Langbord Family’s 10 Rare Gold Coins Worth $80 Million Confiscated by Government

I recently posted on the consequences of 40 years of gold confiscation, and that Congresswoman Marsha Blackburn (R-TN) announced that the Gold Standard and auditing the Federal Reserve is a part of the Republican Party platform. In 2003, Joan Langbord and some family members opened a safety deposit box that was owned by her father. Inside the box were ten rare gold coins, put there by her father who was a Philadelphia coin dealer. Ms. Langbord asked the Philadelphia Mint to authenticate the coins. The Mint took them, kept them and refused to compensate the family.

UPDATE 9-9-12 12:25 pm CDT: ABC News is reporting that a US District Attorney says these 10 coins were in a vault, intended to be melted. She says the coins were never in circulation and that they were stolen in the 1930’s, probably by a cashier (she does not accuse Ms. Langbord’s father of theft):

“They didn’t go out through the front door,” says Romero. “This was clearly a crime. The people of the United States were robbed.” The U.S. Secret Service probed the case in the 1940s, she says, and every coin they found in circulation traces back to Switt.

But the criminal case was never prosecuted because the statute of limitations had run out by the time the Secret Service got involved, she says. The government did recover at least nine coins and melted them down.

But somehow, 11 survived — the 10 that were in Langbord’s deposit box and one that was the subject of litigation in the late 1990s. It is believed to be the Double Eagle purchased by King Farouk of Egypt in the 1940s. ABC News

I can’t vouch for the truth of any of this, of course. Other than the concern of the Langbord family, is the fact that a U.S President confiscated gold in the first, place – at any time. That’s the Presidential and Congressional mindset that we must defeat.

1933 Double Eagle Gold Twenty Dollar Coin

The 1933 Saint-Gaudens double eagle is “one of the most sought-after rarities in history,” according to Courthouse News. Originally valued at $20 each, one owned by King Farouk of Egypt reportedly sold for as much as $7.5 million at a Sotheby’s auction in 2002.

The Langbords unsuccessfully sued the government in 2011, alleging that the coins are rightfully theirs, and now they have the appeal.

Jacqueline Romero, assistant U.S. attorney in Philadelphia, explained that the coins legally belonged to the government after Franklin Delano Roosevelt ordered citizens to exchange their gold for cash in an effort to keep the banks afloat during the Great Depression.

In my previous article, I quoted ZeroHedge:

● First, in order to make the confiscation legitimate, the US government required the delivery of all gold coin, bullion, and certificates to be concluded by May 1, 1933 in exchange for $20.67/ounce.

Several months later, the new, official gold exchange price (which however was merely the government’s bid as nobody could actually buy gold at this price) became $35.00, which remained until 1971 when the last trace of the dollar’s pseudo convertibility into gold was wiped out by Nixon. In effect, what FDR did was to devalue the USD by 70% overnight.

● Second, not only did the government remove the incentive for ordinary citizens to hold gold by establishing price and criminal controls over possession, it also changed the rules in the middle of the game allowing it to build up a massive gold hoard of over 8000 tons today which is maintained at Fort Knox, and is, to the best of our knowledge, unauditable by any mere mortal.

Critically, it made the US government the sole source and monopoly agent of gold purchases, using reserve fiat currency it could print with impunity, beginning in 1933 and continuing through 1974 when the limitation on gold ownership was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373, which went into effect December 31, 1974.

In summary, the US government, which is now the largest official holder of physical gold in the world, had 40 years of uncontested zero cost gold accumulation in which it could build a gold inventory that was second to none.

Read more and see a video at The Blaze

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  • I thought President Ford signe a bill making it legal for citizens to own gold…also, did not the Supreme Court come down on Roosevelt’s decision?

    • Norm, Ford did change the law in 1974. Mrs. Langbord is 75 now. She found the coins in 2003. I don’t know when her father died or when he took possession of the 1933 minted coins. 1933 is the year the Roosevelt confiscations began. Maybe they think her father, Israel Switt, came in contact with the coins in that year.

      I just found an article saying that a U.S. attorney claims the coins were stolen, an inside job by a cashier, from the Philadelphia mint. http://abcnews.go.com/US/ten-rare-gold-coins-property-us-treasury-jury/story?id=14124595#.UEwhDKSe7K0

  • Obama will end up with them.

    • Teressa

      How long will $80M last this government? A couple of minutes?

    • Carl, they’ll be a nice addition to his stash:-)

  • Thanks Maggie…
    I’ll be on the road for the next few days…

  • Mr. AOW was a coin dealer for a long time, and he is shocked by this story. Typically, coins with such high numismatic value are not touched by the government in such a manner.

    What effect will this ruling have on coin dealers all over the United States? On coin collectors?

    • AOW, i just added an update. A US Attorney says the coins “never went out the front door,” they were stolen and she suggests it was a “crooked cashier.” The intimation is that Switt purchased them from someone.

  • ALERT!

    If you rightfully inherit certain coins, then the government can confiscate them! Particularly if you don’t have the sales receipt passed down via the inheritance.

  • Everyone, I have just added an update to the article:

    ABC News is reporting that a US District Attorney says these 10 coins were in a vault, intended to be melted. She says the coins were never in circulation and that they were stolen in the 1930’s, probably by a cashier (she does not accuse Ms. Langbord’s father of theft):

    “They didn’t go out through the front door,” says Romero. “This was clearly a crime. The people of the United States were robbed.” The U.S. Secret Service probed the case in the 1940s, she says, and every coin they found in circulation traces back to Switt.

