Once again proving that the government has absolute power and people are powerless.
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.
After President Theodore Roosevelt had the U.S. abandon the gold standard, most of the 445,500 double eagles that the Philadelphia Mint had struck were melted into gold bars.
However, a Philadelphia Mint cashier had managed to give or sell some of them to a local coin dealer,Israel Switt.
In 2003, Switt’s family, Joan Langbord, and her two grandsons, drilled opened a safety deposit box that had belonged to him and found the 10 coins.
- Judge Says 10 Rare Gold Coins Worth $80 Million Belong to Uncle Sam (sgtreport.com)
- Judge Tells Family Too Bad, So Sad: Your $80M In Rare Coins Belong To The Government (consumerist.com)
- Family told ten rare Double Eagle gold coins worth $80 million obtained in ‘uncertain circumstances’ belong to the U.S. not them (engineeringevil.com)
- Update On $80 Million in Seized Gold Coins: Judge Rules They “Belong to the U.S. Government” (shtfplan.com)
- U.S. Government Battles Family in Court Over Ten Coins Worth Millions (lawprofessors.typepad.com)