3 - 1933 Double Eagles on Display at Philly

Millions, John. Figure at least $2 MM per coin if not more -- comparable to the 1927-D in rarity, but with an even better story -- and you are talking some serious tax payments based on the initial and subsequent sales in terms of income and/or capital gains.

And the coins are small in quanitity and when they sell its news, so the IRS would have no problem tracking it.

Yup....and might I point to all the low-serial numbered currency that never seems to escape the BEP into general circulation and which are ALL worth hundreds if not thousands of dollars, even for $1 bills ? Where do they all go ? To the folks in BEP and those whose signatures are on the bills, I bet.

And bills !!

Yup...what a scam.

"Turn in your gold at $20.67 an ounce.....all done ??.....hey folks....gold is now worth $35 an ounce....SUCK-ERS !!!!!!"

 

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They could take us off the Gold Standard without confiscating gold. They had nothing to do with one another -- this was about appealing to the William Jennings Bryan anti-banking, anti-Wall Street Huey Long types.

Britain went off the gold standard years earlier to help escape the Great Depression.

You see similar efforts in Europe today with countries trying to wriggle out of the deflationary Euro compact.

 

Me three

 

Yes they could have, but they didn't want to. We didn't finally get completely off the gold standard until 1971. They were still trying to keep the dollar at least to some extent tied to gold. If the law requires some percentage of gold for every dollar issued and you want to issue more dollars, you either change the law, or somehow get more gold.

And the gold was not confiscated. They paid for every ounce turned in.

 

Right, you were forced to sell it. And then a few months later, it was worth nearly double what you sold it for !!

 

Well each person could keep up to 5 oz, and if you said your gold coins were part of a collection you could keep those as well (except you couldn't have more than four of the same date/mint of quarter eagles). And if you didn't turn in your jewelry they didn't really go after you. Possibly the same for objects of art but I'm not sure about that. In short there were ways for many people to keep some gold. And 5 oz of gold in 1933 would be like the purchasing power of something like $5,000 to $10,000 today. Most people could have held onto that in the depression if they wanted to.

 

Does anybody know.....

(1) Why a trial judge's "finding of fact" are not reviewed and/or corrected by higher courts ? It appears the Langbords were roped into a circuit with judges favorable to the government and the governments POV were established as "facts" and the Langbord's disregarded.

(2) What the government says/said about other coins (i.e, 1933 $10 Eagles) that escaped the Mint ?

(3) What the government says/said about the fact that 4 exchanges of 1933 $10 Eagles are recorded but today there are almost 40 that are circulating, meaning about 30-35 were NOT recorded ?

 

None of them were ever released for circulation. Only one was released by the government and that was a gift to King Furoke (spelling). Any others that made it into circulation were stolen from the USMint.

 

You are referencing the DOUBLE Eagles, which I disagree with.

I'm talking about the $10 Eagles, Indian Heads. Only 4 exchanges are listed in the ledger, but close to 40 circulate today.

 

Those I have no idea.

 

The Philadelphia Mint had a policy that they would exchange new coins for old ones over the counter. That was the claim that was made about the legality of the 1933 double eagles. It’s a guess, but I would say that Iggy Switt probably went to the mint every year with old double eagles and exchanged them for new ones. No one thought anything about it until 1933 with Franklin Roosevelt had his gold surrender order.

We have to remember that nobody thought anything about the 1933 double eagles that were in numismatic circulation until the early 1940s when a Washington bureaucrat, whose name I will not allow with which to clutter my brain, found the he could make a career out of tracking down the people who had these coins. Since there was a small number of 1933 eagles that were released legally, this this desk jockey probably didn’t go after those coins.

Since you say that only four of those coins were issued legally, does that transaction make any sense to you? What were the circumstances? Why would the mint bother to issue only four pieces out of mintage of 312,500 coins?

There are a lot of unanswered questions concerning this 1933 coins. I wouldn’t give the government any ideas because we could be wasting for taxpayer millions on more stupid court trials over them.

 

What I can't figure out, what I don't see from the trial articles (I'm not sure even the transcripts would help) is...

(1) Why does the Mint keep saying the coins were "stolen" if the gold books were in balance ?

(2) Was there any outright prohibition against a coin-for-coin exchange taking place in 1937 as David Tripp alledges that George McGann did to get the coins before giving them to Switt ? In this case as well, if McGann took any coins, the gold books were in balance anyway.

(3) What constituted an "official release" of coins ? I keep reading that the 1933 DE's were never officially released. Did the Mint Director get a telegram from the Treasury saying that the coins were good-to-go ? Was there a release date, like April 10th ? April 15th ? It's not like there was going to be a rush among the public, it's more a question of when they wanted the new coins to be used in banking and international commerce.

I don't recall reading about any official release date procedure in any book including Burdette's From Mine To Mint so maybe someone here might know.

Izzy wouuld go to the Mint pretty much daily bringing scrap metals and scrap gold. Plus the coin-for-coin exchanges.

When new coins came out I read that $20 Saint-Gaudens would trade for $25-$35 from wealthy collectors who didn't want to wait on line or go to the Mint themselves. Esp. NYC collectors who had to travel down to Philly -- they gladly paid up.

Yup, I remember reading that some woman Mint Director was aware of the 1933's trading and never moved on them. Only when the Nazis were pretty much gone from espionage on our shores did they start going after them in 1944.

JM, my understanding is that the ledgers show that four $10 1933 Eagles are listed for coin-for-coin exchange...but there are another 30 that are available....ergo, not all coins had to show up on the ledger for a coin-for-coin to be considered legit.

HOWEVER....my understanding (and I know even less about release policy for $10 Eagles than release policy for $20 Double Eagles) is that the $10 Eagles were all OK for release...that their "official release" may have been very early in March 1933 and this is why the Feds and Mint have never gone after any of the 1933 $10 Eagles, including those not listed in the ledger/record books.

The $10 Eagles may have all been produced in early-March 1933 whereas the $20 Saint-Gaudens Double Eagles were produced in mid-March through April and possibly even into May (I've read conflicting reports, but at a minimum the production lasted past FDR's EO 6102 on April 5th, 1933).

 

Actually, that's another lie told by the U.S. Attorney who handled the case.

The U.S. Mint has had the coins for 16 years. During that time, they have been available to the public a grand total of 2 (two) times.

2...as in 1 more than....1. IOTW, we see the coins about once every 8 years. Meanwhile, imagine the boon to the hobby had these coins travelled to all the big national and regional shows....been auctioned off like that 1927-D a few months ago at the FUN Convention....etc.

Another lie told by The Swamp, along with how the government keeping the coins is a great help to the numismatic community. Meanwhile, Chinese fakes continue to flood in.

Thanks for nothing, clowns.