold standard, All gold coins had to be turned in...UNLESS they had a collector value..even then they had to be reported and the public was only allowed to keep a small amount of the coins based on date and mint mark.
I would LOVE to see the coins sold and moved between people creating money to move around helping the economy...

story is Mr. swift paid a mint employee to smuggle a group of 1933 $20's out to him before they were melted...making them stolen US government property as had been reported he had done with other coin errors and types.

The US government states they were never sold and are still property of the US government..so.. If they were recovered by Mr, swift by exchanging 10 $20 gold coins dated earlier then 1933 for 10 $20 gold dated 1933..so the coin counter at the mint had the same number of $20 dollar gold pieces at the end of the day as the beginning of the day ..as the lawyer of the Langbord family states.... he (Mr Swift) should have reported the coins...being that it was 1933... they would have no collector value and would have been confiscated. Mr Swift sold some 1933 $20's to well known collectors who had their coins confiscated by the US government...If Mr swift got the coins legally..he would have come forward at that time...If my memory is right the only person to have a completed collection of US coins, Louis Eliasberg,got his 1933 $20 from Mr Swift...later to be confiscated...I think this exchange would have led to some discussions.. yielding Mr Swift to come forward....in order to recover the coin for Mr. Eliasberg.

.....HOWEVER........ on the other hand.. the US government could not prove that he did not exchange the $20's like already stated... When the US government agreed to the sell of the ONE $20 dollar gold They got half of the sell plus $20.00 for the original sell of the coin... gave the new owner a certificate.. stating this was the ONLY 1933 $20.00 gold allowed to be owned... IF the 10 coins went on the market...the price of the sell of all of them( possibly at different times) could lower the value of all of the coins...The owner of the 1 coin could try to sue the US government for unfair and dishonest acts yielding a loose based on an agreement between the 2 parties....I am not a lawyer but this may tie up more money in a fight that the government may win or lose.. still money and time....something the government AND the people do not want...

I think the US government could not prove that he did not switch the coins...and should turn the coins over to the Langbord family..or agree to sell them /keep half the money... settle up with the other coin owner... and be done with it creating money for government,money moving helpping economy... and I would have the Langbord agree to sale them in a state where sale tax could be collected creating more money for the US government...to spend????? well that is a different website posting...LOL

the 1943 bronze coins were sold through the federal reserve banking systems... If another one comes up found after all these years.. I believe they would be allowed into the collecting arena...the 1974 aluminum cent...the 1964 silver peace dollar... the 1933 $20.00 gold.. these coins were in the eyes of the US government... never released through the banking system and are still property of the US government....2 1974 cents are known alive...one was turned into the Smithsonian when the owner(I think member of congress) was told to forfeit it...the other...a member of congress dropped it...a security guard pointed it out...that congressional member told him to keep it... his family had it certified.. and no one has tried to recover it YET
the 1964 peace dollars ( I believe a Denver minted coin)were minted ...then melted as the removal of silver started... some were "stolen" by the smelters...at lease 1 is in a safety deposit box seen by a coin world reporter quite some time ago.
the 2000 Sac/Washington coins... some were recovered "in the wild"..some sold by 1 of 2 men who were at one time mint employees...both were arrested.. one (last that I know) fled bail and is right know being sought...other one... guilty.... probation community service pay back $00000.00000 google amount of money...I am Not sure how much...anyways..I think 5 of the 12 or 13 Sac/Washington coins were sold by them... and secret service was looking into them...no decision yet

[flyhi3]

IMHO, the goverment has no right or place to take those gold coins......

[DCW]

E govt

They should of never owned them to begin with... the 1933 anyway. They didnt say if all the coins were the same or not.
You can bet same thing would happen if a 1943 copper showed up somewhere

'43 coppers, while rare, can and do sell on the open market. To my knowledge, the gov't seems to only have a beef with '33 saints. You can own a '33 eagle no problem. Same holds true for 1913 liberty nickels, patterns of all types, etc.
Never understood this.

The'33 double eagles were already minted by the time FDR ordered them melted. Were they probably obtained surreptitiously by dealer Izzy Swift? Yes.
But there is something called "burden of proof," which i dont believe the govt has fulfilled.
Tough loss for the Langbords. But im sure they have another ten waiting at some offshore location

[DCW]

No genuine 1964-d peace dollars are known to exist, not even in the Smithsonian.
Sac/Washington mule is legit...one sold on the open market last month.

[coop]

Obtained illegally. Justice served to me. Take something stolen to a pawn shop and if they buy it, they have to file a report and the object if stolen, can be confiscated.

[DCW]

Where is the proof they were "stolen?"

[coop]

If you didn't release any, the presence of the item proves they were taken we taken illegally.

[DCW]

While they were not released for circulation, i dont think that automatically means they were stolen in the literal meaning of the word. Apparently, he switched for gold, and in doing so saved some numismatic treasures for us to banter about.
Again, I dont understand federal fascination with these.
Look at the 1913 liberty nickel. These weren't even minted legally

[Maineman750]

I wouldn't have a problem with the governments' actions on this if they would use the same standards on our politicians as they did on private citizens.