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St Gaudens Gold
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St Gaudens Gold
By Peter Costa
About 20 of the 445,500 numbers of U.S. Gold Double Eagle, St Gaudens gold coins found their illegal way out and the indirect buyers included King Farouk of Egypt. They were minted by the US mint from 1907 till 1932. They were supposed to be melted down to gold bullion bars by 1937, due to the changes made in the currency laws. In a brilliant corruption way the Mint cashier, George McCann exchanged about 20 coins from the lot kept for destruction and replaced them with earlier dated Double Eagles, hence escaping any sign of amiss.
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For sure we know that the Philadelphia jeweler, Israel Switt possessed 19 St Gaudens gold, of which he sold at least 9 of them to private collectors, in which one of them found their way to King Farouk. Since they were legally considered to be the stolen property of the US, the Secret Service confiscated them all except the one from King Farouk since he had exported it legally long before the theft was found out. More than 40 years later the Secret Service finally seized it from British coin dealer Stephen Fenton who showed up with it in New York. Fenton fought a several-year long battle to get back the coin but could not win the lawsuit. The coin moved to Fort Knox.
Fenton and the U.S. Mint came to a compromise that the coin would be sold at auction, with the proceeds split between the Fenton and the US Mint. But during the auction on July 30, 2002, the St Gaudens gold was lost and was reported to be stolen. It is for sure that the Farouk specimen cannot be confiscated anymore. And the story of the other 10 specimens is, in 2004, John Langbord, one of Israel Switt’s heirs discovered ten more St Gaudens gold coins which were illegally sent to the US Mint for authentication. The Secret Service then declared the coins to be seized and Langbord is still fighting to get back the coins. The St Gaudens gold was also sent to the Fort Knox. This case was very famous and is still talked about.
BUY NOW: St. Gaudens Coins
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