Do you have adblock enabled?
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Forbes)   The $6 million coin - No it's not made up of platinum or diamonds or tiny robots...I don't get it either.   ( divider line
    More: Strange  
•       •       •

18355 clicks; posted to Main » on 15 Apr 2002 at 1:23 AM (15 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

73 Comments     (+0 »)

Oldest | « | 1 | 2 | » | Newest | Show all

2002-04-14 09:59:15 PM  
They had the technology. They made it.
2002-04-15 01:26:52 AM  
Jeez, It's a frickin' coin in mint condition that went up for auction, what's to get?

Frickin' numismatists.
2002-04-15 01:28:14 AM  
WTF happened to the British coin dealer who got popped? Is he in a maximum security prison? And if so, what does he tell his fellow inmates he's in for?
2002-04-15 01:28:27 AM  
Heh heh, good one, Out of Bounds. I say it should go for $20 plus sales tax, but you know how demand (and thus the buyer) really sets what prices are.
2002-04-15 01:29:08 AM  
2002-04-15 01:31:10 AM  
No sillier then that weird upside down airplane stamp
2002-04-15 01:31:15 AM  
No big deal, I got one.
2002-04-15 01:31:18 AM  
so some asshole can say "no really, thats pocket change"
2002-04-15 01:35:12 AM  
I suppose there's something to the feeling of being able to hold up something and say "See this? The US government tried to destroy it for 65 years and couldn't. But its mine now".

Not $6 million worth of something though
2002-04-15 01:35:33 AM  
"When Farouk was deposed in 1954, a 1933 double eagle was among the lots offered at the new regime's sale of the royal possessions."

Did they just hold a garage sale or something for the old king's stuff?
2002-04-15 01:35:54 AM  
The funniesy thing is it'll be offically made legal tender.

So, after the auction, it'll be worth $6,000,020...
2002-04-15 01:46:20 AM  
Eddie No it will LEGALLY be worth $20. the $6mil is the collectors value
2002-04-15 01:49:30 AM  
Still waiting for the 6 million dollar boobies!
2002-04-15 01:51:19 AM  
man my parents buy anitques at yard sales and sell them on ebay for hundreds of dollars, they know their stuff. and i always ask them why people pay so much for old crap. i just dont get it. i think the whole antique thing is just so rich people can show other people how rich they are by having all this old crap sitting around their house. maybe its just because nothing now is made to last and everything is so impersonal now. o well. its still just a dumb coin ::q
2002-04-15 02:05:23 AM  
This was on the baseball card link on the Forbes site.
[image from too old to be available]
This ad looks older than the internet: Griffey is a hot buy?
2002-04-15 02:06:42 AM  
"When President Franklin Delano Roosevelt took the U.S. off the gold standard in 1933, he ordered all new $20 double eagle gold coins to be destroyed"

At that point it became illegal to own any gold bullion or coins until nixon re-legalized posession in about 72' (This is relevant if you read the seemingly bizarre vatican/gold conspiracy post the other day...) this FDR thing doesn't bother anyone? going to prison for owning gold in the USA?

an ouce of gold is worth what 500 bucks today? That's the minimum value of this chunk o change, not $20.

I thought respectable autction houses did not deal in stolen items or items of "questionable provenance"? What gives?
2002-04-15 02:08:19 AM  
what the hell kinda farked up goverment makes such a big deal about a stupid coin?
2002-04-15 02:09:11 AM  
this gives:
"With the double eagle once again in the government's hands, the courts reached a settlement that the coin could be privately owned, paving the way for the upcoming auction."
2002-04-15 02:18:50 AM  
Am I hearing this right? For well over half a century, the government has been sending the secret service out to find A farkING COIN?!?!

What the hell ever.
2002-04-15 02:19:27 AM  
Secret Service agents posing as rare coin buyers. Our tax dollars at work, people. [image from too old to be available]
2002-04-15 02:21:41 AM  
Does this not sound *way* too much like the "trillion dollar bill" episode of the Simpsons? Don't bring it anywhere near Castro!!!
2002-04-15 02:24:54 AM  
"I will ask him, but I don't think he'll be too keen. You see, he's already got one!"
2002-04-15 02:26:59 AM  
He's already got one?
2002-04-15 02:32:53 AM  
6 million to let the world know you're a complete sucker. What a bargain!
2002-04-15 02:40:54 AM  
What is known is that the present coin reappeared in 1996 when a British coin dealer was arrested at New York's Waldorf-Astoria Hotel attempting to sell it to Secret Service agents posing as coin buyers. With the double eagle once again in the government's hands, the courts reached a settlement that the coin could be privately owned, paving the way for the upcoming auction. Upon auction, according to the U.S. Mint, the coin will be officially made legal tender. The new owner will be presented with a certificate of transfer, enabling it to be privately owned. Of course, the final purchase price will be increased by $20, which will go the United States Treasury General Fund.

Our tax dollars at work. Upshot: a measly twenty bucks.
2002-04-15 02:47:38 AM  
"Oh yes, it's very nice..."
2002-04-15 02:52:05 AM  
Why don't I have the luck of having one of those?
2002-04-15 02:54:37 AM  
Absolutely silly.

