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THROUGH THE NUMISMATIC GLASS: "SILVER DOLLARS TO BE OFFERED TO COLLECTORS"

By Dr. THOMAS F. FITZGERALD

This astounding headline has a tale behind it that is stranger than fiction. The story takes place in Las Vegas, Nevada, one of the more infamous cities in the world. Known as "sin city", it has a history of crime, corruption and intrigue. The account continues: "Attention!!!! Goldline has just received a shipment of very special Binion silver dollars. Also available are Walking Liberty Half Dollars from the Nevada Silver Collection."

BACKGROUND
The history of Las Vegas must include the activities of the Binion Family. Benny Binion came to Las Vegas from Texas in 1946, the same month that Bugsy Siegel opened the Flamingo Hotel and Casino. Binion soon became a partner in the Las Vegas Club but left because of a disagreement with his partners over the stakes the club would allow gamblers to bet.

Big time gambling began in Las Vegas with the opening of the Binion casino "The Horseshoe" in 1951. The Horseshoe Casino was one of the first and oldest in Las Vegas and the first to raise the limits that gamblers could wager. Of course, 50 years ago in Las Vegas, casinos like the Binion's "Horseshoe" utilized large numbers of silver dollars as part of the gaming activities. Before Ted Binion was born, his parents Benny and Teddy Jane, collected silver items including U. S. silver dollars.

According to writer Jeff German in his book: "Murder In Sin City," Ted Binion inherited most of these coins following the death of his mother in 1994. Ted had a special underground vault built in the Nevada desert near Pahrump, to store and protect this hoard. It had cost $40,000 and measured ten feet by twelve feet by ten feet and was constructed of concrete and steel. The manhole size entrance was surrounded by barbed wire for added security.

A MURDER
One night the unthinkable happened. Although in major trouble with the Nevada Gaming Board and with the threat of the loss of his gaming license because of his use of drugs, it appeared that Ted Binion was getting his life in order. He had a new girlfriend and seemed to be planning for a bright future.

In September, 1998, Ted Binion was found dead in his Las Vegas home. His live-in girlfriend, Sandy Murphy, was an immediate suspect but denied any wrongdoing, saying Ted died because of his drug habit. She announced that he had taken too many pills. Rick Tabish, who had been hired by Ted to construct the underground vault, was arrested two days after Binion's death. He was caught driving a bulldozer, trying to dig up the vault containing the silver coins. After a lengthy investigation and many legal maneuvers, codefendants Sandy Murphy and Rick Tabish were convicted of the crime in May, 2000. Sandy Murphy was sentenced to a minimum of 22 years in prison and Tabish must spend a minimum of 25 years behind bars.

Ted Binion
THE COLLECTION OR HOARD

There are more than 100,000 silver dollars in the hoard. They were sold for $3 million and are being marketed for the coin collecting public.

Goldline International Inc. of Santa Monica, California was appointed marketing agent of the Morgan and Peace silver dollars, dated from 1878 through 1935.

The coins are being authenticated and graded by Numismatic Guaranty Corporation (NGC). The company slabbed each coin showing the coin's mint and date as well as listing it as a "Binion Collection" coin. This task has not been completed and, although no Carson City coins have been graded, it is expected some of these pieces are part of the collection.

Spectrum, a coin wholesale company in Orange County, California purchased the collection and plans to offer these coins to the public. Although many of the coins are in mint condition, particularly 1885, 1886 and 1887 Morgan dollars, others have been circulated. A common circulated coin from the Binion Collection is expected to sell for about $39 and, of course, will be in a holder authenticating it as part of the historical hoard.

One may still see a statue of Benny Binion in downtown Las Vegas testifying to the part he played in the growth and development of Las Vegas. Ted's sister is now owner of the Horseshoe Casino.