A high-stakes dispute over ten pieces of gold’: Court reclaims gold coins for U.S. government[tr]

WaPo ^ | 08-02-2016 | Ben Guarino

[NRx]

As others have noted above, this was part of FDR’s very controversial decision to take the country off the gold standard in 1933-34. He knew people would flock to gold rather than trust paper money. So he had to outlaw the private ownership of gold in the US (with a very few exceptions). This stayed on the books until 1973.

[Attention Surplus Disorder]

“Or get it out of the country, to a place where the US government can be told to pound sand.”

Even that may not work. This is actually a pretty old story that reappears from time to time. However, I believe one of these coins found its way into a bank vault in Egypt, IIRC. I do not recall whether the Feds went and got it or seized it upon finding it in a domestic coin auction.

[NRx]

It’s also worth noting that no one is being prosecuted criminally here. But if an attempt were made to smuggle the coins out of the United States that would almost certainly have invited criminal prosecution on a host of charges. There are not a lot of places to hide in the world these days where the Feds have no influence. Even Swiss Banks have more or less caved to the power of the US Government. Try finding a Swiss bank that will even take a US Citizen as a client. And good luck.

[NRx]

Ping

[Bloody Sam Roberts]

By 1933, coins made of gold had lost their luster, at least to the newly elected Franklin D. Roosevelt. “We are now off the gold standard,” he told a group of advisers...

Yeah...Roosevelt ended the gold standard because gold coins had "lost their luster". Sure.

If true, then why did he order the forfeiture of all privately held gold?

[a fool in paradise]

More crucially, Judge Thomas Hardiman, writing for the majority, concluded in the opinion that the coins had been U.S. property all along.

Isn't ALL money U.S. property? Isn't it illegal to deface it?

[Mr. Douglas]

Or get it out of the country, to a place where the US government can be told to pound sand.

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Even better!

[Mr. Douglas]

Nor do I, but if the statute of limitations for stolen property is seven years for everyone else, then the same rule ought to apply to the Government.

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I was wondering the same thing. But then it hit me: The statute of limitations is about prosecution for the crime. Is there a statute of limitations on when property must be returned if found? I’m gonna guess there isn’t

[Organic Panic]

The coin is worth nothing when the government confiscates it. Would the US gov’t sell it?

WOuldn’t surprise me if a few slip in to Michelle Obama’s handbag.

[Mr. Douglas]

Yeah. I think the “out of country” sale is the best option.

[NRx]

See my #8.