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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCouple takes dog for walk, finds $10-million in buried coins
Couple takes dog for walk, finds real-life pot of gold at the end of the rainbow: $10-million in buried coins
Nearly all of the 1,427 coins, dating from 1847 to 1894, are in uncirculated, mint condition
LOS ANGELES A California couple out walking their dog on their stumbled across a modern-day bonanza: US$10-million in rare, mint-condition gold coins buried in the shadow of an old tree.
Nearly all of the 1,427 coins, dating from 1847 to 1894, are in uncirculated, mint condition, said David Hall, co-founder of Professional Coin Grading Service of Santa Ana, which recently authenticated them. Although the face value of the gold pieces only adds up to about $27,000, some of them are so rare that coin experts say they could fetch nearly US$1-million apiece.
I dont like to say once-in-a-lifetime for anything, but you dont get an opportunity to handle this kind of material, a treasure like this, ever, said veteran numismatist Don Kagin, who is representing the finders. Its like they found the pot of gold at the end of the rainbow.
Kagin, whose family has been in the rare-coin business for 81 years, would say little about the couple other than that they are husband and wife, are middle-aged and have lived for several years on the rural property where the coins were found. They have no idea who put them there, he said.
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Kagin and McCarthy would say little about the couples property or its ownership history, other than its in a sprawling hilly area of Gold Country, as the region that was the site of the 1849 Gold Rush is known. The coins were found along a path the couple had walked for years. On the day they found them last spring, the woman had bent over to examine an old rusty can that erosion had caused to pop slightly out of the ground.
Dont be above bending over to check on a rusty can, he said she told him.
http://news.nationalpost.com/2014/02/25/couple-takes-dog-for-walk-finds-real-life-pot-of-gold-at-the-end-of-the-rainbow-10-million-in-buried-coins/
warrior1
(12,325 posts)Will they be able to keep them?
pipoman
(16,038 posts)Go Vols
(5,902 posts)Before they sell them, they are loaning some to the American Numismatic Association for its National Money Show, which opens Thursday in Atlanta.
http://www.cbsnews.com/news/california-couple-strikes-10-million-gold-coin-jackpot/
Boom Sound 416
(4,185 posts)At least in underwater discovery. The artifacts are arrested by a court while any possible owners are sorted. That includes any insurance companies as well that may have paid a claim.
If none are found its finders keepers
pnwmom
(108,977 posts)If they own the land, they own any "mineral rights."
Except in the very unlikely event they bought they property without them.
Jenoch
(7,720 posts)minted into legal tender would not fall under mineral rights.
pnwmom
(108,977 posts)upon your death. That person's estate was settled a long time ago, and the coins went with the land they were buried on.
Jenoch
(7,720 posts)People find valuable things in houses all the time. The previous owner of the house does not retain any ownership rights.
Boom Sound 416
(4,185 posts)That was the similar case I witnessed. Perhaps that got lost in translation.
Since the find is not produced by the ground, do mineral rights still apply?
pnwmom
(108,977 posts)I have no idea whether this technically falls under the category of mineral rights. But this isn't like an underwater situation where the land is publicly owned (or in international waters). These people owned their land, so other people can't come forward and claim they have a right to what was found on it, buried hundreds of years ago.
Boom Sound 416
(4,185 posts)closeupready
(29,503 posts)snooper2
(30,151 posts)Silent3
(15,206 posts)That's part of what makes it so valuable in the first place.
These coins are probably not pure gold, but lack of corrosion is still not surprising, and not, in and of itself, a reason to doubt the story.
snooper2
(30,151 posts)reason for the smiley...
maybe I should have used or instead
Silent3
(15,206 posts)...especially the tongue sticking out part.
Art_from_Ark
(27,247 posts)and 10% copper.
I don't think gold, high quality kind, would rust. and If contained away from any agents (chemicals) that would corrode it, wouldn't have that happen.
pipoman
(16,038 posts)Other than they were found on property other than their own. This kind of cache would be missed if stolen.
1000words
(7,051 posts)Hekate
(90,662 posts)What a find!
closeupready
(29,503 posts)Just something about finding buried treasure in Los Angeles, the most overdeveloped part of the US, hard to fathom.
