RARE One Ounce GOLD Coin 1981 Sound Commercial Banking Edward C. Harwood
Sound Commercial Banking
Edward C. Harwood
1 Oz. Gold Coin
Extremely rare, contains one ounce of pure gold.
Minted by the Gold Standard Corporation.
Gold Standard Corporation
Founded in Kansas City, Missouri by Conrad J. Braun, circa 1977. He purchased gold (“For Integrity There is No Substitute”) from the U.S. Treasury in 1980, minted his own coins, and sold them to the public. The denomination of these coins (and notes as well) is the Gold Standard Unit. Along with promotional slogans like “Sound Commercial Banking”, “Denationalization of Money”, and “Free Choice of Currencies”, each coin bears the image of a different free-market economic theorist. From 1983-89, as the price of gold and silver took a steep dive, Braun made some unwise investments in commodity futures in an effort to keep his company afloat. On the domestic front, he was arrested for harassing his spouse and imprisoned for 2 years beginning in 1991. From jail, he ran GSC by phone. Then, in 1993, 3 employees discovered that the company was $2 million in debt; they turned records over to the FBI, who in turn raided the offices in February and emptied their vaults. Agents found only about $100,000 worth of gold, silver, and platinum. In March, they began an inquiry, and Braun was accused of defrauding at least 550 investors/depositors; he was arrested in September of that year. In April of 1994, with the company kaput, he plead guilty to 5 counts of mail/wire fraud and 5 counts of interstate transportation of funds obtained by fraud. For the embezzlement, he was sentenced to 90 months in prison and ordered to pay nearly $2 million in restitution. Upon his release from federal custody in September of 2000, he was re-arrested for violations of the conditions of his supervised release. He was set free once again in June of 2002. Portions of the preceding pastiche were printed in the pages of The Kansas City Star. Another story was found in the Offbeat News section of CNN.com (posted on January 26, 2004), which has also been reprinted on other Web-sites: Braun “left a judge buzzing” when he showed up at a Johnson County District Court (Olathe, Kansas) wearing a bumblebee costume, complete with yellow stripes, cloth wings, and a foot-long stinger. This contemptuously satirical getup was his way of protesting what he claims was a “sting” operation by prosecutors (involving his former wife, brother-in-law, and the youngest of his 3 sons); their case, involving a blackmail charge, alleges that he made a threat against his ex-wife's current husband. Someone close to Mr. Braun, in K.C, states that “when Conrad started his business, he was really a visionary.” But on account of his personal tribulations, “he was not able to sustain his success.” The person says that “he maintains that he was an innocent man” who believes he was framed. “He is convinced that he will prevail”.