Just as an aside, Gdoodle: gold currently goes for about $300 an ounce.
2002-04-15 03:18:02 AM  
It makes you wonder what other sweet adventures the Secret Service boys are on.

But why is it called a double eagle? Is the lady an eagle, too?
2002-04-15 03:51:31 AM  
FBI Agent: Go and tell your master that we have been charged by the US Government with a sacred quest. If he will give us food and shelter for the night he can join us in our quest for the Double-Eagled Gold $20 coin.

Egyptian King's servant: Well, I'll ask him, but I don't think he'll be very keen. Uh, he's already got one, you see?
2002-04-15 03:56:32 AM  
King Farouk was "a passionate numismatist?" That sick fark. Those perverts should be put away.
2002-04-15 05:06:05 AM  
Fulgore243: Well, what do you want? The streets overrun with rogue rare coin sellers? My god, man, think of the children!
2002-04-15 05:09:07 AM  
The Saint Gaudens gold $20 is often considered the most beautiful American coin ever made. Not to mention that a big chunk of gold would feel *nice* jingling in my pocket.

But it would feel much better to have $6 Million jingling in my bank account...
2002-04-15 06:37:08 AM  
What? No photoshop?
2002-04-15 06:38:09 AM  
This guy's face is on it.
[image from too old to be available]
2002-04-15 06:53:44 AM  
What I want to know is is this BRITISH guy who the secret service took the coin from getting the money, or someone else?

Because if it's someone else that that's just injust. This guy accuired it and the secret service took it from him.

And if the courts have ruled that it IS legal to own the coin, there's nine people who the government now owes 6 million dollars each to.

Of course it is illegal to posess stolen property, but there's also a 20 year limit on most crimes. I wonde rhow that works into things.

Anyhow the coin was stolen so long ago, and from the US government no less, so the guy should be allowed to own it.
2002-04-15 07:28:45 AM  
Mugen: Yes, that's all I could think of the ENTIRE time I was reading that article. Now how long before someone tries putting this coin in a vending machine for a Coke?
2002-04-15 07:33:57 AM  
E Pluribis Goldman?
[image from too old to be available]
2002-04-15 07:59:26 AM  
Damnit I lost that somewhere.
2002-04-15 08:32:58 AM  
"A $20 double eagle gold coin minted in 1933 could fetch as much as $6 million"

2002-04-15 08:36:17 AM  
I've always considered the obverse of the St. Gaudens Double Eagle[1] to be among the most beautiful works of our Mint. So much so that I've considered purchasing a proof gold American Eagle. Ended up getting the non-proof 1/10 oz. version, though. Can't have every shiny bauble you want.

Oh, and FWIW, 445,000 double eagles were minted with the 1933 date. Now only one exists. Only one of the last mintage of the most beautiful gold coin ever produced. It appears to be in good condition, and is almost legendary given its history. If it fetches six million in an auction, good for it. The free market will determine its worth, and those of you who don't think it's worth six million are atheist kulak-killing communists.

[1] The Double Eagle was made for 83 years, starting in 1849. Eagles, Half Eagles, and Quarter Eagles were also produced. An Eagle (the unit) is worth $10. Surviving coins are worth much more, of course, due to both their collectibility and their gold content.
2002-04-15 08:44:36 AM  
Sho, the coin's estimated collectors' value is $6M because 1)it's the only one in existence, and 2)it's never been in circulation. Those two details make that coin the Holy Grail for coin collectors.

My guess on the FDR thing is that he didn't want a relatively few people hoarding them during the Depression ... or at least he wanted to spread the Depression-era misery equally(probably both).
2002-04-15 09:43:25 AM  
Oh phuck! I just spent mine on a bridge toll!
2002-04-15 09:45:35 AM  
Huh, I'm a atheist kulak-killing communist.

Learn somethin new everyday.
2002-04-15 09:47:35 AM  
ElwoodCuse - Great Monty Python quote.

"Can we come up and have a look?"
2002-04-15 10:00:55 AM  
What a waste of time. Go here for the works:
2002-04-15 10:22:05 AM  
There's a difference between face value, actual value and worth. The face value is $20, no more. Actual value is the current ounce price of gold. Worth is whatever someone is willing to pay for it but just because someone pays $6mil for this thing does not make it worth $6mil to anyone else.

A $20 gold piece is a double eagle only because it's twice the face value of the $10 eagle and eagle was/is slang for the coin, similar to calling $1 a "buck" even though there's no deer on it. And where did "buck" come from anyway? How about "fin" for a $10? Any ideas?
2002-04-15 10:35:47 AM  
Numismatist=coin collector

It was a Wordly Wise word.
2002-04-15 10:41:19 AM  
seems like some 007 james bond action went on to keep that coin around
2002-04-15 11:13:15 AM  
"Farouk" is Egyptian for "Fark." I think Drew should put a claim in for this one.

Deewun: "kulak-killing" Communist - that's pretty good, and also shows that you know your 1920s history!
Displayed 50 of 73 comments

Oldest | « | 1 | 2 | » | Newest | Show all

This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter

Top Commented
Javascript is required to view headlines in widget.

In Other Media
  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.