family finds rare gold coins. ask the treasury to authenticate them. MORONS!

[Gigantopithecus]

i think gold is the only thing they give >50%+ of the market price on pawn stars. there was some guy with a gold bar from a shipwreck that the expert priced at ~$45k, rick bought it for ~$36k i think

Gold and other precious metals/commodities are liquid assets with set values. If a bar of gold is appraised at $45K because of its historic significance (recovered from a shipwreck), but its spot value is $35K, there's very little risk in paying $36K for it. That is, gold has an easily assessed, inherent value regardless of any additional collector's value.

 

[Red Squirrel]

There's only maybe $13,000 worth of gold in those 10 coins.

Still better than getting screwed and getting nothing.

 

[Spikesoldier]

guess these morans have never heard of an appraiser.

 

[Oyeve]

Wow, I would have tested just one of the coins, not all 10. Derps.

 

[tonygeor]

They should of gone to Benny's Cash for Gold...yeehaw!

 

[zephyrprime]

Should have just sold them outside of the US to a non-us buyer.

 

[Arkaign]

Should have just sold them outside of the US to a non-us buyer.

Honestly, this sounds best. Call it 40 million euros and leave the US permanently. I'd do it in a heartbeat if I had that kind of scratch.

 

[ViviTheMage]

coulda, shoulda, woulda

 

[kranky]

Should have just sold them outside of the US to a non-us buyer.

Not really a practical option. Anyone who would be interested would already know the coins were illegal to own in the US. The coins would need to be authenticated by top experts which means more people would know about the situation, and many of the people who would have their opinion accepted by someone on an illegal million-dollar deal would not want to be involved. And remember, the last time that was tried it was a sting operation and the seller got arrested.

Add all that up, it means clandestine sales outside the US would be a very tall order. And you'd never get full value. So if the Langbords' legal strategy pays off, it will mean many millions of dollars. Be assured they consulted with experts and weighed their chances before they went forward with the "authentication" maneuver.

 

[Printer Bandit]

 

[OutHouse]

so, what could the family done [correctly] in this case? i mean - if you had those coins, how would you have handled it?

you can't just say - i found these and I am auctioning them? right?

pay a professional appraiser 150 bucks to have them appraised. do not go to a pawn shop or the fricken government.

 

[OutHouse]

If this is true then how are people able to auction them off legally like it said in the story?

edit

n/m after reading krankys post on overseas sales

 

[OutHouse]

I have followed this story since the start, and actually the family has been pretty shrewd about handling it. There was no doubt the coins were real, but they would be seized by the government if there was any attempt to sell them. The one and only 1933 Double Eagle that IS blessed by the government to be in private hands was first seized in a sting operation when it was being sold in a private transaction. So the family had no opportunity to do anything unless the coins were ruled legal to own.

Handing them over for "authentication" provided a way to get a court to rule that the government could not prove they were stolen, and that would open the door to being able to sell them openly (realistically, they might go for $2-3 million each, not $8 million). They knew the government would not give the coins back, so they could go to court to force the return of the coins. If that happened, that would then resolve the "legal to own" issue.

The family has some very smart expert witnesses on their side, who have done extensive research in the National Archives. They believe they can show there was a window of time where the coins could have been legitimitely obtained from the Mint prior to FDR's order to stop issuing gold coins, and have government documents to back it up. They don't have documents that prove that the coins were obtained legitimitely, but they believe they can show it was possible. If they can create that reasonable doubt, they might win.

thanks kranky thats interesting info.

 

[thescreensavers]

Que annoying laugh

 

[rivan]

Interesting story - I can see why you've been following it. Hopefully they prevail in court, though I'm not optimistic.

While I understand the 'root for the underdog' angle of that hope - if the coins were in fact stolen, why should anyone, especially the family, benefit so enormously from those ill-gotten gains?

Don't get me wrong - if I found them in my own safe deposit box, I'd sure as hell be trying to do the same, but still. Stolen property is stolen property.

