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-Caveat Lector-
This double eagle gold coin was moved from the WTC to Ft. Knox in
Feb.2001, just eight months before the Sept. 11th WTC attack. The
Egyptian connection is interesting.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$}
1933 double eagle now at Fort Knox�-�U.S. Mint, private owner to
select auctioneer within weeks�-�posted 07/04/01
By Paul Gilkes
COIN WORLD Staff�
Click on image to enlarge
Photo courtesy of Smithsonian Institution.
A 1933 double eagle similar to this specimen in the National Numismatic
Collection at the Smithsonian has been moved to Fort Knox to await its
sale under an out-of-court settlement.
While the U.S. Mint decides which of three auction houses will be
granted the contract to sell later this year the former King Farouk
specimen of 1933 Saint-Gaudens $20 gold double eagle, the coin itself is
residing securely within the confines of the Fort Knox Gold Bullion
Depository in Kentucky.
Coin World has learned that the double eagle was secretly moved first to
Mint headquarters in Washington, D.C., accompanied by Secret Service
agents, then transferred under tight security to the Fort Knox facility.
The coin had been housed in a temporary plastic encapsulation in a vault
in Secret Service offices in Manhattan since the coin was seized by
undercover agents on Feb. 8, 1996.
The move was accomplished within days of a landmark decision in January
permitting private ownership of the coin once owned by the Egyptian
monarch. An out-of-court settlement reached Jan. 25 permits only this
specimen of 1933 double eagle to be privately owned, with any other
extant specimens still subject to confiscation.
That decision was based primarily on the Treasury Department's 1944
issuance of an export license permitting Farouk to remove the coin from
American soil.
A jury trial had been set to start Jan. 29 to settle the 1933 coin's
fate.
The proceeds from the sale of the coin will be evenly divided between
the U.S. Mint's Enterprise Fund and Stephen Fenton, the British dealer
who imported the coin after securing it from an intermediary who could
trace the coin's travels to individuals with ties to the Egyptian
military and Farouk. Fenton is owner of Knightsbridge Coins in London
and chairman of the British Numismatic Trade Association,
Mint Director Jay W. Johnson said June 28 the double eagle was moved to
Fort Knox on Feb. 1 for safekeeping, two days after Secret Service
agents in New York brought the coin to Washington.
"It's a very valuable coin and we couldn't think of a safer place for it
to be," Johnson said. "It was a Mint decision to put it there. We told
Mr. Fenton and he's happy that it's safe and sound." Fenton's legal
counsel, Barry H. Berke - a partner in the New York law firm of Kramer
Levin Naftalis & Frankel LLP - said they were informed of the Mint's
plans to move the coin beforehand and concurred with the decision.
While the government retains ownership of the 1933 double eagle, Fenton
and the Mint share equal rights in its sale.
On April 12, the Mint solicited proposals from 13 different auction
houses, with six of those requested submitting proposals by the April 25
deadline, according to Johnson. The field of prospective bidders has
been narrowed to three based on oral presentations made April 30, with
an announcement of the winning bidder to be made shortly, Johnson said.
The request for proposals, or RFP, asked prospective bidders how they
would conduct an auction of such a coin, and required a marketing plan
to publicize the sale and maximize public participation.
Johnson said it is expected the sale will attract people who, although
they may not be immersed in numismatics, will be interested in the 1933
double eagle and the history behind it. Johnson said it is presumed the
coin will be sold as the only coin in the auction rather than as the
centerpiece of a multiple-lot auction.
Outside those who have specifically handled the coin, the public has not
received the slightest glimpse of the coin, even through photographs.
The coin was struck from the same pair of dies that struck the two 1933
double eagles housed in the National Numismatic Collection at the
Smithsonian Institution.
Photographs will most likely be taken of the Farouk-Fenton 1933 double
eagle by the auction firm awarded the auction contract for use in an
auction catalog, with the coin moved under tight security from Fort Knox
to the location where the photography would take place, Johnson said.
The photography will not be performed at Fort Knox, Johnson said.
Once the Farouk-Fenton 1933 double eagle is sold, ownership of the coin
will be transferred to the new owner or owners, Johnson said.
This is the first time the federal government has authorized private
ownership of a 1933 double eagle since the Farouk coin was exported.
Nine other specimens seized in the 1940s and 1950s by the Secret Service
were destroyed.
Fenton obtained the 1933 double eagle and more than 100 other coins from
Farouk's collection in several private transactions in 1995.
The drama involving the Fenton-Farouk specimen of the 1933 double eagle
began to unfold on Feb. 8, 1996, when Fenton and U.S. coin dealer Jay
Parrino were arrested at the Waldorf-Astoria Hotel in New York after
trying to sell the coin to a Secret Service informant for $1.5 million.
The coin was subsequently seized.
Criminal charges were filed, but eventually dropped, and Parrino
withdrew any ownership claims to the coin.
Government attorneys changed directions with their case, starting a
civil forfeiture and declaratory judgment action seeking forfeiture of
the Fenton-Farouk specimens on grounds the coin was never officially
issued and therefore any pieces extant must have been stolen. All of the
government's claims have subsequently been withdrawn.
The month after the coin's seizure, Smithsonian curators and Mint
technicians examined the Fenton-Farouk specimen and concluded the coin
was struck from the same dies that were used to strike the two 1933
double eagles that are part of the coin cabinet that comprises the
National Numismatic Collection.
Fenton acquired the 1933 double eagle from among a series of
transactions with another London dealer, Andre de Clermont, who, along
with an Egyptian jeweler with ties to Egypt's highest military
leadership, maintained in sworn depositions the coin was the one once
held by Farouk.
"Our lives begin to end the day we become silent about things that
matter." - Dr. Martin Luther King, Jr.
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance�not soap-boxing�please! These are
sordid matters and 'conspiracy theory'�with its many half-truths, mis-
directions and outright frauds�is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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-Caveat Lector-
http://www.coinworld.com/News/071601/News-2.asp
<A HREF="http://www.ctrl.org/";>www.ctrl.org</A>
DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance�not soap-boxing�please! These are
sordid matters and 'conspiracy theory'�with its many half-truths, mis-
directions and outright frauds�is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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