Vahid Mazloumin is seen appearing in court for the first time on charges of manipulating the currency market. He was later sentenced to death, in Tehran, Iran. September 8, 2018.Tasnim News Agency /Handout via REUTERS (via ChannelNews Asia)
Coin collecting, whether it would be enjoyment or profit, received a black eye this week as Iran executed Vhid Mazloumin, the man nicknamed the “Sultan of Coins.” Mazloumin and his accomplice, Mohammad Ismail Ghasemi, were hanged in Tehran on the charge of manipulating the coin and currency market in charges that included smuggling.
The charges stem from a new round of sanction by the United States that has Iranians hoarding gold and looking for other safe investments. To serve that market, Mazloumin and his associates began to trade in gold coins and bullion.
Up until the sanctions, Iran did not have many restrictions on the trading of gold and other bullion but found itself in another financial crisis. The Iranian central bank is reporting a reduction of reserves and those with the means to purchase gold have been doing so at a rate higher than in the past.
According to many reports, Mazloumin was caught with non-Iranian coins and bullion including bars made by Swiss and German companies. Amongst the charges included trading in gold American Eagle coins and Krugerrands. As part of this defense, Mazloumin claimed that the coins were imported before the ban.
What is troublesome is that the collecting and investing communities have been silent on the execution of someone whose actions were made retroactively illegal by a panicking government. It is a more extreme version of blaming the collector for the financial crisis, such as the United States did in 1964 over silver coinage.
Although someone will inevitably ask if condemnation will do anything, just remember how an industry condemned the actions in Turkey and the United States over actions against journalists. Communities that do not stand up for itself run the risk of allowing governments to run roughshod over them at their convenience.
Therefore, I CONDEMN IN THE STRONGEST POSSIBLE TERMS THE STATE-SPONSORED MURDER OF A COIN DEALER IN IRAN!
I urge the rest of the numismatic and investment industries to join me before someone comes for you!
DHAKA, Nov. 12 (Xinhua) — Shelves and cases in the money museum in Dhaka, capital of Bangladesh, are filled to the brim with coins and currencies from the barter era to modern times, with the displays attracting many visitors. → Read more at xinhuanet.com
SARATOGA SPRINGS, N.Y. – BOCES Career & Technical Education culinary students hosted a recent Kiwanis Club luncheon where prominent numismatist Anthony Swiatek discussed old coins and currency, which might be worth a great deal more than their owners realize. → Read more at saratogian.com
Iran has executed two men convicted of manipulating coin and currency markets. Vahid Mazloumin and Mohammad Ismail Ghasemi were hanged on Wednesday after they were found guilty of manipulating coin and hard currency markets through illegal and unauthorized deals, Iranian Students’ News Agency (ISNA) reported. → Read more at newsweek.com
On November 14 the national Bank put into circulation four commemorative coins of irregular shape. This reports the press service of the regulator on the official page in Facebook, writes the Chronicle.info with reference to epravda.com.ua. → Read more at bobrtimes.com
During the debate of the law that created the American Silver Eagle program, the gold mining interests began to lobby congress to pass a bill to allow the U.S. Mint to mint bullion coins using gold mined in the United States. A few months later, congress passed the Gold Bullion Coin Act of 1985 that created the American Eagle Gold Bullion Program.
The key provisions of the Gold Bullion Coin Act are that the gold used in the coins be purchased from United States mining sources at prevailing market value and that the coins would be produced using 22-karat gold. It was decided to produce the using 22-karat gold to allow the U.S. Mint to compete with the Krugerrand, which was produced using 22-karat gold.
American Gold Eagle Design
The obverse of the coin used the design of the $20 Double Eagle coin designed by Augusts Saint-Gaudens. This design is considered by many the most beautiful of all coins produced by the U.S. Mint.
The reverse features a male bald eagle carrying an olive branch flying above a nest containing a female eagle and her hatchlings. It was designed by Miley Frances Busiek.
