Apparently New Jersey basements are a great place to find rare numismatic items that can be auctioned for millions. Like the gold certificates we
recently discussed, a group of coins found its way to auction and legal action. Len Augsburger forwarded this Bloomberg piece on the odd tale of a
group of valuable rare coins that may or may not belong to a cult economist. Thanks. Here's an excerpt. -Editor
The 58 rare coins at the center of two federal lawsuits are exceptionally valuable.
Now a bankrupt company's receiver wants them.
And an antique dealer wants them.
And so does Martin Armstrong, a self-taught economist with a cult following who spent years behind bars for what the U.S. said was a $700
million Ponzi scheme and for allegedly hiding assets, including what may be those very same coins.
Armstrong's story is one of Wall Street's more bizarre tales -- and the newest chapter makes it even more absurd.
... Armstrong later spent another five years behind bars after pleading guilty to conspiracy. He wasn't released until 2011, when he returned home
to southern New Jersey and began holding conferences for his followers.
At least for the coins, that's largely where matters stood until March 2014, when, according to court papers, a day laborer walked into a
Philadelphia thrift shop operated by George and Andrew Antoniak and sold them a box of coins for $6,000. The laborer said he found them while
clearing out a house in New Jersey, according to the Antoniaks.
The coins' value -- $2.5 million -- soon became apparent. One of them, a gold penny from the year 1257, is one of just five known to exist and is
one of the rarest, most valuable coins in English history. The Scottish coins come from the mid-16th century, and the Greek coins date from 500 BC to
300 BC. The Antoniaks consigned the coins to a Dallas-based auction house, Heritage...
"None of those coins are replaceable, all are unique," Armstrong's lawyers claim.
In 2017, Armstrong, a lifelong collector, learned that Heritage planned to auction the coins, and he claimed them as his own. In turn, the
Antoniaks sued Armstrong, saying they'd never heard of him before he sought possession and asking the court to declare them the rightful owners.
Armstrong then filed his own suit in Pennsylvania.
Maybe it's just me, but a "self-taught economist" is almost as scary as a self-taught brain surgeon. -Editor
To read the complete article, see:
Cult Economist Jailed
for Hiding Rare Coins Says They're His Now
To read the earlier E-Sylum articles, see:
ASBURY PARK GOLD CERTIFICATES DISPUTED
ASBURY PARK 1882 GOLD CERTIFICATES
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization
promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor
at this address: firstname.lastname@example.org
To subscribe go to: https://my.binhost.com/lists/listinfo/esylum
Copyright © 1998 - 2012 The Numismatic Bibliomania Society (NBS)
All Rights Reserved.
NBS Home Page
Contact the NBS webmaster