    But the criminal case was never prosecuted because the statute of limitations had run out by the time the Secret Service got involved, she says. The government did recover at least nine coins and melted them down.

    But somehow, 11 survived — the 10 that were in Langbord’s deposit box and one that was the subject of litigation in the late 1990s. It is believed to be the Double Eagle purchased by King Farouk of Egypt in the 1940s. ABC News

    I can’t vouch for the truth of any of this, of course. Other than the concern of the Langbord family, is the fact that a U.S President confiscated gold in the first, place – at any time. That’s the Presidential and Congressional mindset that we must defeat.

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  • PTA41

    This story was debunked a LONG time ago..
    This originally got traction when it was SPAMMED in certain Neocon media as a case of the govt “comin’ ta take yur gold!”, when that is not in any way true or accurate.

    The real case -in fact- was that these coins were sold by a corrupt Mint official (who did NOT own them he was only a govt EMPLOYEE), not the govt/producer of the coins,
    to a Jewish family that was well aware that these coins were going to made extremely rare and wanted to get their hands on the only examples by paying off the govt official to smuggle out copies of the coin for them.

    The Jewish family reached a private agreement with the Mint offcial paying him a large sum of money to smuggle out the coins, and the rest were, as planned, destroyed. The descendants’ of the Jewish man who payed to get the coins smuggled to him needed to get the coins authenticated to cash-in on them, as none were legitimately supposed to exist.
    To do that authentication that was neccessary for them to be able to sell the coins, they had to go back to the Mint.
    The Mint was aware that they did not release these coins legally to anyone and determined that these had been smuggled out illegally.

    The fact that the smuggling and illegal sale of govt property took place by people who are now deceased, does not change the fact that the coins are still the proceeds of a illegal act and collusion with a corrupted govt official to induce him to commit a crime (selling govt coinage that he did not own, to a private party paying a bribe/bounty to get the stolen coins)

    If you possess or buy stolen property, you lose it = No Story.

    Except in the Neocon blogosphere where it was false reported to attempt to turn it into = “Dat gubmint is comin’ fer yur Gold!!!”

    The Neocon Republican globalists and Neolib Democrat Internationalists are both liars, deceivers, and deliberately mislead the gullible who dont read past the headline, investigate, or use their brain. When you give up on critical thinking and accept stories from self-proclaimed “conservative” media this is what happens, because these folks have one story for the gullible masses they are trying to use you like puppets, and another motive that they are not telling you..

    Rupert Murdoch for example has “conservative” media that around election time each year is eager to motivate “conservative” voters to go out and put bribed Repubs aligned with his Globalist buddies into power by showing them supporting immigration enforcement and claiming they will stop amnesty for illegals, and protect americas borders, but he is personally going to Globalist Speculators and Globalist forums at the same time openly demanding amnesty, condemning “Nativist americans”, and telling Romney to “ignore the Nativists”.. watch him yourself=
    http://www.youtube.com/watch?v=jeBEseOCJY4

    You are tools being used as a means to a end, and if you accept what you hear on propaganda organs run by these schemers, you will end up serving their Globalist pals, all the while falling into the trap they have arranged for those who simply parrot what they heard in a propaganda outlet, be it Neocon/FOX Repub Globalists, or Neolib/MSNBC Dem Internationalists.. they are both hostile to you and leading you to their end, not yours.

    • PTA41 – no the story was not “debunked.” There are parts of the story that are true, and that is that the Langbord family had the coins and now they no longer have them and haven’t for years.

      If you had read the post you would have read that a person inside the Mint is accused of stealing the coins which were never released to the pubic. Rather than read you wanted put “NeoCon” into as many lines of text as possible.

      You are the tool.

      The Constitution never intended for any president to confiscate legally owned gold. A Democrat president did just that. A Republican President undid that law, but billions are no longer available to the people, and frankly, no one knows what is really inside Ft. Knox.

      That’s the point of this story.

      • randy macho man

        This ‘hot news’ of gubmint’gold grabblin’ you sleuthed is over a year old since the courts settled it. I know that some Neocon blog you took it from assured you otherwise.. but-

        >>By CoinWeek on July 21, 2011 6:36 AM

        >>The jury has spoken, and like it or not the ownership of the 10 1933 Double Eagles will remain with the US Government and for at least the time being, be securely held in Fort Knox. The descendants of Philadelphia jeweler Israel Switt lost their bid to have the coins returns to their possession.

        >>After only five hours of deliberation the two men and eight women agreed with the governments position that these iconic examples of US Numismatics did not leave the mint legally, and therefore they still belonged to the US Government.

        >>Israel Switt and an unknown number of unspecified people must have stolen the 1933 Double Eagles from the Philadelphia Mint or acted in collusion with a dishonest Mint employee.

        http://www.coinweek.com/featured-news/langbord-switt-1933-double-eagles-to-remain-in-govt-hands/

        They never had any legal means to obtain these coins, and that was the entire basis to take them as the proceeds of a crime. When you buy or possess stolen property, even as a dupe, you will lose it when it is identified as stolen by law enforcement.

        As to your other complaints, is that or is that NOT Rupert FOX Murdoch, on tape, demanding illegal alien amnesty and telling what he terms “conservative nativists” to go pound sand???

        I am aware of what these Neocons really are pulling, you are their willing assistant, who believes what they tell you..

        • Randy Macho Man – you just wanted to use the word NeoCon in a sentence, right?

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