Obverse 2018 American Gold Eagle Proof features the design by Augustus Saint-Gaudens
Reverse of the 2018 American Gold Eagle Proof coin feating the design my Miley Busieck
American Gold Eagle Coins are offered in four different sizes with each size being of different legal tender face value. The different coins are as follows:
One ounce American Gold Eagle: $50 face value, is 1.287 inches (32 mm) in diameter, contains one troy ounce of gold and weighs 1.0909 troy ounces,
One-half ounce American Gold Eagle: $25 face value, is 1.063 inches (27 mm) in diameter, contains 0.5000 troy ounce of gold and weighs 0.5455 troy ounce,
One-quarter ounce American Gold Eagle: $10 face value, is 0.866 inch (22 mm) in diameter, contains 0.2500 troy ounce of gold and weighs 0.2727 troy ounce,
One-tenth ounce American Gold Eagle: $5 face value, is 0.650 inch (16.5 mm) in diameter, contains 0.1000 troy ounce of gold and weighs 0.1091 troy ounce.
All coins are struck with reeded edges.
Each coin is made from 22-karat gold. The composition is comprised of 91.67% gold, 3% silver, and 5.33% copper. The coins are produced so that each size contains its stated weight in pure gold. This means that the coins are heavier than their pure gold weight to account for the silver and copper.
Bullion American Gold Eagle Coins
The American Gold Eagle program produces bullion and collectible coins. The bullion coins can be stuck at any branch mint but does not have a mintmark. Bullion coins are sold in bulk to special dealers who then sell it to retailers. They are struck for the investment market.
Although some people do collect bullion coins they are not produced or marketed for the collector market. As with other investments, American Gold Eagle bullion coins are subject to taxes when sold. Please consult your financial advisor or tax professional for the tax implications for your situation.
It is important to note that there have been attempts to determine where the bullion coins have been struck. Collectors have tried to use shipping records from the U.S. Mint, shipping labels, and other means to try to investigate the origin of the coins. Although some believe that these methods have identified some coins, the U.S. Mint has said that the shipping records that are being relied upon are not correct and do not reliably show the branch mint of origin.
Collector American Gold Eagle Coins
Collector coins are produced and sold by the U.S. Mint in specialty packaging directly to the public. Collectors can purchase new coins directly from the U.S. Mint and find these coins online. Collector American Gold Eagle coins are produced only as proof coins.
American Gold Eagle Poof coins are sold individually or in a four-coin set. The coins sold by the U.S. Mint are stored in a specially made capsule and that capsule is placed in a special folder-like packaging. The folders are distributed in a brown box with a Certificate of Authenticity.
OGP vs. GRADED
2018-W American Gold Eagle Proof in Original Government Package
Collector American Gold Eagle uncirculated coins can be purchased either in their original government package or graded. When searching for coins that are in their original government packaging it is recommended that you add “OGP” as part of the search.
Collector American Gold Eagle coins may have been removed from its original government package in order to be sent to a third-party grading service for grading. Most of the time, the original government package may have been discarded. Some dealers will sell the package without the coin for a few dollars, but for collectors of graded coins, this is not a priority.
1999-W Bullion Eagles Struck with Unfinished Proof Dies
In 1999, there was an incredible demand for gold bullion. In the rush to produce $5 one-tenth ounce and $10 one-quarter ounce bullion coins to satisfy market demand, the West Point Mint mistakenly struck coins using unfinished dies made that were supposed to be for proof coins.
These dies were considered unfinished because they did not receive their final finishing treatment that would be used for proof coins.
As a result, about 4,000-6,000 American Gold Eagle 1999 bullion coins were struck with the "W" mintmark and the higher relief of proof coins. Since most of these coins may be in bullion holdings, experts are not sure how rare these coins may be. However, few have been seen for sale on the secondary market.
Tenth Anniversary American Eagle Set
As part of the celebration of the 10th anniversary of the American Eagle program, the U.S. Mint created the 10th Anniversary American Eagle set. The set contained a four 1995-W American Gold Eagle Proof coins (one-tenth, one-quarter, one-half, and one troy ounce coins) and a 1995-W American Silver Eagle proof coin. This set is significant for the 1995-W American Silver Eagle proof coin since it was not made available to collectors not buying the set.
