Langbord Family Loses Lawsuit Over $80 Million Gold Coins; Currency Belongs To Uncle Sam, Judge Says
The family of Philadelphia coin dealer Israel Switt hoped to cash in on the $80 million fortune they discovered when they drilled open a safety deposit box that had belonged to their father, uncovering 10 rare gold coins. But a judge ruled Wednesday that the coins belong to Uncle Sam.
According to Courthouse News Service, the 1933 Saint-Gaudens double eagle coins are "one of the most sought-after rarities in history," one of which was owned by King Farouk of Egypt and ultimately fetched some $7.5 million at a Sotheby's auction in 2002.
When the Philadelphia Mint pulled the coins back following President Franklin D. Roosevelt's 1933 order that banks abandon the gold standard, however, all but two of the coins -- which are housed at the Smithsonian -- were melted into gold bars.
ABC News reports that Switt's daughter, Joan Langbord, gave the coins she'd found to the Philadelphia Mint for authentification at which point they were seized by the government without any compensation for the family.
Citing another seizure of the 1933 double eagle, the Langbords filed a lawsuit against the government, claiming that it had previously split the proceeds with another owner after the coin sold for $7.59 million in 2002, and that the coins they owned had escaped the Mint legitimately through a "window of opportunity" between March 15 and April 5, 1933.
According to CoinWorld.com:
The Langbords asserted in the motion that the government’s evidence was insufficient on two main issues. First, that there was not enough evidence to prove that the coins were stolen by Israel “Izzy” Switt — Joan Langbord’s father — with criminal intent, and second, that the government failed to prove that the coins were the proceeds of a crime as required by statute.
"This is a case that raises many novel legal questions, including the limits on the government's power to confiscate property," the Langbord's attorney Barry Berke told ABC.
In July of last year, a federal jury determined that the coins were forfeited to the government, a ruling that U.S. District Judge Legrome Davis Jr. refused to disturb in an appeal filed by the Langbords.
Thanks Fry for posting this up!
I have been following this case myself.
However I have been out of town on a job and did not have time to put it up.
It is yet another blatant example of the long arm of the government. They will stop at nothing to maintain their monetary monopoly. As they often do, they will lie, cheat, steal, and manipulate the law to their benefit.
But, boy oh boy, you do the same exact thing they do and BAM, off to prison you go!
I can hardly wait to see what the ultimate disposition of these "coins" will be!
One thing that sticks out to me in the article that is factually inaccurate is this:When the Philadelphia Mint pulled the coins back following President Franklin D. Roosevelt's 1933 order that banks abandon the gold standard.
That Lying Treasonous POS Roosevelt did not order just the banks, but the whole US Government off the gold standard for domestic affairs, but due to the Brettonwoods Agreements that would follow in 1943 we remained on the gold standard in international trade markets.
He knew in 1933 he needed the power of fiat funny money to bank roll all the BS "works programs" he and his Progressive pals started and to bank roll the War that even then he wanted us in.
One might ask how the hell would Roosevelt be positioning the U.S. for involvement in a War that was 6 years away?
I would counter that with the testimony of Congressman Louis T. McFadden to the US Congress in 1934.
For example:"Mr. Chairman, if Dynamit Nobel of Germany, wishes to sell dynamite in Japan to use in Manchuria or elsewhere, it can draw its bill against the Japanese customers in dollars and send that bill to the nefarious open discount market in New York City where the Fed will buy it and use it as collateral for a new issue of Fed Notes- while at the same time the Fed will be helping Dynamit Nobel by stuffing its stock into the United States banking system.
"Why should we send our representatives to the disarmament conference at Geneva- while the Fed is making our Government pay Japanese debts to German Munitions makers?
"Mr. Chairman, if a German wishes to raise a crop of beans and sell them to a Japanese customer, he can draw a bill against his prospective Japanese customer in dollars and have it purchased by the Fed and get the money out of this Country at the expense of the American people before he has even planted the beans in the ground. "Mr. Chairman, if a German in Germany wishes to export goods to South America, or any other Country, he can draw his bill against his customers and send it to these United States and get the money out of this Country before he ships, or even manufactures the goods.
"Mr. Chairman, why should the currency of these United States be issued on the strength of German Beer? Why should it be issued on the crop of unplanted beans to be grown in Chili for Japanese consumption? Why should these United States be compelled to issue many billions of dollars every year to pay the debts of one foreigner to another foreigner? "Was it for this that our National Bank depositors had their money taken out of our banks and shipped abroad? Was it for this that they had to lose it? Why should the public credit of these United States and likewise money belonging to our National Bank depositors be used to support foreign brewers, narcotic drug vendors, whiskey distillers, wig makes, human hair merchants, Chilean bean growers, to finance the munition factories of Germany and Soviet Russia?
The "dollar" was still exchanged for gold at $35.00 an ounce until 1971 when Nixon slammed the gold window shut because we no longer had the gold to make the exchange for all the "Federal Reserve Unit of Account Dollars" we spread around the world both on paper and in contracts.This is one of the seminal points I have been returning to time and again on this page.
One undisputable FACT remains.
There has not been, and will never be, a totally fiat currency that can or will survive, EVER.
Complete governments and nations have collapsed for this very reason. Yet, for some inexplicable reason the American People think it will never happen here. The one thing they convienently forget is so simple, and we need look no further back than to the Weimar Republic for an illustration.
We helped create the Weimar Republic and with the Treaty of Versailles the mechanisims for its utter failure and collapse.
The last ones to know their currency is going to fail are the ones using it!
Germany had their Hitler, who will be ours?