Fort Knox Gold In Kentucky

Langbord-Switt 1933 Double Eagles to Remain in Govt Hands

The jury has spoken, and like it or not the ownership of the 10 1933 Double Eagles will remain with the US Government and for at least the time being, be securely held in Fort Knox. The descendants of  Philadelphia jeweler Israel Switt lost their bid to have the coins returns to their possession.

After only five hours of deliberation the two men and eight women agreed with the governments position that these iconic examples of US Numismatics did not leave the mint legally, and therefore they still belonged to the US Government.

Throughout the trial, Assistant U.S. Attorney Jacqueline Romero had contended that Switt and an unknown number of unspecified people must have stolen the 1933 Double Eagles from the Philadelphia Mint or acted in collusion with a dishonest Mint employee. She contended that the coins were never officially released to the public. Although no evidence of who or how this was done was presented, the prosecution’s theory that this was the only explanation of why the gold coins were in Mr Switt’s possession seemed to persuade the jurors, if not many coin collectors.

The Switt family members contended they were legally entitled to the coins and that the government was required to prove they were stolen. Indeed, there was no way to know how they got out of the Mint and eventually into the Switt family’s safety deposit box.

The governments position was that the Mint never legally issued any 1933 Double Eagles to the public, and that according to official US Mint records, all 445,500 were accounted for.  But according to some reports since 1937, at least 21 have surfaced, and all can be traced back to Switt.

On the other hand, The Langbord-Switt attorney, Barry H. Berke argued that the coins could have been legally obtained during a “window of opportunity” in March and April 1933. During that time period the law and enforcement of FDR’s executive order forbidding private ownership of gold was in a state of transition as both private owners and government officials figured out the details of ehat was and was not covered under the “law” and what if any exceptions there were.

Although Joan Langbord, Switts daughter, and her two sons, Roy and David, declined to comment to reporters after the verdict , most legal experts and many numismatists expect the decision to be appealed.

However, Assistant U.S. Attorney Jacqueline Romero was more than willing to talk.  According to published reports, MS Romero said “It sends a strong message” that the government will pursue crimes against the U.S. money supply, “no matter how many years pass.” And on the Langbord position that the coins were legally obtained from the mint Romero reportedly said, “We did not think that was a credible story.

How much gold is in Ft. Knox? « The Learning Curve

The United States Treasury issues monthly reports on the amount of gold held in U. S. Mint deep storage vaults, in Federal Reserve bank vaults, and on display at Federal Reserve banks.  Going back to January, 2009, these monthly Treasury reports are available online , and are called the Gold Report. These are the only government reports I’ve seen where, except for the date, the numbers don’t change.

The United States government holds 261,498,899.316 Troy ounces of fine gold in the form of bullion (fine gold) or coin (alloyed gold). The terminology can be confusing. The word ‘bullion gold’ does not mean gold bars or ingots, it means gold in its pure form. Likewise, ‘coin gold’ does not mean gold in the form of circular disks. Coin gold refers to a mixture of gold and other metals, usually silver or copper, that is harder and more durable than pure gold. Coin gold is the name of the alloy used to make gold coins intended for circulation, where it is passed from hand to hand and needs to withstand wear. Gold coins can also be made of pure gold and are called bullion coins.

The form of gold held by the U. S. Treasury is 258,641,851.485 Troy ounces of bullion gold and 2,857,047.831 Troy ounces of fine gold in coin gold alloy.

Although the majority of U. S. owned gold is held at the Mint operated Ft. Knox, Kentucky, depository (147,341,858.382 Troy ounces), there are also deep vault storage locations in Denver, Colorado, (43,853,707.279 Troy ounces) and West Point, New York, (54,067,331.379 Troy ounces). The U. S. Mint holds an additional 2,783,218.656 Troy ounces of fine gold in the form of coins, blanks and working stock at various other locations. The Federal Reserve holds 13,452,783.620 Troy ounces of gold in its New York City vault, with a small amount used for display.

At today’s market price of $1,666 per Troy once of fine gold, the United State’s gold reserve is worth $435,657,166,260.46.

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