Most of the sets have been split up to take advantage of the fluctuating metal prices and the rarity of the 1995-W American Silver Eagle. Finding the entire set with the American Gold Eagle coins and the American Silver Eagle Proof coin in the original government package can set you back $8,000 and higher.
Twentieth Anniversary American Eagle Set
To celebrate the 20th anniversary of the American Eagle bullion program, the U.S. Mint issued two different using gold coins in celebration.
The American Gold Eagle three-coin 20th Anniversary Set contained three coins: a 2006-W Proof Gold Eagle, a 2006-W Uncirculated Gold Eagle, and a 2006-W Reverse Proof Gold Eagle.
The 2006-W American Gold Eagle Reverse Proof was unique to the 20th Anniversary set. The raised design elements of the coin are mirrored and the background fields are frosted. This is the reverse of the typical cameo proof finish. Because of this, many of these sets were broken up and the coins encapsulated in third-party grading service holders.
A second 20th Anniversary Set included a one-ounce 2006-W American Gold Eagle Uncirculated coin and 2006-W American Silver Eagle Uncirculated coin. Both coins were treated giving them a burnished finish. Since both coins were available to be purchased individually with over 19,000 produced, it is easier to find a set in its original government packaging.
Annual Collector Coins and Sets
During the course of the American Gold Eagle Program, the U.S. Mint has offered proof coins for the collector they sold directly through their sales channels. Collectors could purchase each coin individually in a presentation case or all four coins as a set.
When searching for American Gold Eagle Proof coins on eBay, be careful not to buy a lot with just the original government package (OGP) and no coins. It is common for collectors to remove the coins from the OGP and send them to a third-party grading service for encapsulation. Collectors and dealers will try to sell the OGP without the coins for people who have the coins but not the package.
The OGP without the coins have no collector value.
Starting in 2006, the U.S. Mint has offered an uncirculated American Silver Eagle coins struck on specially burnished gold blanks. The burnishing gives the coin a satin finish that distinguishes this version from the bullion coin. These coins were offered from 2006-2008 and 2011 to present. Because of the increased demand for the gold bullion coins in 2009 and 2010, the U.S. Mint did not produce burnished collector coins so that the blanks can be used for fulfilling the bullion demand.
Similar to the proof collector coins, many of these coins were removed from their OGP and encapsulated by third-party grading services. The warning about sellers offering the OGP for sale without coins applies for the uncirculated burnished coins.
Rolls and the Monster Box
When the U.S. Mint sells bullion coins to their authorized resellers, the coins are packaged in 20-coin hard plastic rolls and 25 rolls are placed in a specially designed box that contains 500 troy ounces of silver. Rolls are topped with red caps and the boxes storing the rolls are red.
Although you may be able to find rolls and monster boxes of American Gold Eagle for sale, the price will be commensurate with the price of the coins. However, some dealers have tried to sell the boxes to anyone interested.
Thomas Rawlins Oxford Crown coin that minted in 1644. Only 100 of these coins were produced under the reign of Charles I. (Image courtesy of The Sun.)
This past week’s news had two stories about coin finds that makes me a little jealous.
Workers cleaning out the cellar in an abandoned home in Brittany, a northwest region in France, discovered a shell-shaped container that rattled when shaken. Inside the container were 600 Belgian gold coins dated 1870. The obverse of the coins had the portrait of Leopold II, then the reigning monarch of Belgium.
Local media reported that the coins could be worth 100,000 euros or about $116,000 at the current exchange rate.
As reigning monarch in Belgium, as democratic reforms were sweeping through Europe, Leopold II had little power except to expand his empire. He did so by using explorer Henry Morton Stanley to help him lay claim to the Congo. Leopold was a harsh ruler in the Congo as he depleted the country of its two major resources: ivory and rubber. After, gaining a fortune Leopold basically went on a spending spree.
By 1908, Leopold was forced to give up control of the Congo to be managed as a legitimate Belgium colony. Belguim Congo gained independence in 1960 and became the Republic of the Congo.
There have been several hoards of Belgium gold coins from the Leopold II era that has been driving down the price of all coins. Add that European history does not portray him well makes his reign very unpopular.
