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California couple finds $10M in gold coins buried in their yard
HartfordCourant ^ | February 26, 2014

Posted on 02/26/2014 5:33:17 AM PST by Daffynition

LOS ANGELES— A California couple on their daily walk with their dog, a walk they've taken for years, discovered what may be the greatest buried treasures ever found in the U.S.

The cache of rare Gold Rush-era coins is worth more than $10 million, a currency firm representing the pair said on Tuesday.

The 1,400 gold pieces, dating to the mid- to late 1800s and still in nearly mint condition, were discovered buried in eight decaying metal cans on the couple's land in April, said coin expert David McCarthy of currency firm Kagin's.

(Excerpt) Read more at courant.com ...


TOPICS: Outdoors
KEYWORDS: ca; yesterday
I hope their find is TAX FREE!


1 posted on 02/26/2014 5:33:17 AM PST by Daffynition
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To: Daffynition

This I can gurantee you. It won’t be theirs for long with Holder’s and Sebelius’ government in charge.


2 posted on 02/26/2014 5:35:31 AM PST by jsanders2001
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To: Daffynition
They should have shoveled and shut up.
3 posted on 02/26/2014 5:37:49 AM PST by E. Pluribus Unum (If Barack Hussein Obama entertains a thought that he does not verbalize, is it still a lie?)
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To: Daffynition

When the IRS and California revenuers get finished they’ll be lucky they won’t get a bill.


4 posted on 02/26/2014 5:38:33 AM PST by AU72
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To: jsanders2001

That’s just what I was thinking. What State or Federal agency will extend their legal authority and claim this find as theirs?

Historical reasons? War on Drugs? IRS?


5 posted on 02/26/2014 5:38:57 AM PST by FAA
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To: Daffynition

Dang! That’s where I left those coffee cans!


6 posted on 02/26/2014 5:40:32 AM PST by celmak
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To: E. Pluribus Unum

Amen to that. Never speak about finding large sums of cash.
Now the state, the IRS and goofy relatives of the people who owned the house before will be sniffing around.
should have kept their mouths shut. Stupid


7 posted on 02/26/2014 5:44:59 AM PST by Yorlik803 ( Church/Caboose in 2016)
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To: E. Pluribus Unum

I would guess they want to sell most of it. A large amount like this would needs some publicity to generate the top dollar paid.


8 posted on 02/26/2014 5:46:29 AM PST by thackney (life is fragile, handle with prayer)
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To: E. Pluribus Unum

Exactly. Why tell anyone? This is the society we live in. Everybody needs to brag and toot their horn on Facebook and Youtube at every opportunity.

CA or the feds will figure out a way to take it.


9 posted on 02/26/2014 5:46:43 AM PST by albie
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To: jsanders2001

You are right about that. They should have kept their mouth shut. And the people’s government. You got to remember how Holder, etal. got where they are.


10 posted on 02/26/2014 5:46:45 AM PST by sport
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To: celmak

Great find for the lucky people BUT, here comes the gubmint.
I will bet these people will regret the day they found those coins and will be paying a HEFTY tax on their new found “INCOME”.


11 posted on 02/26/2014 5:48:14 AM PST by DaveA37
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To: sport
Agreed!

Stupid is, as stupid does. - Forrest Gump.

12 posted on 02/26/2014 5:49:42 AM PST by Las Vegas Dave (The democRATic party preys on the ignorant..!)
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To: Daffynition

People are going to race to find out who actually “owns” the land (checking who owned it previously, file lawsuits, etc...) and then try to confiscate this treasure from the them.


13 posted on 02/26/2014 5:49:51 AM PST by frogjerk (We are conservatives. Not libertarians, not "fiscal conservatives", not moderates)
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To: Progov

... and all the “new” freinds that will be hounding them and trying to take advantage of them. They should have kept this find as secret as possible; they are in for a hell of a time.


14 posted on 02/26/2014 5:51:25 AM PST by celmak
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To: FAA

I’m guessing historical and probably end up in the personal collection of an already wealthy politician.


15 posted on 02/26/2014 5:51:54 AM PST by jsanders2001
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To: Daffynition
"Gold Rush-era coins"

1890 on that coin? I thought the gold rush was in 1849?
16 posted on 02/26/2014 5:52:08 AM PST by John 3_19-21 (Life is way too short to suffer fools long.)
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To: jsanders2001
This I can gurantee you. It won’t be theirs for long with Holder’s and Sebelius’ government in charge.

