Friday, October 2, 2009

Forfeiture of 1933 Gold $20s Sought

Trying a new tack, the U.S. government has brought a civil forfeiture suit seeking title to 10 1933 $20 gold pieces from the estate of Israel Switt, the Philadelphia jeweler and part-time coin dealer to whom all known specimens of the coin previously seized by the government in the 1940s were tied by pedigree.

Pursuit of the 10 coins in this manner by the government was required after a July 28 ruling by Philadelphia U.S. District Court Judge Legrome Davis in which the descendants of Switt, his daughter Joan Langbord and her two adult sons, sued the government for failure to return the rarities that they gave to the U.S. Mint to authenticate.

New York litigator Barry Berke argued on behalf of the family before Judge Davis that the Mint should bear the burden of proving that the coin was illegal and could not be privately owned. In a remarkable decision, Judge Davis, agreed.

The new civil forfeiture suit is the government response. It calls for a declaratory judgment that the King Farouk 1933 $20, which sold at auction in 2002 for $7.59 million under a consent agreement between the Mint and another Berke client, London coin dealer Stephen Fenton, to be declared the only legal specimen that can be privately owned.

It is anticipated that there will be months of legal wrangling before resolution, and given the stakes, the inevitable appeals, with the government claiming the coins could not have left the Mint because FDR nationalized gold and banned private gold coin and bullion ownership, and Berke on behalf of the Langbord family claiming that the coins were properly exchanged and entered into the stream of commerce as lawful legal tender.
Source: numismaster.com

Thursday, October 1, 2009

Note found in antique chair spurs treasure hunt

Patty Henken always thought she found great value in the rickety rocking chair when she plunked down US$200 for it at an auction, figuring she could restore the century-old relic to its former charm.

Doing that turned out to rock her world, sending her on a treasure hunt straight out of a mystery novel.

Five months after hauling the chair home last November, Henken spent hours in May prying the seat off it in her garage in Mount Sterling, Ill. A small envelope fluttered from it as she tossed the seat aside - "Finders Keepers" typewritten on it. Inside, a key was taped to a note.

"This DEXTER key (number sign) 50644T will unlock a lead chest," the note began, before spelling out a location in Springfield, Ill. - 1028 N. Fifth St. - where a chest containing more than US$250 in US gold coins supposedly was buried 12 feet below ground.

The stash, the note claimed, included eight US$20 gold pieces, six US$10 gold pieces, five US$5 gold pieces, three US$2 1/2 dollar gold pieces and two US$1 gold pieces.

The note, signed by a "Chauncey Wolcott", included a request to contact the Springfield newspaper if the chest was ever found. Henken finds that intriguing, thinking Wolcott perhaps has left a confession in the chest or "wants to give us an answer to an old mystery”.

For now, any treasure remains elusive. A search of the site - currently a vacant lot - with a donated backhoe last Sunday came up empty, though Henken pledges to be back at it this weekend.

Whatever the outcome, "it's the fact that there's a story there that's exciting", Henken, 48, said Wednesday from her hometown, where she works part-time as a window clerk at the post office.

The note at the crux of the mystery isn't dated - though its insistence that the chest "cannot be located by metal detector" suggests it could have been written anytime since about World War II, when the first practical metal detectors came to be.

At the supposed burial spot, the home on the lot was torn down many decades ago. The owners of the land - retired state corrections workers Dennis and Sharon Chrans - live next door and, at least initially, disregarded Henken's voicemail approaches as the workings of a telemarketer.

"We were sceptical all the way," Sharon Chrans recalled. But the couple eventually were swayed and met with Henken and her husband, hashing out a deal to split any costs of the dig - and the proceeds of whatever they found.

Henken's scouring of genealogy records and courthouse documents in Sangamon County, which includes Springfield, has offered no clues to anyone named Chauncey Wolcott. Dennis Chrans found no such name on his property's abstract.

Yet last Sunday, the dig began. A couple dozen folks showed up, many of them friends of the Henkens. Some brought lawn chairs, others drinks and snacks. A co-worker of Patty Henken's brought a toy magic wand they generally keep behind the counter at the post office, using it to change their attitude whenever a grumpy customer leaves.

"It was a happy event, a party-like atmosphere," Sharon Chrans said.

The women wanded the backhoe for luck, and the machine began clawing up earth and eventually turned up a cistern - something onlookers considered promising until it yielded only bricks and antique bottles. Elsewhere on the lot, the digging revealed a well too deep to really scrutinise despite their efforts to siphon out some water.

"Some people think it's still down there," Chrans said, speculating that if the booty really does exist, Wolcott knew what he was doing by leaving it in a lead box that wouldn't deteriorate.

Still, everyone accepts that it all could be a hoax. Henken isn't sweating that prospect, having lost plenty of far more relevance in recent years - a brother to brain cancer, a son in an Easter Sunday rollover crash and a nephew to leukaemia. One of her sisters died of breast cancer in 1990.

She admits the effort could be fruitless, much like the time in 1986 when TV host Geraldo Rivera and a demolition crew drew a worldwide television audience when they blasted away a 7,000-pound concrete wall of a basement chamber billed as 1930s gangster Al Capone's vault in Chicago's former Lexington Hotel. Even the Internal Revenue Service was on hand to lay claim to any cash or bullion - but all Rivera found was empty booze bottles and an old sign.

The Henkens expect to resume the dig Saturday, hoping with the Chranses that there's some resolution.

"I really don't have a gut feeling," Sharon Chrans said. "We just had to try once that information presents itself. You just can't leave it there with it just tempting you."

Henken isn't willing to let it die.

"There may not be a penny in it, but I want to finish this. I want to complete the task this note started," she said. Given the recent tragedies, "I don't have a lot of positives in my life. But this has kept me busy all summer, and nobody's going to dash this for me."

Source: 3news.co.nz

Tuesday, September 29, 2009

Central Bank To Take ¢5, ¢10 and ¢20 Coins Out Of Circulation

The Banco Central (Central Bank) has decided to make life a little easier in Costa Rica with the elimination the "plateado" (silver) ¢5, ¢10 and ¢20 coins.

The coins being removed from circulation are large and heavy silver coins, not to be confused with the smaller and lighter silver coins of the same denomination.

The Central Bank estimates there are some 146 million of the coins in circulation.

Marvin Alvarado, director of the Central Bank's treasury, said that the eliminatin of the three coins will simplify the coin system, having only one size coin for each denomination.

The smaller silver coins are the same at the gold coins of the same denomination and include braille for easy identfication by the blind.

Alvardao said merchants are asked to accept the coins but not put them back in circulation, handing them over to their local bank, which in turns hands them back to the Central Bank.

Currently there eleven (11) coins in circulation: ¢5 (two in silver and one in gold), ¢10 (two in silver and one in gold), ¢20, ¢25, ¢50, ¢100 and ¢500.
Source: insidecostarica.com