The other find was by a woman in Hull, or more properly, Kingston upon Hull in the United Kingdom. She was cleaning out her loft and found a coin collection she inherited from her grandfather. She offered the coins to her children but they declined, believing the coins were junk.
Wanting to know more, she went to get the coins appraised and found that she had a Thomas Rawlins Oxford Crown coin that minted in 1644. Only 100 of these coins were produced under the reign of Charles I. It has an estimated value of £100,00 ($132,729 at the current exchange rate).
The lesson we should learn is to find those old boxes, containers, tins, or anything else that was given to you by a relative and do not assume it is junk. Have them appraised because you never know what you might find!
French gendarmes say workers paid to demolish an uninhabited house in Brittany made an unexpected discovery in the cellar — 600 gold coins. The Pont-Aven gendarmerie said the workers discovered the coins after rattling a mysterious, shell-shaped container. → Read more at abc.net.au
Liza Minnelli famously sang about the role of money in the award-winning Broadway play Cabaret, saying “Money makes the world go round.” Oscar Wilde cleverly wrote about it, as well, stating “When I was young, I used to think that money was the most important thing in life. Now that I am old, I know it is.” → Read more at jasper52.com
LOS ANGELES (Reuters) – A one of a kind 18th century gold coin bearing the likeness of the first U.S. President, George Washington, is expected to fetch more than $1 million when it goes up for auction in August, auctioneers said on Wednesday. → Read more at in.reuters.com
A GRANDMOTHER found a rare 17th century coin worth £100,000 in a box of junk she was about to dump. The 69-year-old from Hull was clearing out her loft when she discovered the Thomas Rawlins Oxford Crown coin, minted in 1644. → Read more at thesun.co.uk
The South African Reserve Bank (SARB) has released the designs of its commemorative banknotes and coins for Nelson Mandela’s birth centenary, ahead of the launch on July 13. The central bank on Wednesday issued a statement indicating that test packs of the commemorative notes were made available to the cash industry to make preparations for cash processing, cash dispensing machines and ticket machines, among other things. → Read more at fin24.com
A one of a kind 18th century gold coin bearing the likeness of the first U.S. President, George Washington, is expected to fetch more than $1 million when it goes up for auction in August, auctioneers said on Wednesday. → Read more at reuters.com
Although it is not really a numismatic-related bill, the Saint-Gaudens National Historical Park Redesignation Act appears to be on track for passage in the Senate.
Essentially, the bill redesignates the Saint-Gaudens National Historic Site, Augustus Saint-Gaudens’ former home in New Hampshire, as the “Saint-Gaudens National Historical Park.” The change is significant in that it changes the funding for the staffing and maintenance of the site. It also will keep the site accessible for tourism.
Augustus Saint-Gaudens is known as the artist who co-conspired with President Theodore Roosevelt in his “pet crime” to redesign United States coinage. Before his death in 1907, Saint-Gaudens provided the design for the $20 Double Eagle and $10 Eagle gold coinage.
Saint-Gaudens’ legacy did continue after his death by his students Adolph A. Weinman, designer of the Walking Liberty half-dollar and Mercury dime, and James Earle Fraser, designer of the Buffalo Nickel.
S. 2863: National Law Enforcement Museum Commemorative Coin Act
Sponsor: Sen. Roy Blunt (R-MO)
Introduced: May 16, 2018
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — May 16, 2018
H.R. 965: Saint-Gaudens National Historical Park Redesignation Act
Sponsor: Rep. Ann M. Kuster (D-NH)
Introduced: February 7, 2017
Summary: (Sec. 2) This bill redesignates the Saint-Gaudens National Historic Site, in New Hampshire, as the "Saint-Gaudens National Historical Park."
