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Judge Says 10 Rare Gold Coins Worth $80 Million Belong to Uncle Sam

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SUSANNA KIM
ABC News
Sept 9, 2012

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 one owned by King Farouk of Egypt sold for as much as $7.5 million at a Sotheby’s auction in 2002,¬†according to Courthouse News.

After the U.S. abandoned 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.

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This article was posted: Sunday, September 9, 2012 at 2:00 am





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