The Binion Silver Coins

To coin collectors, a coin becomes more than a coin when there's a story attached to it. In the case of the Binion Hoard, the elements of sex, drugs, deceit, murder, and court drama add much color to the collection of more than 100,000 silver coins.

Born in 1943, Ted Binion was the son of Benny Binion, founder of the famous Horseshoe Casino in Las Vegas. After his father was convicted of tax evasion, Ted became the casino manager. Living the high life, Ted loved wild parties, hanging out with celebrities, taking drugs, and chasing beautiful women. Licking it all up, Ted was arrested for drug trafficking in 1986 and his liaison with the mob came to the attention of the Nevada Gaming Commission. Eventually, the Commission revoked his gaming license in 1998, forcing him to sell his shares of the casino to his sister. Also, he was not allowed to go into the Horseshoe anymore.

By that time, Ted had amassed some 100,000 silver dollars in an underground secret vault beneath the family casino. Since the price of silver was not so good at that time, Ted didn't want to sell his silver. Instead, he planned to move them to another place before his sister took over the Horseshoe. Sometime in 1998, Ted made the acquaintance of Rick Tabish and commissioned him to build an underground vault in his Pahrump ranch where the silver dollars would be stored. In the beginning of July 1998, Tabish transported all the Binion silver to the new vault.

About two months later, Ted's girlfriend Sandy Murphy called 911 and reported that he had stopped breathing. Ted Binion had died in his Las Vegas house. It was originally believed that he committed suicide by overdosing on a cocktail of Xanax, Valium, and heroin. However, the drama was just unfolding. A few days after Ted died, Rick Tabish was arrested for looting Binion's silver coins at the Pahrump ranch. Along with the vault combination, the police found a passionate love letter written by Sandy Murphy, in Tabish's briefcase. A few months later, Murphy and Tabish were tried for the murder of Ted Binion in a sensational case which gripped America. On May 19, 2000, Tabish received a sentence of 25 years in prison while Murphy got 22 years. However, the decision was overturned a few years due to a court room error. In the retrial in 2004, Tabish and Murphy were acquitted of the heaviest charges because there was insufficient medical proof linking them to the death of Ted Binion.

In 2001, the silver coins from the Binion Hoard were sold to Spectrum Numismatic International for more than USD 3 million. Dating from 1878 through 1935, a "Binion Collection" silver coin can cost less than USD 50 or more than USD 10,000. Looking back, Ted Binion was just in the wrong place at the wrong time. If he could get favorable instant cash for silver, he would have sold his silver coins and probably, escaped his fate. Don't wait. Now is a good time to sell silver. If you are looking for a silver buyer who will pay good money for silver, look no further.