 

[Perknose]

thanks kranky thats interesting info.

kranky freaking RULES! He's one of the best OT posters ever. :thumbsup:

 

[mvbighead]

Wow, I would have tested just one of the coins, not all 10. Derps.

This is my thought. Why test all 10? Test 1, and see what happens. They won't know you have 9 more to play with.

Hell 71 million vs. 80 or whatever isn't bad at all.

 

[Atomic Playboy]

If the coins were, in fact, stolen, then I can't really feel bad for the family at all. They were trying to get tens of millions of dollars for something their father stole 80 years ago? They're not being sentimental with some of their father's old possessions, they're only interested in getting rich. It's hard to feel bad for them when their intentions are solely based around greed.

 

[kami333]

If I remember correctly, the family has also retained the lawyer who was involved in the previous double eagle drama. This isn't some random person who stumbled on a fortune and lost it, it's a highly calculated and choreographed move on the family's part.

If the coins were, in fact, stolen, then I can't really feel bad for the family at all. They were trying to get tens of millions of dollars for something their father stole 80 years ago? They're not being sentimental with some of their father's old possessions, they're only interested in getting rich. It's hard to feel bad for them when their intentions are solely based around greed.

I wouldn't be surprised if there were still a few more "hidden" away some where. If the father had the foresight not to just melt them down for the gold, I bet he also kept some insurance around.

 

[kranky]

kranky freaking RULES! He's one of the best OT posters ever. :thumbsup:

Why, Perk, I'm positively blushing here. Keystone Staters represent!

 

[LTC8K6]

If the coins are stolen, then they belong to the government. No amount of time would change that. They remain the property of whoever they were stolen from.

Unless there was some sort of insurance payout, then they belong to the insurance company, but that doesn't seem likely in this case.

However, I think there would need to be proof that they are stolen. Merely claiming that they are stolen is not enough to seize them.

 

[Newbian]

Bumping this with link about the result of the trial... the jury says the government won but judge still has to say who wins so not sure why that is.

http://news.yahoo.com/jury-decides-u-rightly-took-gold-coins-judge-221006086.html

 

[waggy]

Bumping this with link about the result of the trial... the jury says the government won but judge still has to say who wins so not sure why that is.

http://news.yahoo.com/jury-decides-u-rightly-took-gold-coins-judge-221006086.html

thats..isnane.

Ok they ruled the coins are to be confiscated. but if its not the families then why take them?

 

[Newbian]

thats..isnane.

Ok they ruled the coins are to be confiscated. but if its not the families then why take them?

Because it sounds like stolen goods are just that and not something people can claim after a certain amount of years.

 

[Skyclad1uhm1]

I have followed this story since the start, and actually the family has been pretty shrewd about handling it. There was no doubt the coins were real, but they would be seized by the government if there was any attempt to sell them. The one and only 1933 Double Eagle that IS blessed by the government to be in private hands was first seized in a sting operation when it was being sold in a private transaction. So the family had no opportunity to do anything unless the coins were ruled legal to own.

Handing them over for "authentication" provided a way to get a court to rule that the government could not prove they were stolen, and that would open the door to being able to sell them openly (realistically, they might go for $2-3 million each, not $8 million). They knew the government would not give the coins back, so they could go to court to force the return of the coins. If that happened, that would then resolve the "legal to own" issue.

The family has some very smart expert witnesses on their side, who have done extensive research in the National Archives. They believe they can show there was a window of time where the coins could have been legitimitely obtained from the Mint prior to FDR's order to stop issuing gold coins, and have government documents to back it up. They don't have documents that prove that the coins were obtained legitimitely, but they believe they can show it was possible. If they can create that reasonable doubt, they might win.

They should be sued for every possible detail in the case, from having stolen goods to hiding and helping a known criminal (their dad). And since it's a whole family try to get then convicted as a 'criminal organization' so they can be stripped of all belongings as 'criminal earnings'.