Max Cap gains tax + Kalifornia + Kali Mental Health Services Tax tax = .28 + .123 +.01 = .413 taken off the top by government, plus there is the Kalifornistan AMT of 7% which I don't know if it would apply or not, but if it does, then 48.3% gone.

Government is a good racket to be in. You collect protection money from everyone, at the cost of paying small bribes to the permanently lazy segment of the population and large expenditures to your cores supporters like Soylandra's management.

17 posted on 02/26/2014 5:52:16 AM PST by from occupied ga (Your government is your most dangerous enemy)
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To: albie

From the article:

Donald Kagin, president of Kagin’s Inc., a numismatic firm that specializes in U.S. gold coins, announced the discovery. The company represents the couple, who want to remain anonymous


18 posted on 02/26/2014 5:52:57 AM PST by thackney (life is fragile, handle with prayer)
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To: celmak
They should have kept this find as secret as possible

You have that right!

19 posted on 02/26/2014 5:53:20 AM PST by from occupied ga (Your government is your most dangerous enemy)
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To: John 3_19-21

From the article:

The rare and perfectly preserved U.S. gold coins date from 1847 to 1894...


20 posted on 02/26/2014 5:53:48 AM PST by thackney (life is fragile, handle with prayer)
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To: Daffynition

Serious mistake on their part. Should have moved out of California to somewhere like Wyoming. Then “find” the coins there. . .


21 posted on 02/26/2014 5:55:56 AM PST by Salgak (http://catalogoftehburningstoopid.blogspot.com 100% all-natural snark !)
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To: sport

I agree but the practical difficulties in selling $10 million in coins would be a problem.

How do you explain where they came from? The coin dealer will want to know.

How do you explain the sudden increase in your bank account? The IRS, bank, DEA, DHS will all want to know. They track that kind of stuff.


22 posted on 02/26/2014 5:56:47 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: thackney

Sources indicate that Amazon will be the sale point for much of the find.

http://www.sfgate.com/bayarea/article/Gold-Country-couple-discovers-millions-in-buried-5266314.php#page-2

About 90 percent of the coins will post on Amazon.com’s Collectibles
site, probably in May, Kagin said. The rest he will sell privately,
“to well-heeled collectors who desire the finest and the rarest.”


23 posted on 02/26/2014 5:59:44 AM PST by deport
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To: Daffynition

Why are they announcing this???

Finders Keepers — Blabberers Weepers


24 posted on 02/26/2014 6:00:38 AM PST by Uncle Chip
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To: deport

Amazon in May? That makes me suspicious. Why all the publicity if they are not going to auction soon?


25 posted on 02/26/2014 6:02:15 AM PST by lodi90
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To: lodi90
Who knows with all the entities involved such as lawyers, coin experts, tax people, etc.

15 photos at this link

26 posted on 02/26/2014 6:06:51 AM PST by deport
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To: driftdiver

10 Million / $1300 per once (bullion value) = 7692.3 one once coins
I doubt they found 7000 coins. So, I am thinking the 10m figure is the expected numismatic value of the find.

Anyhow, to get the full numismatic value of the coins they had to go public and declare it to put it up for auction. Otherwise, they would have only gotten a much smaller amount. Even after taxes, they would probably still be ahead.


27 posted on 02/26/2014 6:10:55 AM PST by 3Fingas (Sons and Daughters for Freedom and Rededication to the Principles of the U.S. Constitution)
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To: Progov

The couple found these coins last April while walking their dog on their property in the California Gold Country.

They had the coins graded by PCGS (Pacific Coast Grading Service) in Orange County. Each coin is then sealed by them in a plastic holder. Coin grading is subjective, but PCGS are the “gold standard” of grading services.

A coin dealer in Tiburon, California (whose family has been in the coin business for 81 years) is representing the couple. The couple, or should I say the coin dealer acting on behalf of the couple, plan to sell these coins on Amazon.
They’re going to keep a few of the coins as “keepsakes”.

Once the coins are sold, I’m sure the couple expects to pay income tax to the federal government and the state of California. After the coins are sold, they are “income.”

