# Double Eagle owners have coins confiscated. Any chance of getting them back? **URL:** \ **Category:** Factual Questions\ **Created:** [August 26, 2005, 5:19pm UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757 "2005-08-26T17:19:02Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![CurtC](https://avatars.discourse-cdn.com/v4/letter/c/ce73a5/32.png) [@CurtC](https://boards.straightdope.com/u/CurtC)\ **Post date:** [August 27, 2005, 4:19am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/21 "2005-08-27T04:19:17Z")
I still think she was just dumb. A smarter move would have been to turn over _one_ of them, or maybe a few, but not all ten. On the other hand, maybe she has ten more in her safe deposit box. ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [August 27, 2005, 4:26am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/22 "2005-08-27T04:26:40Z")
During the ban on “bullion hording” it was allowed to keep gold coins for the collectable value, but not for their bullion value. In other words, a “mint” quality gold coin in a collection was fine- a few hundred well-circulated coins were not. Which is why many of the pre-'33 gold coins in the hands of collectors are in rather good condition- most of the worn ones were melted down. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [August 27, 2005, 5:10am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/23 "2005-08-27T05:10:08Z")
> [@DrDeth](#): > > During the ban on “bullion hording” it was allowed to keep gold coins for the collectable value, but not for their bullion value. In other words, a “mint” quality gold coin in a collection was fine- a few hundred well-circulated coins were not. Which is why many of the pre-'33 gold coins in the hands of collectors are in rather good condition- most of the worn ones were melted down. Actually, people who kept gold coins after FDR called them in usually have worn specimens. Not always, but mostly. The average citizen didn’t care about keeping nice quality specimens. They were broke. They were in the middle of a depression. Over 90% of all the minted US gold coins were in the hands of the Government on the day FDR called in the gold(either in the banks or in the Mint). The choice uncirculated specimens of most US gold coins that collectors have, come from the US government sending bags of uncirculated gold coins as balance of trade payments to Switzerland in the post-1933 period. Mainly $20 gold pieces and $10 pieces. Less of the lower denominations. The crafty Swiss would take a US $20 coins, which melted for $25 and sell it to the public for $26. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [August 27, 2005, 5:11am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/24 "2005-08-27T05:11:10Z")
> [@CurtC](#): > > I still think she was just dumb. A smarter move would have been to turn over _one_ of them, or maybe a few, but not all ten. > > On the other hand, maybe she has ten more in her safe deposit box. Which she can never sell. ---
**Author:** ![TJdude825](https://avatars.discourse-cdn.com/v4/letter/t/dec6dc/32.png) [@TJdude825](https://boards.straightdope.com/u/TJdude825)\ **Post date:** [August 27, 2005, 6:03am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/25 "2005-08-27T06:03:27Z")
> [@samclem](#): > > Which she can never sell. Unless the law that makes it illegal to own them is ever repealed. But if that happened, she might get the first set of ten back. Or maybe not. ---
**Author:** ![alphaboi867](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/alphaboi867/32/3898_2.png) [@alphaboi867](https://boards.straightdope.com/u/alphaboi867)\ **Post date:** [August 27, 2005, 6:47am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/26 "2005-08-27T06:47:02Z")
> [@samclem](#): > > Which she can never sell. Unless she goes overseas. Others have been bought and sold. ---
**Author:** ![Wishbone\_Ash](https://avatars.discourse-cdn.com/v4/letter/w/ba8739/32.png) [@Wishbone\_Ash](https://boards.straightdope.com/u/Wishbone_Ash)\ **Post date:** [August 27, 2005, 6:48am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/27 "2005-08-27T06:48:27Z")
why was gold made illegal anyway? ---
**Author:** ![Big\_Whistle](https://avatars.discourse-cdn.com/v4/letter/b/5f9b8f/32.png) [@Big\_Whistle](https://boards.straightdope.com/u/Big_Whistle)\ **Post date:** [August 27, 2005, 5:16pm UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/28 "2005-08-27T17:16:00Z")
> [@Wishbone Ash](#): > > why was gold made illegal anyway? Ownership of gold coins and bullion was outlawed for two primary reasons: A. The government made money by paying less than the actual value of the gold to those from whom it was confiscated. B. The ability of the government to control the amount of gold allowed it to stabilize the currency of the time, which was coming off the so-called “gold standard.” The need to control gold stocks was obviated in 1971 when the US government changed policy so that one could not convert paper money into gold at a fixed rate. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [August 28, 2005, 12:47am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/29 "2005-08-28T00:47:04Z")
> [@Big Whistle](#): > > Ownership of gold coins and bullion was outlawed for two primary reasons: > > A. The government made money by paying less than the actual value of the gold to those from whom it was confiscated. _Confiscated_ is such a harsh word. 🙂 If the US government hadn’t done it when they did, then the entire stock of US gold would have gone overseas and the profit would have gone to other governments. Sounds like a pretty smart move to me. ---
**Author:** ![Cartooniverse](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cartooniverse/32/3084_2.png) [@Cartooniverse](https://boards.straightdope.com/u/Cartooniverse)\ **Post date:** [August 28, 2005, 12:56am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/30 "2005-08-28T00:56:11Z")
Might I suggest that much more than just the profits would have gone to other governments? The fact that gold has a base value worldwide has made it the ideal spine that supports many a currency. Had we sold off all of our gold reserves, I would guess that the United States would not have emerged from the Depression intact- WWII or no WWII. Lacking any material force to back up our Dollar, our Dollar would have become something akin to the Pre- WWI DeutschMark. Yes? Cartooniverse ---