Beaverhausen
(24,470 posts)it was up near Sierra Nevada, in Gold Country.
Blue_Tires
(55,445 posts)I wouldn't have been so suspicious if he didn't instantly announce his plan to sell them online; which means he's trying to cash in ASAP...
Amazon, lol...Yeah, don't bother taking such an incredible find to a high-end auction house and get top dollar for them -- They might get recognized real quick....
Jenoch
(7,720 posts)DFW
(54,369 posts)I know both David Hall and Don Kagin. They will both be advising the people how to max out. Don will be doing this for a percentage, and selling them willy nilly on Amazon is NOT the best way to max out. My friends at Heritage Auction in Dallas have been contacted, so there are some better pieces in there that Amazon won't have the right collectors for. Serious collectors do not buy their stuff on Amazon. They DO go to Heritage and companies like that which have the necessary expertise to recognize which pieces are really important.
Also, the latest dated piece was from 1894, when the USA was still minting millions of gold coins every year. I saw the photos, and the are consistent with coin burials from the era. US gold coins were 90% gold and 10% copper. Sometimes the alloy was carelessly done, but mostly it was a well-manufactured product, so there will be some guck to get off the surface, but no corrosion. The value to a collector will depend on there not being damage to the surface, so an ultra sound, or that plus a chemical cleaning that does not damage the surface will have to be conducted.
pipoman
(16,038 posts)Based on the article, there are some coins possibly worth as much as $1 million. ..the estimate for the entire find is 10 million. ..There are 1400 coins. This means that the majority are far more common. Heritage and other specialty auction houses are not where to take common stuff unless you are selling for bullion prices. Common coins, especially since this cache has been so publicized, stand to realize a premium over bullion value selling to non collectors and amateurs. Additional premiums for common coins could be realized if they are set in jewelry findings.
DFW
(54,369 posts)Their auction department would be the ones to go to for a mint state 1866-S no motto $20, but if there are 1876-S $20 in AU, their wholesale department does that stuff for a margin of 3% or so.
Plus they actually have a heart. I have mentioned this before, but when an Iraq vet in the Midwest somewhere found he had bought an original copy of the Federalist Papers at a flea market for nothing, and sent it to Heritage to sell for him, they got $90,000 or so for it, and when they found out he was a penniless Iraq vet and this was all the money he had in the world, they waived their fees and gave him an extra 10%. Pretty decent gesture for people used to dealing with millionaires.
Recently, a 102 year old guy who had started collecting in the 1920s sold his collection through them. He had spent something like a total of $7500 putting together his U.S. silver coin collection in the 1930s and they got him $23 million when they auctioned it off. He was going to use all of the money for some educational foundation (he's still completely compos mentis apparently), so it was cool to see his collection go for that kind of money.
pipoman
(16,038 posts)It reminds me of those infomercial sales for common coins at twice their value. Inexperienced people just wanting a piece of this story would likely pay more than the value. I think I would sell the common ones on amazon or ebay. I have bought US coin silver on ebay cheaper than I could buy from dealers. I wouldn't sell it on eBay (without some extenuating circumstances like in this story) because the commission exceeds the margin held by wholesale buyers usually. I have never gotten big into coin collecting, I have done some speculation on the tangible metals market and along the way picked up some coins with collectable value.
DFW
(54,369 posts)Contrary to expectations (and/or logic) Kagin really does plan to offer the bulk of these coins on Amazon. He thinks the exposure will amount to 200 million people finding out who he is (big deal). For much of this material, you're right--the seller's commission for the common stuff he will have to pay Amazon will exceed what he could have gotten for the owners by wholesaling them directly to heritage or some similar outfit (Heritage at least has the financing to pay up front, not so sure about the rest). But Kagin thinks this will put him more on the map (of what, don't ask me), and so he's going ahead with it.
