Gold Coins Custody Given To US Government By Court Ruling

By on Jul 23, 2011 in Business, Economy Comments

The 1933 gold coins, found by a Philadelphia woman and seized by the US government, was ruled by a jury in favor of the latter on Wednesday, July 20, 2011, according to reports by several international news sites.

A woman from a Philadelphia jeweler family reportedly found the gold coins in a safety deposit box that belongs to her late father jeweler, Israel Switt

The $20 coins, however, was never circulated and believed to have been stolen from the US Mint.

Reports say that one of the gold coins, designed by sculptor August Saint-Gaudens, has been sold in 2002 for $7.59 million.

The US government made nearly a half million gold coins in 1933, but melted most of them. Two gold coins were given to the Smithsonian Institution, and 20 pieces were believed to have been stolen and were all traced back to Switt, as explained by the prosecutors.

A trial judge is expected to make a ruling on the “ownership” of the gold coins by the end of the year.

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