The American Numismatic Association received $750,000 in a negotiated settlement from its insurance carrier in August 2009 for losses incurred resulting from the theft of coins in early 2007 from its numismatic collections held in the Edward C. Rochette Money Museum in Colorado Springs, Colo.
ANA General Counsel Ronald Sirna said Jan. 19 that the ANA filed its claim with XL Specialty Insurance Co., New York City, in early 2008 after becoming aware of coins missing from the museum and after determining what ANA officials believed to be the number and value of the coins.
Sirna said the settlement represented a negotiated compromise based on what ANA could then document with regard to the missing coins.
According to Sirna, the terms of the settlement establish that ANA will retain title to any of the stolen coins that may be recovered.
ANA officials have been advised that the FBI has recovered approximately 32 coins, but as of Jan. 25 the coins had not been turned over to the ANA.
“We hope to receive the coins within a few days,” Sirna said.
Once the coins are made available to the ANA they will be examined by museum staff to verify whether they were once in the ANA’s numismatic collection.
The coins were confiscated from Wyatt E. Yeager when he surrendered to U.S. law enforcement on Jan. 11.
On Jan. 12, Yeager, a former collections manager at the ANA Money Museum, entered a guilty plea in Federal District Court in Wilmington, Del., to the theft of some 338 historically significant and rare coins and patterns valued at nearly $1 million.
As part of his plea agreement, Yeager has agreed to make restitution to the ANA in the amount of $984,740, which he acknowledged to be the total value of the coins he stole. He is scheduled to be sentenced April 24.
ANA Treasurer Larry Baber said Jan. 19 that the $750,000 ANA received from the insurance settlement is identified as “restricted for museum use” and that no action has been taken by the ANA Board of Governors to use these insurance funds to date. ■