This happens all the time when fresh deals like this pop up in the hands of people who need a guiding hand on how to dispose of their newly-found fortune. One can't blame them for not knowing where to go, who would? I remember about 20 years ago, some guys found a shipwreck off the coast of California with a bunch of well-preserved gold coins. The guys from Heritage submitted a cash offer to buy the whole thing, but the owners let themselves get sweet-talked by a rival company into letting them auction the coins off instead. The owners went for the fancy talk, put their deal up for auction, and when the whole deal brought less than Heritage had offered up front, they left the auction room grumbling. But that's the way it works. They took their chances and guessed wrong. Whether or not Kagin's little scheme with Amazon will work is anyone's guess. But he has been touting the deal as $10 million in public for a while now, and if it "only" brings $7 million where he had a chance to get more for the owners, then he did them a disservice. But at least it was their choice of disservice.
Art_from_Ark
(27,247 posts)I am impressed. They are two of the very biggest names in US numismatics
DFW
(54,369 posts)I even played guitar duets with David Hall in the PCGS offices where he had a couple of Les Pauls and Fender amps set up. I met David back in the early 1970s when he used to travel around in purple suits and a matching bowler hat. I bet not too many people know that, and I'll bet he hopes not too many people remember it, either! And Don's dad, Art, was an offbeat guest as my 24th birthday party in 1976 (long story), so I've known Don for almost 40 years, too.
Art_from_Ark
(27,247 posts)for J. H. Cline. I don't think he wears purple suits, though
DFW
(54,369 posts)Our paths have crossed, but I don't really know the guy. I don't think you'll see David on too many purple suits either these days. But back in the 1970s, he was quite a character. He has had quite a career, many ups and downs, lucking out with the creation of PCGS, although it is a little known fact that they were cracking under the strain when they first started, and the guys at Heritage, who had great organizational skills, were sending people up to Newport Beach once a week in the beginning phases just to help them figure out how to organize the juggernaut they had created. Also, when he got remarried about the same time as creating PCGS, David's new wife--she's from Montréal--brought him some much-needed stability.
As you might have figured out from my being from Dallas, Jim Halperin, Greg Rohan and Steve Ivy of Heritage are all friends, too.
Art_from_Ark
(27,247 posts)and PCGS often has a representative there. I don't think I've met any of their biggest names there, though.
DFW
(54,369 posts)But doesn't Heritage's Brazilian guy go? Cris Bierrenbach?
Art_from_Ark
(27,247 posts)is a petite, blonde-haired lady who speaks with an accent.
The next TICC show is in about 2 months.
DFW
(54,369 posts)I know her. Yes, her accent is kinda heavy. But she's very smart and a lot of fun.
Art_from_Ark
(27,247 posts)Although I kind of doubt that "DFW" will ring a bell with her
DFW
(54,369 posts)Probably not LOL!!
Art_from_Ark
(27,247 posts)in her best Zsa Zsa accent
DFW
(54,369 posts)She's as Texan as you can get.
Blue_Tires
(55,445 posts)DFW
(54,369 posts)Makes no sense
I have no idea what that is all about
pipoman
(16,038 posts)and I suspect someone who robbed that type of person would avoid detection at all costs, and certainly wouldn't be alerting the media.
Blue_Tires
(55,445 posts)sometimes alerting the media is the best 'insurance' to buy...
Especially if (for argument's sake) the couple in the OP are just the conduit and not the actual thieves...
frazzled
(18,402 posts)The cans were sealed: they opened the first one and went back to look for more.
MineralMan
(146,288 posts)Then, they die, and nobody knows where they were buried.
This isn't the first time people have found a cache like this on their own property. Lucky day for this couple.
trof
(54,256 posts)Pull up a fence post, dig the hole a little deeper, drop in a weatherproof (canning jar) container of coins or bills, drop in the jar, put the post back in.
Art_from_Ark
(27,247 posts)by construction workers. No one knows how much that find was worth because most of it was split up and sold secretly.
http://acdwyer.com/stories/tennessee-hoard-of-gold-coins-page-1.php
Little john
(1 post)My uncle was the one who found the gold
marble falls
(57,079 posts)seveneyes
(4,631 posts)It sounds like they got lucky and should get to keep every penny worth for themselves and family.
Earth_First
(14,910 posts)Jesus Malverde
(10,274 posts)http://www.news.com.au/world/australian-murray-cox-exposes-jim-sanders-washington-nugget-as-being-from-down-under/story-e6frfkyi-1226090145359
He was involved in promoting another fantastic tale not long ago that turned out to be a fraud.
