Armen R. Vartian, the attorney for Steven L. Contursi and Donald H. Kagin, has filed a Motion to Dismiss a lawsuit filed against them by William Swoger who seeks damages in the amount of $465,000 over a Brasher Doubloon.
Swoger's lawsuit claims he is owed money for information he provided Contursi and Kagin that would increase the value of the legendary American gold coin owned by the pair.
Struck in 1787 by Ephraim Brasher, a New York City silversmith and goldsmith, the Brasher Doubloons are "among the rarest and most desirable of all United States coins," according to CoinFacts.com. Seven are known to exist. One is most unique, featuring the "EB" countermark punched over the shield on the eagle's breast instead of atop the eagle's wings as in the other six coins.
It is this exceptionally rare coin and its pedigree that is a focal point for the lawsuit. The coin had a value of some $15 at the time of issue. Contursi and Kagin purchased it for $2.99 million during the Heritage Auction Galleries Gold Rush Collection auction on Jan. 12, 2005. In today's market, its value is likely much, much more.