**Author:** ![Monty](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/monty/32/47_2.png) [@Monty](https://boards.straightdope.com/u/Monty)\ **Post date:** [August 28, 2005, 1:00am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/31 "2005-08-28T01:00:12Z")
Regarding legal tender: I get the impression that if the two parties to a transaction agree, then a gold ring can very well be the tender traded for that transaction. What they cannot do is declare that US money (assuming the transaction is taking place in the US) is invalid as such tender. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [August 28, 2005, 2:58am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/32 "2005-08-28T02:58:02Z")
> [@Cartooniverse](#): > > Had we sold off all of our gold reserves, I would guess that the United States would not have emerged from the Depression intact- WWII or no WWII. Lacking any material force to back up our Dollar, our Dollar would have become something akin to the Pre- WWI DeutschMark. > > Yes? > > Cartooniverse Probably not. We still had a rather good economy, relative to many in the world. Just like today. ---
**Author:** ![Blalron](https://avatars.discourse-cdn.com/v4/letter/b/35a633/32.png) [@Blalron](https://boards.straightdope.com/u/Blalron)\ **Post date:** [August 28, 2005, 3:10am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/33 "2005-08-28T03:10:23Z")
I’m confused. Doesn’t the Constitution require that if the government confiscates property, it must give you “just compensation”? How did they get away with that? ---
**Author:** ![Blalron](https://avatars.discourse-cdn.com/v4/letter/b/35a633/32.png) [@Blalron](https://boards.straightdope.com/u/Blalron)\ **Post date:** [August 28, 2005, 3:14am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/34 "2005-08-28T03:14:29Z")
> [@Blalron](#): > > I’m confused. Doesn’t the Constitution require that if the government confiscates property, it must give you “just compensation”? How did they get away with that? I’m talking about Roosevelt in 1933, not the specific incident mentioned in the OP ---
**Author:** ![DrDeth](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@DrDeth](https://boards.straightdope.com/u/DrDeth)\ **Post date:** [August 28, 2005, 5:18am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/35 "2005-08-28T05:18:42Z")
> [@Blalron](#): > > I’m confused. Doesn’t the Constitution require that if the government confiscates property, it must give you “just compensation”? How did they get away with that? They take away a $20 coin, really all they have to give you is $20. However, I know that they did sometimes pay the government set price of an oz of gold- which was then $35 I think. Are you asking about the woman who had the stolen property recalimed by the rightful owner? Or about dudes in general who had their coins taken after the 1933 act? ---
**Author:** ![Monty](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/monty/32/47_2.png) [@Monty](https://boards.straightdope.com/u/Monty)\ **Post date:** [August 28, 2005, 5:28am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/36 "2005-08-28T05:28:09Z")
Even if they’re stolen property, wouldn’t there have been some kind of statute of limitations? We’re talking over 70 years here. ---
**Author:** ![Monty](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/monty/32/47_2.png) [@Monty](https://boards.straightdope.com/u/Monty)\ **Post date:** [August 28, 2005, 5:32am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/37 "2005-08-28T05:32:34Z")
Hmm…possibly over 70 years. That would depend on when those coins “went missing” from the mint or whoever lawfully had them last. ---
**Author:** ![Little\_Nemo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/little_nemo/32/3120_2.png) [@Little\_Nemo](https://boards.straightdope.com/u/Little_Nemo)\ **Post date:** [August 28, 2005, 6:00am UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/38 "2005-08-28T06:00:36Z")
As far as the government is concerned (and they have a good point) the coins have now been returned to their rightful owner. The US government is the only entity that has ever lawfully owned the coins. The statute of limitations will only protect the owner from potential criminal prosecution. ---
**Author:** ![Big\_Whistle](https://avatars.discourse-cdn.com/v4/letter/b/5f9b8f/32.png) [@Big\_Whistle](https://boards.straightdope.com/u/Big_Whistle)\ **Post date:** [August 28, 2005, 1:39pm UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/39 "2005-08-28T13:39:58Z")
> [@Blalron](#): > > I’m talking about Roosevelt in 1933, not the specific incident mentioned in the OP The government did give “just” compensation to owners of gold which was confiscated by the government. They were paid around $20 per ounce, as I recall. However, almost immediately thereafter, the government set the price of gold at $35 ounce, giving the government the difference between what it paid and what it had as value. I am sure **samclem** can offer considerable insight into the history of this move; others can chime in on the economics. ---
**Author:** ![danceswithcats](https://avatars.discourse-cdn.com/v4/letter/d/9e8a1a/32.png) [@danceswithcats](https://boards.straightdope.com/u/danceswithcats)\ **Post date:** [August 28, 2005, 2:11pm UTC](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757/40 "2005-08-28T14:11:14Z")
> [@Little Nemo](#): > > As far as the government is concerned (and they have a good point) the coins have now been returned to their rightful owner. The US government is the only entity that has ever lawfully owned the coins. The statute of limitations will only protect the owner from potential criminal prosecution. Not quite true. In the link provided by **Earl Snake-Hips Tucker** , one double eagle was legally owned abroad, and this is presumed to be the same coin which fetched millions at auction years later. [Previous page](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757.md?page=1) [Next page](https://boards.straightdope.com/t/double-eagle-owners-have-coins-confiscated-any-chance-of-getting-them-back/318757.md?page=3)