DFW
(54,369 posts)Don inherited plenty from Art, and he does OK by himself. He advised the people from the SS Republic for a modest percentage, and they did just fine. He doesn't need to deliberately get involved in a scam. We're not exactly best of friends, but I know him well enough to know he wouldn't risk blowing his rep for any one deal like that. Besides, he is probably the most knowledgeable guy in California that would NOT screw the people who found the coins. I know of several "prominent" coin companies out there to whom I would not even send Mitt Romney or Donald Trump.
Blue_Tires
(55,445 posts)Either those coins are from a heist and/or the true owner enlisted a couple of shills to sell them by proxy without anybody asking questions...
Jenoch
(7,720 posts)story to believe. I think it is much more likely that the story of finding the coins buried is true, otherwise what are the chances that the coins would still be together after all these years.
DFW
(54,369 posts)It's perfectly possible a stash like this was stuck away in 1894 and never found. The encrustation and storage are consistent with the 1890s, and the concentration of S-mint coinage is, too. If it had all been Philadephia mint coinage, it would be suspicious, and Denver mint stuff would have been especially suspicious, as it wasn't even established until 1906 (the mint at San Francisco was established in 1854, and unofficial mints were making coins there since the start of the gold rush).
Stashes like this show up every now and then. The SS Brother Jonathan, with hundreds of $20 gold pieces from 1863-1865, all San Francisco mint, was found off the coast of San Francisco about 20 years ago.
On a smaller scale, I met a family in North Carolina that inherited a wreck of a house on Long Island. It caught fire, and 90% of it was lost. In the 10% that didn't burn, they found an old chest of drawers. Behind one of the drawers was a pair of leather pouches. In the bigger one was a small group of old silver coins from France. They took them to a local dealer in North Carolina who had no clue what they were worth. He contacted a dealer in California (not Kagin) who checked with a colleague in France. The guy in Paris offered $109,000 based on the photos. The guy in California offered the NC deraler $9000, wanting to keep $100,000 for himself, and the dealer in North Carolina offered the family half that, i.e. $4500. Now THAT would have been a scam.
Luckily, the people contacted another dealer in NC for a second opinion. He contacted Heritage in Dallas, who auctioned off the coins for the family for $182,000, so happy ending.
There was another marketing scam in the late 1990s where 20,000 $20 gold coins minted in Philadelphia and dated 1908 were "found" in a Well Fargo branch in Nevada. They were genuine, but were marketed as "Wells Fargo Nevada Gold" even though the Wells Fargo branch where the deal was concluded hadn't even been opened until 1956. Also, one of the very first ads marketing the coins as an "investment" at $2950 each mentioned that the group of coins had been "intact since 1917." The ex-KGB guys, or whoever the real "owners" were, must have gone ballistic when they saw that, because all subsequent marketing dropped all references to the year 1917. The original marketers must have thought no one in America had any idea what happened in Russia in 1917. A guy I knew (now retired) from the Russian State Bank told me that some clever KGB guys made plans to abscond with hundreds of tons of old gold coins when the Soviet Union started falling apart, and it was done in such a manner that there was nothing the current Russian government could do about it.
This deal in California, on the other hand, looks to be legit.
Blue_Tires
(55,445 posts)It all just lines up too cleanly...If this thing is legit, why even bother to inform the media? Just get them appraised, auctioned off and quietly collect the money....
DFW
(54,369 posts)And it doesn't sound like the family is the one who informed the media
It sounds more like it was the people trying to market the coins, trying to pump a little romanticism into the coins. Happens all the time. When they found the Brother Jonathan off San Francisco, those coins were pedigreed to the ship. Same with the SS Central America. If there were years of coins in exceptional condition that never appear in high grade, tying them to this find with a pedigree could both pinpoint the find as well as assure anyone buying them that there are not ten thousand similar pieces behind it, which could diminish the value the end user is paying. With some finds, there were many more coins than originally reported, and investors buying them got screwed when it turned out there were many more than originally reported, and the rarity was exaggerated. By being out front with the origin and the content of the find, not only are the marketers being straight with their customers, but the buyers are getting fair market value.
