Stolen gold coin valued at $40,000 recovered during attempted sale at Schaumburg convention

A stolen gold coin worth $40,000, and once part of a sunken treasure, was recovered Friday during an attempted sale at a Schaumburg convention.

Schaumburg police arrested two would-be sellers after dealers at the Central States Numismatic Society convention checked the 1709 Lima 8 Escudos gold coin. The coin had gone missing from a Florida firm that bought it at auction in November for $40,500.

According to CSNS officials, the successful recovery began when the suspects tried to sell the coin to dealer Tony Gryckiewicz of Cabbage Coins in Lancaster, Pennsylvania, at the Schaumburg Convention Center.

“The two suspects presented the coin at my table for sale at a suspiciously low price,” Gryckiewicz said in a statement. “It is an advanced collector piece, and I asked them where they obtained it. They told me the coin was found among their grandmother’s items at her house. I found this very odd.”

Initially, Gryckiewicz agreed to their price, but the suspects then added $10,000 to the cost. This irritated him, so they moved on.

Gryckiewicz decided to research the his near-acquisition and learned about the November auction. This made him suspicious, as they had offered it to him for nearly half the auction price.

He went to Dan Sedwick's table, whose auction site held the autumn sale. Sedwick called the last known owner, who confirmed the coin was missing.

Gryckiewicz and dealer Noah Lehmann-Haupt of Rarity 7 in San Francisco began searching the convention floor for the suspects.

“We noticed the two guys, and Noah immediately went to notify security officials,” Gryckiewicz said. “I approached the sellers and asked if they were ready to make a deal. They agreed and followed me back to my table.”

He then spent 20 minutes stalling the suspects at his table by pretending to call a client who might be interested in the coin. In reality, he was in touch with Lehmann-Haupt, who was speaking with security.

Meanwhile, the true owner of the coin was on the phone filing a theft report with Schaumburg police, officials said.

Ultimately, officers approached the suspects, asked how they obtained the coin, arrested them and took a statement from Gryckiewicz.

Detectives interviewed both men who were later released pending further investigation. Schaumburg police continue to work with the Cook County state’s attorney’s office as well as the sheriff’s department of Brown County, Wisconsin, where the coin was reportedly taken.

“The recovery of the coin is a great example of ‘See Something Say Something’ and we appreciate those who coordinated quickly together to recover the stolen property,” Schaumburg Police Commander Christy Lindhurst said.

Doug Davis, founder and president of the Numismatic Crime Information Center, called it a perfect combination of awareness and industry precautions.

“I believe this is a perfect example of how dealers, CSNS show security and Schaumburg police working together solved a crime that had not been reported earlier,” he said. “In many cases, dealers play a significant role in identifying suspicious circumstances, such as in this case, which results in arrests and the successful recovery of property.”