Rare Coins Up For Auction
The 3,400 pieces being auctioned make up about one-quarter of the total value of coins and bills purchased by Tom Noe. The Toledo area coin dealer bought the items with part of a $50 million investment from the Ohio Bureau of Worker's Compensation. State Highway Patrol spokesman Rick Zwayer says the coins are being kept in an undisclosed, highly secure location.
"The exact location of the coins has not even been disclosed to my office by investigators for security purposes," says Zwayer.
But with a $10,000 deposit you'll be able to see the collection according to William Brandt, head of Development Specialties Inc., the Chicago-based company charged with recovering the state's money.
"The book value on these coins is about $6.5 million. We've already negotiated a transaction price a million dollars higher than that and now what we've done in accordance to the procedures we've worked out with everyone we report to in the state of Ohio is to see if anyone wishes to bid more than that for this collection," Brandt says.
The more money the coins bring at auction, the greater the possibility that the state can recover its $50 million. William Brandt says he thinks recovering the principal is very likely.
"It is reasonable to assume that we will never get what was supposed to have been there if it was all invested properly and dealt with properly. But we will get all the state's money back," says Brandt.
Tom Noe awaits trial on charges that he stole and laundered at least a million dollars of the state's money. Potential buyers have through March 29th to inspect the coins and make their offers. Sam Hendren, WOSU News.