It is more involved than just finding a bunch of gold bars and calculating the value. When you get involved with collector value over and above the gold value, you have to balance the interests of the seller with those of your buyers so as to avoid defrauding the buyers with false info.
*on edit--I looked at some of the articles on it and saw a perfect example. I don't know how much you know about old US gold coins, but there was a picture of an 1886-S ten dollar gold piece from this group in MS-66 condition, woth who knows? Maybe $7000 to $10,000? Now, 1886-S is a very common piece, worth maybe $700 to $750 in average condition. However, MS-66 is an amazingly high pristine grade of preservation. Most years aren't even known that well preserved, and 1886-S is one of them. To a collector, this is a huge deal, but only if there aren't suddenly 600 of them on the market. The article said there were only a few dozen ten dollar pieces of all dates, so there won't be. A collector seeing the sudden appearance of an MS-66 ten dollar piece of 1886-S would ask where the hell did THAT suddenly appear from. Getting the whole picture would reassure the buyer and legitimize the value.
petronius
(26,602 posts)of banditry for another 40+ years. This is his horde.
Amazing find!
HereSince1628
(36,063 posts)Frick! That'll wreck the History Channel, and will really piss off the guys on the Hoffman crew!
MineralMan
(146,288 posts)That simplifies everything.
Good fortune for them!
Liberal_in_LA
(44,397 posts)oneshooter
(8,614 posts)KurtNYC
(14,549 posts)a Golden Retriever ?!
Pretzel_Warrior
(8,361 posts)Leith
(7,809 posts)That was good.
rhett o rick
(55,981 posts)They probably made $10 million selling crack and this is how they make it legitimate. Just sayin'
WinkyDink
(51,311 posts)rhett o rick
(55,981 posts)aquart
(69,014 posts)rhett o rick
(55,981 posts)Blue_Tires
(55,445 posts)I've heard for years the commercials on radio from the "New York Mint" or whoever, and figure that there can't be *that* many more undiscovered stashes in 100-year-old unopened Swiss/Austrian bank vaults...
DFW
(54,369 posts)I work with central banks as part of my work, and I have personally seen 80,000 old US gold coins sitting in the gold reserves of just one country we consider third world, and know of at least one other central bank that has at least that many.
Ironically, there are probably few hoards left in Switzerland (Austria? where did that come from?), as most of those stashes belonged to private people who sold them over the last 60 years.
Whatever you hear on commercials on TV, don't believe a word of it. Just sing to yourself, "It Ain't Necessarily So...."
progressoid
(49,988 posts)greyl
(22,990 posts)xchrom
(108,903 posts)i'm gonna go yell at my dogs.
rusty fender
(3,428 posts)Yeah, my dogs have turned up a lot of dirt in the yard, but nothing there to "take to the bank."
safeinOhio
(32,674 posts)keep mouth shut. There will be claims by others. Most claims will be false, but can tie up the booty for years. Former owners of the property will have claims. Ancestors of anyone robbed a hundred years ago will have claims. Anyone that can make up a good story will have claims.
just saying..
Pretzel_Warrior
(8,361 posts)Which is why their representative is careful to keep their identity hidden from public.
pinboy3niner
(53,339 posts)The other claimant is pretty scary.
Pretzel_Warrior
(8,361 posts)AtheistCrusader
(33,982 posts)Otherwise, you find it very hard to liquidate them.
ANYONE willing to buy those coins anywhere near their value is going to ask serious questions.
safeinOhio
(32,674 posts)For high end you can take them to a good auction house. For high end coins you'd be looking at 10 to 15% and they do not reveal consigners. Major coin shows, over a period of times, have major buyers that pay cash. You can hire an "honest" attorney to act as your agent. As long as you report profit to the IRS, you should be just fine.
AtheistCrusader
(33,982 posts)Assuming the photo of US Mint coins is real, and not stock photo work.
DFW
(54,369 posts)All the coins in the photos are genuine.
