Rare Coin Worth Nearly $400,000 Missing From Western Springs Post Office
A registered-mail package containing a 1795 gold eagle coin remains missing after disappearing en route to a Western Springs address.
An extraordinarily rare coin more than two centuries old that was sold for $379,500 in a May auction has been missing since passing through the Western Springs U.S. Post Office five months ago. Efforts to locate the coin have so far been fruitless.
The 1795 $10 gold eagle was purchased from auction house Spink Smythe for $330,000 (plus a $49,500 buyer’s premium) on May 3 and sent by registered mail on May 16, but never reached its intended destination at a Western Springs address despite having been traced to the Village post office.
The USPS Office of Inspector General (USPSOIG) interviewed Western Springs postal employees, who “denied any knowledge relating to the whereabouts of the coin,” according to a report from Scott Pierce, the deputy special agent in charge of the USPSOIG’s Great Lakes Field Office.
“Following receipt of the Office of Inspector General report of investigation, Postal Service management disciplined two employees for failing to maintain the sanctity and security of the mail,” Pierce wrote in the report. “The coin has not been recovered.”
According to an article in Coin World, the FBI has also been consulted on the matter.
Western Springs Postmaster Gary Krause declined to speak on the case, saying that he could not comment about “internal issues.”
The coin in question was by far the most expensive in Spink Smythe’s May 3 catalogue—and even then, its sale price doubled the auction house’s estimated value of $150,000-$170,000.
According to the auction house’s catalogue, only 5,583 Eagle $10 pieces were minted in 1795, the first year of their production—but what sets this particular piece apart is that the branch upon which the eagle is perched on the reverse of the coin has only nine leaves instead of the more-common 13. It is estimated that only about 300-500 of this “nine-leaf” variety of coin were ever struck, and only about 20 remain extant.
Beyond that, this particular coin is said to be one of the best-preserved of its type, one of perhaps 10 free from “some post-strike malidy [sic]—be it cleaning, mounting, or otherwise,” the catalogue declared [from link, select May 3]. The coin is graded “mint state 61,” meaning that while it does show blemishes and flaws, it has never been circulated.
“You would be hard-pressed to find an example that surpassed the present in terms of originality or eye appeal—a truly once in a generation offering,” the catalogue said.
Coins of this particular rarity are a magnet for thieves, said Doug Davis, the founder and president of the Numismatic Crime Information Center, which has advised investigators on this case and others involving missing or stolen currency.
However, Davis said that while there is significant money to be made in rare coins, a coin this distinct and unique would be difficult to unload for profit.
“It’s one of those coins that’s not going to be dealt on the market without someone noticing it,” Davis said. “It’s not going to be sold unless it goes underground to a private collection or perhaps to across the waters to Europe."
“It’s out there somewhere.”
Where, exactly, remains unclear.
Paul Brian
9:45 am on Friday, October 21, 2011
Has anyone checked the Coke machine?
Darren McRoy
9:56 am on Friday, October 21, 2011
The one dating back to the Washington administration?
Paul Brian
10:19 am on Friday, October 21, 2011
Of course that one. It was among the first installed from Coke HQ in Atlanta. That whole "For the want of a nail" thing was actually, "For the want of a church key" as the screw top had yet to be invented. It's why the Hessians slept on Christmas morning and allowed Washington to cross the Delaware (without a toll, mind you) and attack at dawn. I'm strongly suggesting the feds look in that coin box in the back of the post office. Just sayin' (Mr Peabody and Sherman can now reset the WayBack Machine)
Cindy Abrahamson
10:26 am on Friday, October 21, 2011
Paul Brian--That is hilarious! And, yes, my first thought was, how would anyone be able to unload that if they did steal it?!
cuban pete
2:57 pm on Friday, October 21, 2011
I'm still waiting for my Honus Wagner baseball card. I sent the check for that weeks ago.
jake valenti
3:51 pm on Monday, October 24, 2011
Why would you send a parcel worth $400,000 via registered mail that can only be insured up to $25,000???? Were we trying to save a few bucks?
Darren McRoy
5:53 pm on Monday, October 24, 2011
The auction house never got back to me, unfortunately. I wanted to ask them if they typically mail/insure such packages, but they tossed me around from person to person... I should try to follow up.
Bruce Finfrock
10:26 pm on Monday, October 24, 2011
I was a register clerk at an SCF office and sent a registered sack with around 20 pieces of registered mail to another office. They called our office and said they were one register short. It just happened to be going to a bank from the federal reserve. I was detained at my office for 8 hours after my shift and interviewed by inspectors. The register was finally found by the janitor of the destination office while emptying the trashcan that had been setting next to the register desk. I'm guessing something like this might have happened. I sure the coin box was small.
Darren McRoy
11:16 pm on Monday, October 24, 2011
Bruce, thanks a ton for the inside story! I'm no numismatic enthusiast, but it still breaks my heart to imagine that a priceless (well, actually, rather expensive) historical artifact may have just been... accidentally thrown away!