It's hard to resist a story about $20 coins that are worth millions of dollars. The case certainly caught our attention, and not just because of the history of the double eagle coins at the center of the dispute. We were fascinated to see how many people we talked to about the case ran to their Florida bank to look through their safe deposit boxes.

In 1933, the U.S. Mint struck about half a million "double eagle" $20 gold coins. Coin enthusiasts will know that the double eagle coin is truly lovely. The coins never went into circulation.

It was the Great Depression, and then-President Franklin D. Roosevelt, was looking for ways to ward off financial panic. Hoarding was a real risk, especially when it came to gold, so the president issued an executive order prohibiting anyone from owning a large amount of gold -- bullion and coins alike. The Mint sent two coins to the Smithsonian and melted down the rest.

Somehow, a gold dealer from the City of Brotherly Love got hold of some. The government and the plaintiffs have different explanations for how this happened.

The government attorneys say the man stole the coins. They argue that the dealer was likely in cahoots with a cashier at the Philadelphia Mint, but they offer no particular theory of the alleged crime. What they do offer is evidence that each and every double eagle coin that has turned up can be traced back to the dealer.

That includes one that helped to establish the value of the coins in this case. In 2002, a dealer fetched $7.6 million for a double eagle. That dealer had government approval for the sale, and the government openly admits that approval was granted by mistake.

We'll continue this in our next post.

Sources:

New York Times, "Family Battles U.S. Over 10 Coins Worth Millions," John Schwartz, 07/08/2011

Wall Street Journal, "Family Loses Coins Worth Millions in Dispute With U.S.," Peter Loftus, 07/21/2011