Hassin Bin Sober
(26,325 posts)Blue_Tires
(55,445 posts)So they have the freedom to blab all they want
bvar22
(39,909 posts)Gotta Go.
I have a dog that need walkin!
...and there are rumors that the Conquistadors passed through this area!
JoePhilly
(27,787 posts)Auggie
(31,167 posts)reformist2
(9,841 posts)Scuba
(53,475 posts)CFLDem
(2,083 posts)wyldwolf
(43,867 posts)When I was a kid, I often thought that if I had Superman's x-ray vision, this is exactly what I would have used it for.
Scuba
(53,475 posts)Pretzel_Warrior
(8,361 posts)eggplant
(3,911 posts)They just wouldn't have shared it with their humans-in-waiting.
anneboleyn
(5,611 posts)pnwmom
(108,977 posts)They like to run around and bark, but not to dig up gold. Maybe you can find a dog like that but I've never been able to.
NightWatcher
(39,343 posts)I would've just started selling them off or converting them to savings and not blabbed to everyone, leaving themselves open to possibly losing the coins.
DFW
(54,369 posts)From the sound of it, there are coins in there with a lot of high collector value. $27,000 face value is about 1350 pieces of $20 gold coins, so about $2 million at today's price for average coins. However, if there is collector value of $10 million in there, even if they pay full boat 40% in taxes, that will still leave them with $6 million, or at worst $5 million after paying off the experts to max out the deal for them. Going legit will be a far better deal for them than selling them off for cash without knowing what they are doing.
penndragon69
(788 posts)They could have just unearthed one of the coin stashes buried by the K.G.C.
that they were stashing during the civil war in order to rebuild the confederacy.
Some say that the KGC is alive and well and will do anything to get their gold back.
Be warned !
pinboy3niner
(53,339 posts)countryjake
(8,554 posts)Jenoch
(7,720 posts)or would they only have to pay income tqxes on the gold when it is sold? I would think these gold coins would be a safer investment than many stocks. The value of the gold can rise and fall, but I would think the value of the coins would only go up.
Hassin Bin Sober
(26,325 posts)Jenoch
(7,720 posts)coins are legal tender, but then they woild only have to pay taxes on the face value of $27,000. Taxes on gains in stocks only need be paid upon tbe sale of the stock. Of course, I'm not a tqx attorney and I'm damn well not going to ask Michele Bachmann.
VScott
(774 posts)to hoard gold coins.
http://en.wikipedia.org/wiki/Executive_Order_6102#Effect_of_the_order
The latest dated gold coin in this stash was 1894, and the order to recall circulating gold coins in the US came in 1933. As we minted tens of millions of gold coins in the 1920s, there would have been plenty of coins in there dated after 1894 in any stash buried in the 1930s, and they would have not been sealed in cans dating from the 19th century.
Response to DFW (Reply #99)
VScott This message was self-deleted by its author.
llmart
(15,536 posts)and all she's ever dug up is a dead mole. But then again I don't live in So. Cal.
shanti
(21,675 posts)it was found in Nor Cal.
GRACIEBIRD
(94 posts)Or at least that's what I learned on Pawn Stars lol.
malaise
(268,961 posts)Rec
greytdemocrat
(3,299 posts)SummerSnow
(12,608 posts)roody
(10,849 posts)onethatcares
(16,167 posts)I would certainly like that to happen to myself, or you, or my grandson.
That is so cool. Just the history of it.
If any of you collect silver dollars, halfs, quarters or dimes, you know the nice sound
they make when you're playing poker and stacking them.
Jefferson23
(30,099 posts)If he did not need to be walked often, they may never have found it.
Zorra
(27,670 posts)In 1895, two outlaws stole $50,000 in gold coins from a Wells Fargo shipment in a Union Pacific RR train robbery and buried the cache in the area of a hobo jungle just outside Washington. A hobo named John Harmons witnessed the burial, dug it up and took $5,000 from the sacks, reburying the rest a short distance away. Harmons went on a long drinking spree and when he returned for more money, he was unable to relocate the burial site and the $45,000 was never recovered.
In 1894, a worker at the San Francisco mint made off with 290 pounds of gold and buried it near Shelter Cover. He was captured and sent to prison for his crime, but refused to reveal the exact location of the loot. It was never found.