Referred to the House Committee on Natural Resources. — Feb 7, 2017
Placed on the Union Calendar, Calendar No. 197. — Aug 25, 2017
Reported (Amended) by the Committee on Natural Resources. H. Rept. 115-277. — Aug 25, 2017
Mr. Thompson (PA) moved to suspend the rules and pass the bill, as amended. — Oct 2, 2017
Considered under suspension of the rules. — Oct 2, 2017
DEBATE – The House proceeded with forty minutes of debate on H.R. 965. — Oct 2, 2017
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. — Oct 2, 2017
Considered as unfinished business. — Oct 2, 2017
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 401 – 0 (Roll no. 545). — Oct 2, 2017
Motion to reconsider laid on the table Agreed to without objection. — Oct 2, 2017
Received in the Senate and Read twice and referred to the Committee on Energy and Natural Resources. — Oct 3, 2017
Committee on Energy and Natural Resources. Ordered to be reported without amendment favorably. — May 17, 2018
One of the ten 1933 Saint-Gaudens $20 Double Eagle gold coins from the Longbord Hoard confiscated by the U.S. Mint
A week ago when I wrote about the Coin Worldreport that the U.S. Mint knows about more 1933 Saint Gaudens Double Eagle gold coins private hands. I had questioned their reasons why. Coin World followed up with the U.S. Mint and received an answer: because the one known that was in domestic hands is now stored with the 10 Langbord coins at the United States Bullion Depository at Fort Knox.
Coin World reported that the previous owner, who wishes to stay anonymous, turned in the coin because he did not want to be caught with the coin that federal courts ruled was stolen government property. Department of the Treasury and U.S. Mint officials have been instructed by the Department of Justice not to go into any further details about the case.
Since it has been assumed that 25 of these coins were taken from the Philadelphia Mint, that leaves four left at large.
According to Coin World, “The Secret Service still has on its books a directive to seize any extant 1933 double eagles as stolen government property.” However, other coins, patterns, and fantasy pieces including the five 1913 Liberty Head Nickels and the 1974 Lincoln Cent trial strike made from aluminum are still in private hands.
As long as this bogus double standard remains the policy of the federal government, we will likely never know whether the rumored 1964 Peace Dollars are real.
The ten 1933 Saint-Gaudens Double Eagles confiscated by the government from Joan Lanbord, daughter of Israel Switt.
Coin Worldreported that the U.S. Mint knows about more 1933 Saint Gaudens Double Eagle gold coins in private hands.
For those who have not read Illegal Tender by David Tripp or Double Eagle by Allison Frankel, aside from both being worth reading, they claim that 25 of these coins were illegally removed from the Philadelphia Mint. Of those 25 coins, nine were confiscated during the 1940s and 1950s by the Secret Service, ten are from the Langbord Hoard stored at the Bullion Depository at Fort Knox, and one is the Farouk-Fenton example which is the subject of the books.
That leaves five left.
During the Pennsylvania Association of Numismatics (PAN) spring show, U.S. Mint Senior Legal Counsel Greg Weinman said that he knows where one is located in the United States, one is in Europe, and a third is somewhere else. The location of the last two is not known.
It can be speculated that the “somewhere else” may be in Egypt. On February 8, 2008, the Moscow News Weekly reported that a version of the coin was found in Egypt in an old box that was owned by the discoverer’s father (web archive link). Although there had been a lot of speculation that coin might not be genuine, there has been no further reports as to the disposition of this coin.
Weinman said that there are no plans to go after the three coins where the U.S. Mint knows their location.
Following the trial in 2011 with a jury verdict against the Langbords. After the ruling, Assistant U.S. Attorney Jacqueline Romero, the government’s lead attorney in the case, came out with a courthouse statement, “People of the United States of America have been vindicated.”
If the country is to be vindicated and the government has consistency in its argument that the coins are “chattel,” according to Weinman, then it is their legal obligation to have the U.S. Secret Service pursue the three known examples.
Otherwise, it could be said that the government has undergone selective prosecution and has given up its right to the ten in its possession or the five that are still in public hands.
It is these inconsistencies of policies with regard to these coins that could drive collectors away. While most people may never find or own one of these rare coins, what happens to those who might get lucky.
While the 1913 Liberty Head Nickels were not considered chattel because they were never struck for circulation, the government fought the finding of the 1974-D Aluminum cent forcing its return. The circumstances for the striking of both coins are similar but the government has treated each issue differently.
