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We discussed confiscation by the government in the past, but nothing defines a situation better than an actual, real-life situation. Such is the case facing a Philadelphia family. Ten double eagle coins were found by the daughter of a jeweler in a family safe-deposit box in 2003.
This July (2011), a U.S District Court jury decided - after a five hour deliberation - that in deed it was proper for the U.S. Treasury agents to confiscate the gold coins. And, we might add that in July 2009 the same judge had ruled that the government improperly confiscated the coins but Treasury officials refused to return them after the Langbord family had negotiated with the U.S. Mint in 2004 to have the coins authenticated. Several months after turning the coins over to the Mint, they were notified that the coins were authentic but would not be returned on the grounds that they were government property.
These particular double eagle coins now in dispute were minted in 1933 and had a limited mint of fewer than 500,000. The whereabouts of only 13 of these coins being known today. The ten in question in Philadelphia, the Smithsonian has two (2) and one on display at the Federal Reserve Bank in New York.
Around the time of the first inauguration of FDR in 1933, all of these gold coins were ordered to be returned to the government and then melted by the US Mint.
Today the ten (10) double eagle coins have an estimated worth of around $75 million. The double eagle has the image of 'Liberty' on one side, and an eagle with spread wings on the other. These coins were designed by Augustus Saint-Gaudens.
Ownership of these coins remains undecided with no date having been set for a ruling.
We can certainly understand how this lawsuit could stir feelings in the numismatic community - particularly with gold reaching a near record price. There are those that would fear the 1933 confiscation by FDR would be repeated today in another grab - so guard your gold wisely.
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