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$400,000 Gold coin "lost" by USPS registered mail

Solo

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#1
Yikes:afraid:! I hope this coin is found intact. It's truly treasure in my eyes and the thought of it being melted for a few dollars to avoid detection is cringe-worthy. Hopefully the crook is dumb enough to take it to a coin shop locally...

1795 gold eagle missing from mail stream (link)

1795eagle_Merged.jpg
This PCGS MS-61 1795 Capped Bust, Small Eagle, 9 Leaves gold $10 eagle, which sold at auction May 3 for $379,500, disappeared from the postal mail stream after being shipped May 16 by registered mail.
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U.S. Postal Service investigators and the FBI are probing the alleged disappearance from the mail stream of a 1795 Capped Bust, Small Eagle, 9 Leaves gold $10 eagle that sold for $379,500 in New York in an auction conducted by Spink Smythe.

The coin, graded Mint State 61 by Professional Coin Grading Service, went missing sometime after Spink Smythe shipped the coin to its new owner by registered mail on May 16. The coin has PCGS certification number 19335299.

Matt Orsini from Spink Smythe (www.smytheonline.com) said June 28 that the package containing the coin was traced to the post office in Western Springs, Ill., west of Chicago, but was not able to be traced further. Orsini declined to disclose the coin’s intended final destination.

Orsini said Spink Smythe filed a claim for the missing coin with the U.S. Postal Service after the coin failed to arrive at its intended destination. Orsini told Coin World June 29 that the FBI is now involved in the investigation.

Agapi Doulaveris, spokesperson in Arlington, Va., for the USPS Office of Inspector General, confirmed June 29 that the USPSOIG is aware of the missing coin. She said investigators are determining whether the case is to be handled by investigators with the U.S. Postal Inspection Service or the USPSOIG, depending on whether the theft is considered to be internal or external.
 

Irons

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#3
Lost, sure it was. :rolleyes:
 
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I call BS!! Who in their right mind would trust a BROKE business with a coin such a this? Nope, I don't believe it. Horse CHIT!! Oh, Registered Mail has a MAX of $25K insurance.

I SMELL SCAM!!
 

Deweydog

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#5
I call BS!! Who in their right mind would trust a BROKE business with a coin such a this? Nope, I don't believe it. Horse CHIT!! Oh, Registered Mail has a MAX of $25K insurance.

I SMELL SCAM!!
Major Bullion dealers and auction houses have additional PRIVATE INSURANCE coverage that they routinely use.
 

oldgaranddad

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#7
I wonder if the bidder or the seller takes the risk of loss?
I assisted the US Postal police with a numismatic and bullion package that went missing here in the NY area. I had to give a real basic crash course of what is bullion and what is numismatic to the investigating US postal police investigating officer. I was amazed that they had no in house knowledge base for the investigators to reference.

The Post Office's insurance fund is on the hook for this one. Question is... do they have the money to pay out if it is not found?
 

Ragnarok

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#8
Something that valuable, and that small, I would prefer to just drive it there myself and watch the buyer sign for it with my own eyes. But it was an auction, so I guess there's no way to control exactly how it gets there.

That, or Fedex Next Day Signature.

With registered mail there is a series of signed-for handoffs at each stage of the process. Or at least there's SUPPOSED to be. Wow.

No wonder USPS is going broke.

R.
 

Buck

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#9
Registered Mail?

It will be found...in the hands of the crook.
A coin such as this will not go undetected in the resale market.

USPS is a business just like all the rest.
They can't afford to lose any packages from the Registered stream.

It is signed in...signed out, at all stops.

No one in the stream will go un-interrogated.

I suggest I even know the ethnicity and gender of the thief...
 

Silver Buck

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#10
This isn't the first time something like this has happened:

"In 2003, Numismatic Professionals bought two coins for $185,000, an 1855 $3 gold coin and an 1845 $10 gold coin, thought to be worth $300,000 at market value. After sending the coins to be certified, they were stolen from the mail on the way back. Police were notified, but they could not determine how the coins were lost and closed the case."

Google 'Tom Noe' for more details.

Edit:

Best source I could quickly find:

http://www.toledoblade.com/State/2005/07/05/Experts-trace-origin-of-missing-gold-coins.html
 
Last edited:

Buck

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#11
This isn't the first time something like this has happened:

"In 2003, Numismatic Professionals bought two coins for $185,000, an 1855 $3 gold coin and an 1845 $10 gold coin, thought to be worth $300,000 at market value. After sending the coins to be certified, they were stolen from the mail on the way back. Police were notified, but they could not determine how the coins were lost and closed the case."

Google 'Tom Noe' for more details.

Edit:

Best source I could quickly find:

http://www.toledoblade.com/State/2005/07/05/Experts-trace-origin-of-missing-gold-coins.html
This guys Wiki page reads as if he were funneling money out of state funded investments into the Republican party coffers.

Just another cheat...
 

Silver Buck

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#12
This guys Wiki page reads as if he were funneling money out of state funded investments into the Republican party coffers.

Just another cheat...
He was.

Tom is doing 18 years for his shenanigans.

Many other Republicans were found guilty for illegal campaign contributions during this time. Gov. Bob Taft had a bit of trouble during all of this and Sec. of State Ken Blackwell had his hands in the dirt (but Golfing Bobby T and Diebold Kenny B should be covered in a different thread and forum).
 

917601

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#13
Info regarding USPS, they ship by commercial airline companies, they divvy up routes to be fair.However, that just means bag handlers could be involved,good luck finding the bag smasher, or it could be in a goldfish yellow Mailbag lying on the ramp between Terminal D and Terminal A.
Other info, theft becomes rampant in a failed Postal system,good NSA friend of mine told me a few years back , 100 percent of the time, a countries collapse is preceded by their postal system going bankrupt, or privatized.They sent mail all the time during the Soviet Union days to gauge how bad the theft, or mishandling of packages went.
Last thought, even Tulving would never send by US Postal, he uses UPS and shipments are insured by Lloyds of Lonon. Even then ,shipping instructions require no weights to be taken, no declaration of what it is, and must use a double boxed 2 day express box. And by the way, that is one ugly coin.
 

Solo

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#14
. And by the way, that is one ugly coin.
Boo hiss, boo hiss:p! Sure the obverse is aesthetically challenged, but the reverse is beautiful considering someone hand finished the die by the flame of a lamp using hand tools.
 

earplugs

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#19
I'd ship that puppy in a media envelope. hell, just stuff it in between some grocery store ads and slap it in a regular envelope. a penny saved is a penny earned.