This is not a matter of integrity of the hobby. It is the integrity of the U.S. Mint and their bogus argument of what is or is not something they produced for whatever the reason. The integrity of the U.S. Mint can be questioned when they applied 21st century operating standards to the U.S. Mint of the 1930s in order to convince a “jury of peers,” none of which probably had a numismatic background questioning their ability to be peers, that these coins belonged to the government for it to hold like some almighty savior of us from the depths of fraudulence.
“Find of the Century,” a rare 1854-S $5 Half Eagle authenticated and graded by NGC
The story of the week is the discovery of a rare 1854-S Half Eagle ($5 gold coin) that everyone thought was fake but turns out to be real.
The coin was discovered by a New England man who wishes to remain anonymous, asked several dealers about the coin before sending it to Numismatic Guarantee Corporation for authentication. NGC investigated the coin, found it to be authentic with a grade of XF-45
It is one of only four coins known to exist. One is in the Smithsonian, another is in the Pogue collection, and there is one that was stolen in 1967 that has never been found.
All of the stories covering this find have been about the coin and little is known of the current owner. Borris Tavrovsky, a co-owner of Oxbridge Coins in San Francisco, said that the coin could be worth $3-4 million based on the sale of other coins from the Gold Rush-era. Of course, if it goes to auction and if you have two people who desperately want the coin, it could sell for more.
“I think he’s going to be quite rich,” Tavrovsky was quoted as saying. “I can see why he wants to remain a mystery man. Some people who win the lottery don’t want to reveal their identity for fear those cousins start badgering you.”
It's only one of four known to exist — and one of those went missing after it was stolen by masked gun-wielding robbers in 1967. A small gold coin originally thought to be a fake was authenticated in April by experts as an 1854 California Gold Rush coin, one of 268 struck at the San Francisco Mint that year. → Read more at sfgate.com
What: Historic Coins and Medals, Featuring Morgan Silver Dollars from the Collection of Ralph and Lois Stone Where: Sotheby's, 1334 York Ave, New York, NY 10021, USA When: 21 May → Read more at blouinartinfo.com
NEW YORK/LONDON (Reuters) – U.S. retail investors are losing their appetite for physical gold as buoyant stock markets offer tempting alternatives, sending sales of newly minted coins to their lowest in a decade. → Read more at reuters.com
Price for the American Gold Eagle proof coin was raised by $17.50 while the one-tenth ounce coin was raised by $2.50 across all price points (averages per troy ounce). The price for the 4-coin proof set was raised by $37.50.
The one-ounce American Gold Eagle uncirculated, American Gold Buffalo 24-karat Proof, and American Eagle Platinum proof coins were raised by $20.00 also across all price points.
The price will not change for the American Liberty Gold Proof, which will use the same design as the 2017 American Liberty 225th Anniversary Gold Proof. There will be a one-tenth ounce option that will go on sale February 8 now included in the table. If the price of gold remains steady, the opening price is expected to be $215.00.
The price for the Breast Cancer Awareness Commemorative “Pink” Gold $5 proof coin will be $6.35 more than the 2017 commemorative gold coin while the uncirculated version will be 25-cents less expensive.
Remember, precious metals pricing is not a matter of a table lookup. They use average prices based on the prices set by the London Bullion Market Association (also known as the London Fix Price). You can find the Pricing Criteria here (PDF).
The ten 1933 Saint-Gaudens Double Eagles confiscated by the government from Joan Lanbord, daughter of Israel Switt.
Without a lot of fanfare, the Supreme Court declined to hear the appeal of the ten 1933 Saint-Gaudens Double Eagle coins found by Joan Langbord, daughter of Philadelphia jeweler Israel Switt.
Shortly after the sale of the Farouk-Fenton 1933 Saint-Gaudens Double Eagle coin, currently the example that is legal to own, in 2002 for $7.59 million at auction ($10.23 million accounting for inflation), Joan Langbord, daughter of Israel Switt, was searching through her late father’s boxes and found ten of these coins. Langbord then sent the coins to the U.S. Mint to authenticate. After a period of time, the Langbords inquired about the coins. They were told the coins were genuine and would not return them, calling them stolen items.
