I bought the label !
Good morning folks!
I recently was at a local coin shop in my area and noticed a label that housed a 1963-P Franklin Half dollar. This dealer had a stack of approximately 15 of these coins, all priced at $22.00. He told me that he had gotten the coins at an auction and proceeded to tell me the story behind the label. I bought one of the coins just for the label. The 1963-P Franklin Half had a mintage of 25,239,645, weighs 12.5 grams, and a diameter of 30.6 mm. It's metal composition is 90% silver & 10% copper. The designer was John R. Sinnock and it has a reeded edge. A 1963 proof Franklin Half has a mintage of 3,075,645 according to "https://franklinhalfdollar.org/1963-franklin-half-dollar/". According to the label on the coin that I bought, it's a "Proof 64". The price of this coin is in line with the price listed in "https://www.usacoinbook.com/coins/2875/half-dollars/franklin/1963-P/".
Now for the story behind the label. Hannes Tulving was the owner of a coin and precious metals company back in 2013/2014. He went to jail in 2016 for defrauding 380 customers of over $15 million dollars. He was running what the coin shop dealer told me was a "ponzi scam". He advised me to look it up when I got home, which I did. According to the Dept. of Justice web site, "District Judge Max O. Cogburn, Jr. sentenced Hannes Tulving, Jr., 60, of Newport Beach, California to 30 months in prison and three years of supervised release. The company was ordered to pay a $10 million fine and was placed on a probationary period of two years." Some of the victims that had lost a lot of money and only saw pennies on the dollar for their recovery! Since there is a spot in my Collectible Coins of America for a Franklin Half dollar, it made sense to me to include this coin in my collection. It might not even be legit, but as the title implies, I bought the label! I still haven't figured out what the number "357034" stands for, but I'm thinking that's how many coins were sold.
In conclusion, there are a couple of websites where you can learn more about Hannes Tulving. The Dept. of Justice website, "https://www.justice.gov/usao-wdnc/pr/federal-judge-sentences-coin-and-precious-metals-dealer-and-his-company-defrauding-over" and the newspaper site "https://www.ocregister.com/2016/11/15/coin-dealer-jailed-but-victims-of-his-nearly-18-million-scam-may-not-get-their-money-back/" and CoinWeek "https://coinweek.com/bullion-report/court-imposes-15-7-million-penalty-lifetime-ban-against-precious-metals-dealer-hannes-tulving/" ! As always, stay safe, HEALTHY, and coronavirus free ! Enjoy the pictures! P.S. I've included a book I've recently read that includes some of my activity while working in the "Deep State" ! Well worth the read !
Comments
CoinHunter
Level 5
coole find!
walking liberty
Level 4
the threat of Donald Trump. lol, Biden is the same and Hillary is the worst out of both.
Mal_ANA_YN
Level 5
To many people want to rip honest people off. He got off easy!!!
Kepi
Level 6
Very interesting find! Nothing wrong with buying the "label"... ; ) haha
World_Coin_Nut
Level 5
Very interesting. This is all new info to me. Thanks for sharing.
I. R. Bama
Level 5
Fascinating story... Thanks Charlie. I'll check out the links
TheNumisMaster
Level 5
I live in Utah, where we recently suffered through a numismatist Galen Rust (a family friend of ours) who was involved in a 70+ million dollar panze scheme. It is awful when people take advantage of our hobby. Cheers, NM
Big Nub Numismatics
Level 5
Terrible to see someone take advantage of our hobby. Some people stay away because of stories like this, but it is very rare.
Stumpy
Level 5
That is an amazing slab. I didn't know any of the info you provided, thanks for that lesson. Very interesting and well done!
"SUN"
Level 6
good blog, nice looking half.
Longstrider
Level 6
I remember this story. 30 months is not near enough time for this chump... Thanks.
It's Mokie
Level 6
I remember that the Tulving firm used to be a big time advertiser in national publications like COINAGE or COINS. Did not recall the story of his criminal conviction but will definitely read up on it now. Great pickup, I would have definitely bought one myself.
Mike
Level 7
My idea is that this thief should be in jale after leaving families in ruin. He stole 15 million dollars from friends business and he's at home have a good time. I hope the coin is real if it is it's a nice pick up. There are all sorts out there. Thanks for the good blog.
Long Beard
Level 5
Francis Leroy Henning came to mind immediately upon reading about Hannes Tulving, who I had not heard of before. Henning, on the other hand, counterfeited numerous bills and coins between the 1930's and mid-fifties. Best known for a large quantity of nickels, which he was arrested for in 1954. These counterfeit nickels are highly collectible, many cost more than the genuine, within a small group who seek them out. Thanks for adding another character to the list.
CentSearcher
Level 5
Interesting pickup. I am pretty fond of special labels, especially NGC ones. I have 4 NGC graded coins and not one of them has a normal label. Thanks for the blog!
Golfer
Level 5
Really interesting coin and label. Nice pick up. A lot of people buy the holders along with the coin. Makes a nice addition for a holder collector. Going to read up on this with your links. Great story to post ! Went on EBAY and saw lot's of these coins for sale. A lot of Morgan dollars. Tempted to buy one !
slybluenote
Level 5
Yes Golfer, I had never seen the holder and never had heard of this guy before. One of the reasons I bought it....lol