I was wondering, what would happen if someone were to have a genuine 1964 peace dollar?? Is this coin illegal to own? What kind of pennalties?? ( jail time?) what would happen if it were to be auctioned off? ( this coin is not mine) Thanks CLAW
If this is a genuine 1964 Peace dollar that was smuggled out of the mint before they were melted down, then I would have to say it could and would most propably be siezed by the goverment if it ever surfaced for sale or exsposure to the public. Until any coin or currency is authorized for release to the public it is the property of the US goverment. If this coin was taken (stolen) without permission, the mint will want their property back once they know it to exsist. On the other hand it could be a fake, which is perfectly legal to possess.
That is hard to say. The Secret Service has the "right" to confiscate it, but would they? The only coins they seem interested in confiscating are the 1933 double eagles. They haven't confiscated the 1974 Aluminum cent, or the 1913 Liberty nickels, or the many other pieces that left the mint "illegally." Charlie
What is the stoy behind the 64s??? Why are they illegial??? I also heard of some other coins being banned... Any history on this... I'd love to read more about it.. Also, hate evil, but them being banned and taboo makes me want them more...
Not so much "banned" as they were "stolen". Many of them, 1933 $20 jumps right out, are considered stolen property of the U.S. Mint, making them illegal to posses. Today is the first day I've heard of the 1964 Peace. Please shed some more light on the subject.
1964 peace I am sure somebody has better info, but a remember reading about them. The mint was going to resume stamping peace dollars again in 64 but after minting several they changed thier mind and were supposed to destroy all the coins made. Evidentally some slipped out the door.
Here's a couple of different articles you can read '64 Peace - article 1 '64 Peace - article 2 And Daniel - all I can say is it's a good thing I'm already aware of your computer skills. Otherwise I'd want to know how you got hold of one of my coins
Well to make a long story short. About five years ago when i lived in Fl., I befriended an antique /coin dealer.We made several fishing trips and I worked part time restoring a one of a kind rust bucket of a tractor worth 100,000. Anyways, one day , one of his special customers asked if he could come to her property to appraise some art,antiques and stuff.He asked me and my partner if we could accompany him on his trip, and after business, we would get a guide and do some bass fishing. To our surprise, one lot of items she wanted to get rid of was supposedly 50,000 worth of old coins. Turns out that, after spending all weekend counting, we estimated about 60,000 face value of old silver dollars. Most were uncurculated.Dozens of mint bags of old morgans, about 100 bust dollars,and a couple bags of peace dollars, along with about 30 suitcases full of little jewelry boxes and numerous other silver. After making an offer of 1.2 mill. (wow), we loaded the van full of coins.Skipped the fishing trip and made for home. After further searching, I noticed an old suitcase, probably 100 years old.He was so caught up looking at one coin( I think it was an 1895 or 96 O mint supposedly only 1 in ms65).Turns out to be a 67.When i opened up the suitcase, the first box contained a sailor head proof. Some sort of pattern .After further searching, I turned up rarity after rarity. Coins I've never heard of or seen. Many old proofs and patterns. At the bottom ,a 1964 peace.I turned to him and said,"hey, whats this doing in here" , I thought 1934 was the last year. After repeatting myself several times he took a look.He was more surprised of the 64, than the 1896.Not knowing the full story of the 1964, he filled me in.He weighed the coin on a scientific scale, and dropped a load. He said that with this kind of collection, it has to be real. maybe the only one. Turns out, after spending all summer counting and sorting, we had found: (approximately) 4000 ms64 4000 65 about 400 66&67 maybe a dozen 68 and about 6000-7000 lower ms grades. several dozen pattern proofs and about 50,000 face in circulated For a round total of abou 70,000 He said that if all these higher grade morgans were to hit the market, prices would drop. The reason I started this thread,i made a trip back there this last christmas for vacation.I was exited about seeing my friend, and maybe picking up some PL & DMPL or a nice 67.Well he was no where to be found.I had a friend do a search for his name, and it came up does not exist. He was pretty paranoid about possesing such objects, and was scared the CIA was after him.No clue to whatever happened to him.. So I assume he might have been taken out. I owe him a lot for teaching me about this great hobby, and he will be missed dearly!!! CLAW
Claw - If I had to guess I'd say your friend made a killing on that deal and took off for the wild blue yonder. As for no records of him existing, that's pretty hard to do. Anyway, if somebody actually had one of these coins and the govt found out about it - about all that would happen would be that the coin would be confiscated. That's it - end of story. They wouldn't go to jail and the govt certainly wouldn't try to make them disappear. Look at the folks who had the 10 '33 St. Gaudens - did anything happen to them ? No, they're just out the coins. Has anything happened to the guy who owns the '74 aluminum cent - nope. He's not the only one who owns one by the way. Believe me, there's plenty of folks like that out there.
reply thanks, GDJSMP, for such information and assurance. You are probably right. i just dont understand how someone with a family and strong ties to an area, can simply disappear. I got a question for you. Would the amount of coins that I listed have any affect on the morgan market? I'm speaking of the MS 67 &Ms68's And the 1896 new orleans in ms 67 If I can remember right, there is only one 65 and none higher( lists around $200,000 in 65) What would a 67 bring? Would this drop the price of the 65? Quite a few questions and I thank you in advance. thanks CLAW
It happens every day. Yeah, sure they would if they were released onto the market all at the same time. But with Morgans, 5 or 6 thousand coins can be absorbed just like that. And since he discovered all these coins 5 yrs ago - it's a pretty sure bet they're all in the market already. My question to you would be who graded them, your friend ? I mean given the amount of time that has passed the coins have almost certainy gone through the marketplace and been graded & slabbed. And if the numbers of the pop tops haven't changed, then I'd guess that the grading companies didn't agree with his estimates of the grades. The last time, that I know of, that the 1896-O in MS65 was sold it brought about $150,000, but that was 2002. There is one listed in MS66 that sold for about $350,000 last year. Personally I think it was the same coin in both cases, just upgraded the second time. So if a 67 came on the market it would probably go for about 450k. And I doubt it would have much effect on the price of the 66. But ya never know. Now there are several Morgans out there that grade 68, even a few 69's. 67's are almost common comparatively speaking. If you wanted to spend the time you could find out where they came from and when. All you'd have to do would be track the auction records. The general public might no tbe able to find out names and such, but you could certainly find the dealer's names and date of the sales. With coins like that - it's not really hard. Anyway - hope that helps.
My friend the antique dealer really knows his coins. He showed me all the differences in the higher grades. He stated that he could only submit one 68 per year. Ive checked some records,and approx.,1 68 has been submitted each year for the last four years. That 67 1896 o ,I believe was submitted recently. At the time, 65 was the highest. In fact, for my help, I had the choice of getting 20 65's or 1 67. Well I chose the 65's. They were all common . Now I wish I had the single 67. I submitted 10 coins a couple years ago to pcgs,and 8 came back 65, one came back 64,and the other 66. I recieved another 20 or so instead of payment, for work at his shop. So ,I would have to agree with his grading skills.At the time, I knew almost nothing of Morgans and its idiosyncrcies. The higher grade morgans looked flawless with a naked eye. My favorite was the sailor head . Quite an amazing experience. Ive, never seen so many morgans in one place!! I just wish I coulda picked out some PL's or DMPL's. Any ways thanks A bunch for your help!!!!! CLAW