Langbord and her son Roy Langbord hired Barry Berke to help retrieve the coins. Berke was the attorney for British coin dealer Stephen Fenton who was arrested by the U.S. Secret Service when trying to buy the coin at the famous Waldorf-Astoria Hotel in New York in 1996. Berke negotiated Fenton’s release from prison and the subsequent sale at the July 2002 auction.
After the U.S. Mint refused to return the coins, the Langbords sued the government in 2006. The case went to trial in 2011 with a jury verdict against the Langbords. After the ruling, Assistant U.S. Attorney Jacqueline Romero, the government’s lead attorney in the case, came out with a courthouse statement, “People of the United States of America have been vindicated.” Do you feel vindicated?
The case was appealed to the U.S. Court of Appeals for the Third Circuit in Philadelphia.
In a hearing in 2015, Judge Marjorie O. Rendell ruled that the government was too aggressive in its actions and that the lower court judge erred in evidence handling. A subsequent three-judge panel upheld Judge Rendell’s ruling and ordered the government to return the coins.
The government appealed the ruling and asked for a full-circuit hearing. Called a ruling en banc, in 2016, a full panel of 12 judges ruled 9-3 that they agreed the lower court made mistakes in the presentation of evidence but they did not feel that there was not enough evidence that could overturn the ruling. The Appellate Court overturned the appeals and reinstated the original verdict.
On April 17, the petition was denied. Justice Neil Gorsuch did not take part in the decision since he was not on the bench at the time the petition was filed.
Attempts to contact Burke have not been successful.
The inconsistency of how the government has handled the many different cases of coins that were not supposed to be in public hands is infuriating. Although the government has a history of confiscating the 1933 Double Eagles, the 1913 Liberty Head Nickels remain out of government control while the 1974-D Aluminum Cent was confiscated, while the 1974 Aluminum Cent pattern that was allegedly given to janitor by a member of congress was allowed to be sold at auction.
Patterns were never supposed to leave the U.S. Mint yet after the William Woodin served as Franklin Roosevelt’s first Secretary of the Treasury, the government has not tried to confiscate patterns. Woodin was a collector of patterns and trial coins who also had Roosevelt exempt “rare and unusual coin types” when writing the order to withdraw gold from private hands.
Even if the Third Circuit agreed that the evidence was not handled properly by the lower-court judge under the terms of the law, how can they tell whether a retrial would yield a different outcome? Why not return the case and retry the case?
While I love reading a good conspiracy theory, I find many difficult to understand how all of the moving parts can work in unison for or against anything. However, there are aspects of this story where a good conspiracy theorist could spin quite a tale.
Saying, “there ought to be a law” is usually not the real answer to many problems. However, maybe it is time to reconsider that feeling to force the government to act consistently. Considering how congress has turned dysfunction into fine art, I do not see this ever happening.
2017-W American Liberty Gold Coin to be issued in celebration of the 225th Anniversary of the U.S. Mint
When the U.S. Mint made the announcement about the American Liberty 225th Anniversary Gold Coin, they mentioned that the coin will begin selling on April 6, 2017.
As a coin with one troy ounce of 24-karat gold, the coin will be at least the spot price of gold plus a premium to account for manufacturing costs and seigniorage (profit). Using the U.S. Mint’s pricing guidelines and their pricing chart, the price of the 24-karat Gold Buffalo Proof coin would be $1,540. However, given that this coin will require extra labor since it will be a high-relief coin and that the U.S. Mint will likely sell these coins in a fancy presentation box, the costs will likely to be higher. I would not be surprised to see these coins to sell at least $100 more than the gold Buffaloes.
What do you think? Will buy one of these coins?
Will you buy the 2017 American Liberty 225th Anniversary Gold Coin?
No, I do not buy or cannot afford a gold coin. (48%, 32 Votes)
I'm not sure. (18%, 12 Votes)
Absolutely! It's gorgeous! (15%, 10 Votes)
I probably will. (10%, 7 Votes)
May be, it might be a good investment. (9%, 6 Votes)