Here’s the deal: Your dad, a coin dealer, left some rare coins in a safe deposit box; when he died, you took them to the bank to discover their value. Turns out, they’re worth some $80 M but the bank grabbed them and turned them over to the government, which is going to keep them. Typically compassionate Dems being in charge, some might expect otherwise. Some expect Obama to save us from the economic collapse we have hardly begun to enjoy, too. Gold Coins Seized provides details.
Per the story, the government based its claim on President Franklin Roosevelts’ 1932 confiscation of everybody’s gold. But laws allowing gold ownership have passed since and gold coins are specifically a legitimate investment now. And there remains a question re the constitutionality of FDR’s confiscation in the first place. No matter; government is bigger than you and I and the coin dealer’s family so, tough… $80 M is just too much for a cash-starved government to keep its hot, slimy, cotton-picking lunch hooks off, right? Compassion is fine for speeches, but not when it involves passing up millions of real money!
Something for all the frightened (and they should be) folk worried about what’s coming to consider: Is it wise to accumulate gold? Well, the law provides for it and even gives tax preferences for coins and other “collectibles.” Of course, this story takes some of the confidence out of that, right? What’s notable seems to me: the guy who collected the coins was a pro, a coin dealer. He knew what he was doing and presumably from what we know, it was legal when he did it. And he arranged things so nobody knew a thing about it, but him.
I make no recommendations; you can enjoy or dislike the story and arrive at your own conclusions as the U.S. compassionate Democratic Administration did. But I will say this: It seems unlikely that, some 80 years hence, anyone will discover paper dollars worth a full dollar, let alone $80 M. “He who has ears to hear, let him hear…”