$50,000 was stolen in a robbery of a Southern Pacific Overland Express robbery in 1894 out of Sacramento. One half of this hoard was buried near Sheep Camp, a hobo jungle that was close to the city at the time of the robbery. It was yet to be recovered.
There are stories that say an Indian buried a sack of gold coins in the vicinity of Goat Rock which has never been recovered.
http://www.losttreasureusa.com/StateTreasures/StateTreasuresCALIFORNIA.htm
DFW
(54,369 posts)Maybe this was part of one of the groups you just mentioned. Of course, there's no way to tell any more.
Considering the range of dates in this hoard, it is probably not a robbery from the San Francisco Mint, but it might have been part of the Southern Pacific Overland Express robbery. No way to tell now, of course.
geckosfeet
(9,644 posts)These days that is getting to be an endangered species....
Warren DeMontague
(80,708 posts)See what i did there? Because i don't, actually, hate it when that happens.
Xithras
(16,191 posts)A lot of the 49ers didn't trust banks (no FDIC in those days), and since most miners lived in crappy little tent-houses, only an idiot left their gold sitting out where anyone could find it. Most would dig a hole somewhere under their tent-cabin and just bury it.
Then, like now, people died unexpectedly. A sudden disease, a shooting in a saloon, a mine collapse, a heart attack...people died without digging their hoards back up. After a few decades the tent cabins wore away to a few rotten boards, and more than a century later there's nothing left at all. Nothing except the gold buried under the ground.
From time to time someone will turn up a stash of old coins or a small jar of gold from these sites. The scale of this particular discovery is mindboggling and is probably the biggest in history, but it's not the first of the type, and probably won't be the last (just a few years ago a landowner was leveling a bit of land near Columbia in the Gold Country and turned up some rusty cans of gold dust that ended up being worth about a hundred grand).
DFW
(54,369 posts)In the Middle East, they find groups of ancient gold coins all the time. I know guys from the government of Romania that are chasing down a hoard of several thousand ancient Greek gold coins they are sure were found on their territory about 15 years ago. The trouble is that these coins are identical to ones that have been in collections for centuries, and there is no way to tell one from another, since they were all found, at one time or another, near the same place, and will have the same trace elements on them.
Ships, too, are still being found. The USS Central America, which went down off South Carolina in 1857, had many tens of thousands of $20 gold pieces, and only a fraction (maybe 7000 or so) have yet been brought up since it was located in 1989. The ship brought the month's production from the San Francisco mint to New York, and San Francisco minted nearly a million $20 gold pieces in 1857. There were ingots of private companies of the old west on there, too, and some of them have been brought up, and have sold for hundreds of thousands each, in some cases.
JeffHead
(1,186 posts)aquart
(69,014 posts)TorchTheWitch
(11,065 posts)And a bag of Burger King trash some asshole threw out of their car in the parking lot when there was a trashcan not 10 yards away.
Warren DeMontague
(80,708 posts)that is not nearly as good.
pinboy3niner
(53,339 posts)Of course, I'm just speculating here.
Warren DeMontague
(80,708 posts)Said no one, ever.
belcffub
(595 posts)if every tree, bush or spot of grass that has ever been peed on by another dog... he is really a huge disappointment... never found a treasure...
kentauros
(29,414 posts)are just sore that they weren't the ones to find this stash
DFW
(54,369 posts)Besides, the guys in Dallas auction off ten million dollar coin collections all the time these days. It's not even a huge hurdle these days. They just auctioned off ONE COIN for $4.5 million in January.
kentauros
(29,414 posts)And that they have fun at the auction. Just stay away from people that look like James Mason, Martin Landau, Eva Marie Saint, and Cary Grant
TacoD
(581 posts)of California's Gold!
Liberal_in_LA
(44,397 posts)Packerowner740
(676 posts)Goooonnnnies!
Jamastiene
(38,187 posts)I love coins. I wouldn't care if it was only $20 worth of coins, I have always wanted to find some coins buried somewhere.
Orrex
(63,203 posts)It was quite a thrill, I admit, but it probably doesn't measure up to their little discovery!