There were 1,427 of these coins found in rusting metal cannisters, mostly in uncirculated condition, dated from 1847 to 1894. All were minted in San Francisco, with the exception of one $5 gold coin which was minted in Georgia. Face value of the coins: $27,000.

The couple plans to pay off bills and donate some money to local charities.

This story was on the FOX website yesterday.


28 posted on 02/26/2014 6:11:13 AM PST by july4thfreedomfoundation (I don't want to feel "safe." I want to feel FREE!)
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To: Daffynition

damn they have good karma. Even after the pulic employees union gets their cut there should beenough left over to see them through the year.


29 posted on 02/26/2014 6:18:02 AM PST by amnestynone (Lindsey Graham is feckless, duplicitous, treacherous, double dealing backstabbing Corksucker.)
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To: Daffynition


30 posted on 02/26/2014 6:37:35 AM PST by JoeProBono (SOME IMAGES MAY BE DISTURBING VIEWER DISCRETION IS ADVISED;-{)
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To: driftdiver
I could easily move these coins at a gun show - yes a gun show for cash money one or two at a time in the course of a year. Wouldn't go near a coin show. As far as a bank account you are thinking too conventionally.
31 posted on 02/26/2014 6:46:48 AM PST by mad_as_he$$
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To: mad_as_he$$

You could move them yes, can you get the full value?

They are probably worth more when sold properly even after taxes.


32 posted on 02/26/2014 6:52:56 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: E. Pluribus Unum

They should have shoveled and shut up.

&&&
If they wanted to make some money from the gold, how could they keep quiet about it?


33 posted on 02/26/2014 7:20:01 AM PST by Bigg Red (O LORD, our Lord, how majestic is your name in all the earth! Ps 8)
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To: Progov
I will bet these people will regret the day they found those coins and will be paying a HEFTY tax on their new found “INCOME”.

I doubt they will regret they found it, as even a 50% tax and 20% for legal help would leave them a substantial amount.

But offshore finds were upheld as belonging to the owner by te Supreme Court, leading to the 2001 adoption of the UNESCO Convention on the Protection of the Underwater Cultural Heritage, protecting of "all traces of human existence having a cultural, historical or archaeological character", which have been under water for over 100 years.

As of February 2014, 45 states are party to the convention.

34 posted on 02/26/2014 7:25:09 AM PST by daniel1212 (Come to the Lord Jesus as a contrite damned+destitute sinner, trust Him to save you, then live 4 Him)
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To: driftdiver
I see these era coins traded at gun shows all the time. If they are graded by a reputable firm they trade for about -20-25% off book depending on the volume at hand or if they are one off and the skills of the seller. No tax structure in the US is better than that. Only way you might do better is at open auction but then it is tax time in.
35 posted on 02/26/2014 7:27:54 AM PST by mad_as_he$$
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To: 3Fingas

Various questions on Treasure trove taxes answered: http://www.wisdomadd.com/related/related-2533.html


36 posted on 02/26/2014 7:31:01 AM PST by daniel1212 (Come to the Lord Jesus as a contrite damned+destitute sinner, trust Him to save you, then live 4 Him)
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To: thackney
A large amount like this would needs some publicity to generate the top dollar paid.

Wouldn't the scarcity of the items increase the value? It seems to me that knowledge of the find reveals them to be less scarce, and limits the value somewhat. Selling them as rare items a few at a time should result in a higher total, shouldn't it?

37 posted on 02/26/2014 7:38:32 AM PST by JimRed (Excise the cancer before it kills us; feed & water the Tree of Liberty! TERM LIMITS NOW & FOREVER!)
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To: JimRed

Probably so, but to think you would put $10 million dollars of these coins on to the market without verification does not seem realistic. And to get that much verified would be very difficult to keep secret while generating enough interest to get the best bids.

If I found these, going through a gold coin “broker” while keeping my name out of it, and public to generate the interest seems like the way to go.

I’m not going to be capable of adding $10 million in wealth and think I’m going to hide it from the government/taxes.

If I was a buyer, and understood the seller needed to keep my purchase secret so as not draw attention for the other coins and associated taxes, I’m an not paying top dollar. And personally, I would walk away because I don’t trust at that point I’m buying a real coin.


