The Binion hoard was a vast collection of silver coins amassed by Ted Binion, the son of Benny Binion, who established Binion’s Horseshoe Casino. The hoard became infamous for the dramatic and criminal events surrounding it.
Ted Binion’s Early Life
Ted Binion, born Lonnie Theodore Binion in Dallas, Texas, was a prominent figure in the Las Vegas casino scene. He moved to Las Vegas with his family around age 5 or 6 when his father opened the Horseshoe Casino. Growing up in the gambling world, Ted was exposed to the casino business from an early age.
Benny Binion’s Establishment of the Horseshoe Casino
Benny Binion revolutionized Las Vegas’ casino industry with his player-friendly policies and high-stakes gambling. The Horseshoe became a landmark for professional gamblers and poker players.
The Binion Family and Binion’s Horseshoe Casino
As adults, Ted, along with his siblings, took over the casino management after their father faced legal troubles and lost his gaming license. Ted was known for his flamboyant lifestyle, which included associations with organized crime figures.
The Binion Silver Hoard
Ted Binion’s Passion for Silver Collecting
Binion was an avid collector of silver coins and bullion. He amassed a substantial collection, including 46,000 pounds of silver, including 135,000 silver dollars. Since he distrusted banks, Binion chose to store his wealth in a reinforced underground vault on his property in Pahrump, Nevada. The Binion hoard was reportedly moved from the Casino to his garage at home before being relocated to the underground vault.
Ted Binion’s Death
In September of 1998, Ted’s body was found, surrounded by drugs and paraphernalia, in his home. Authorities initially ruled his death a suicide due to a drug overdose. However, further investigation suggested foul play. Just two days after his death, Rick Tabish and several others were caught attempting to unearth Binion’s silver hoard in Pahrump, raising further suspicions.
Legal Battles
The legal battles surrounding the Binion Hoard were as dramatic and complex as the hoard itself.
Initial Investigation and Arrests
After Ted Binion’s death, suspicions quickly arose around the circumstances. Authorities believed that Sandy Murphy, Binion’s girlfriend, and Rick Tabish conspired to murder Binion to gain access to his wealth. Four other individuals were arrested and charged with grand larceny and burglary for assisting Tabish in the theft attempt.
First Trial and Convictions
In 2000, Murphy and Tabish were tried and convicted of Binion’s murder. They were found guilty of burglary and grand larceny for attempting to steal the silver from the Pahrump vault. The prosecution argued that they had poisoned Binion and staged the scene to look like a drug overdose. Testimony about their suspicious behavior and attempts to access Binion’s assets played a key role in their conviction.
Overturned Convictions
In 2003, the Nevada Supreme Court overturned their murder convictions, citing errors in the original trial. The court determined that the jury had been improperly instructed on the burden of proof and that certain pieces of evidence, including highly prejudicial testimony, should not have been admitted. The ruling also noted that the prosecution’s reliance on conflicting forensic interpretations weakened the case against Murphy and Tabish. These errors led to a retrial in 2004.
Retrial and Acquittals
During the retrial, Murphy and Tabish were acquitted of the murder charges but were still convicted of grand larceny and burglary. The defense successfully argued that there was insufficient evidence to prove Binion had been murdered, maintaining that his death was the result of a drug overdose. However, the jury found enough evidence to convict them of stealing the silver from the Pahrump vault.
Sentencing and Aftermath
Although acquitted of murder, Murphy and Tabish faced significant prison time for their other convictions. Tabish received a sentence of 12 to 60 months for burglary and 18 to 120 months for grand larceny. Murphy was sentenced to 12 to 60 months for both burglary and grand larceny. Both served several years in prison before being released on parole.
The Sale of the Hoard
Following the legal proceedings, the Binion estate decided to sell the hoard, which included about 100,000 silver dollars.
Purchase by Spectrum Numismatic International in 2001
In 2001, Spectrum Numismatic International purchased the whole collection for $3.3 million. Around 50,000 of the coins were uncirculated, and some were still in their original mint bags. The Numismatic Guaranty Company (NGC) authenticated and sealed the coins in protective slabs. Individual coins from the hoard were sold with special Binion Hoard slabs at prices ranging from $50 to $10,000, depending on their condition and rarity.
The Binion Hoard in Popular Culture
The intrigue surrounding the Binion Hoard and the legal battles after Binion’s death have been the subject of numerous books, documentaries, and television shows. Jeff German’s book Murder in Sin City: The Death of a Las Vegas Casino Boss provides an investigative look into Binion’s life, death, and the aftermath. Cathy Scott’s Death in the Desert: The Ted Binion Homicide Case also delves into the mysterious circumstances of his death and the courtroom drama that followed.
The case has been featured in several documentaries and television programs, including episodes of Dateline NBC, American Justice, and 48 Hours Mystery. The story was also dramatized in the 2008 film Sex and Lies in Sin City, which portrayed the events leading up to Binion’s death and the legal battles that followed. These portrayals have kept Ted Binion’s story in the public eye and contributed to the ongoing fascination with Las Vegas’s colorful history. The intrigue surrounding the Binion Hoard and the legal battles after Binion’s death have been the subject of books, documentaries, and television shows, keeping his legacy alive in popular culture.