38 posted on 02/26/2014 7:45:23 AM PST by thackney (life is fragile, handle with prayer)
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To: E. Pluribus Unum

How do we know they didn’t find twice that many and just not reporting it?


39 posted on 02/26/2014 9:11:59 AM PST by Andy'smom
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To: Daffynition
Reminds me of my Grandfather (an avid part-time treasure hunter) in Key West, FL. I used to wander along the shores of the various keys with him back in the 40's looking for treasure with his metal detector.

He showed me a number of "Sailor's Pots" (sailors often hollowed out an opening in some rock, placed their gold savings in it and covered it up with limestone cement.) Often they never lived to reclaim their savings. Unfortunately, he never found one while I was with him and would not say whether or not he ever found one. In addition, I saw a rectangular hole in the limestone on one key which had probably held a chest of treasure at some point.

There was a Black fisherman on one key that my Grandfather worked with who sent all 7 of his children to college though he personally continued to live a very simple life himself. My relatives were all convinced that he had hit it big and had the good sense to sell off items over a number of years while KEEPING HIS MOUTH SHUT! A wise man!!!

40 posted on 02/26/2014 9:24:22 AM PST by ExSES (the "bottom-line")
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To: JoeProBono

Just WOW! Thanks darling!


41 posted on 02/26/2014 11:06:58 AM PST by Daffynition ("If you think you can do a thing or think you can't do a thing, you're right." ~ Henry Ford)
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To: jsanders2001

Especially since they *blabbed* about it.


42 posted on 02/26/2014 11:09:23 AM PST by Daffynition ("If you think you can do a thing or think you can't do a thing, you're right." ~ Henry Ford)
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To: ExSES

Great story! Thanks for sharing.

Human nature and the *need* for their 15 minutes must cloud common sense in a case as this.


43 posted on 02/26/2014 11:15:20 AM PST by Daffynition ("If you think you can do a thing or think you can't do a thing, you're right." ~ Henry Ford)
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To: amnestynone

Maybe if they are on food stamps.....they’ll squeak by.


44 posted on 02/26/2014 11:17:33 AM PST by Daffynition ("If you think you can do a thing or think you can't do a thing, you're right." ~ Henry Ford)
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To: Salgak; E. Pluribus Unum; Uncle Chip

Exactly


45 posted on 02/26/2014 11:20:00 AM PST by Daffynition ("If you think you can do a thing or think you can't do a thing, you're right." ~ Henry Ford)
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To: Daffynition
Ten bucks says that Governor Moonbeam and/or America's Community Organizer-In-Chief will declare the coins to,somehow,be the rightful property of the state/Feds.
46 posted on 02/26/2014 2:29:07 PM PST by Gay State Conservative (Stalin Blamed The Kulaks,Obama Blames The Tea Party)
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To: Gay State Conservative

**I wonder if they were buried in the 1930s when the U.S. government required it citizens to stop hording gold and turn in everything but the family jewels?

The coins may have been minted in the 1800s, but that might have been a nest egg that was hidden to protect it from the gold hungry government. So, if this was illegally held gold, meant to keep it from confiscation when the government called it in during the 30s, then technically it was stolen from the government and must be returned with penalties, fines, fees and possible jail time for the ones who “found” the gold.**


47 posted on 02/26/2014 7:38:47 PM PST by Daffynition ("If you think you can do a thing or think you can't do a thing, you're right." ~ Henry Ford)
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This from a coin forum:

**I wonder if there’s any chance this couple found the $30,000 stolen from the San Francisco Mint by Chief Clerk Walter Dimmick during the turn of the century. Some things to think about are the face value of what was found is just $3,000 shy of the amount stolen, the mint state condition of the coins, the total amount of coins stolen vs the amount found (1,500 & 1,427), the stolen coins were double eagles and never found.**

http://www.usmint.gov/kids/coinnews/mintfacilities/sfo/

This is very interesting at the very least!


48 posted on 02/26/2014 7:56:13 PM PST by Daffynition ("If you think you can do a thing or think you can't do a thing, you're right." ~ Henry Ford)
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Could newly discovered gold coins be the haul stolen by disgraced San Francisco Mint employee in 1901?


49 posted on 02/27/2014 5:48:39 AM PST by deport
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