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Calif. couple strike $10 million gold-coin bonanza



 
 
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  #1  
Old February 25th 14, 10:47 PM posted to rec.collecting.coins
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Default Calif. couple strike $10 million gold-coin bonanza

Full read: http://money.msn.com/business-news/a...25&id=17382432

Snip:
A Northern California couple out walking their dog on their Gold Country property stumbled across a modern-day bonanza: $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 $1 million apiece.
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  #2  
Old February 26th 14, 04:55 AM posted to rec.collecting.coins
Jerry Dennis
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Default Calif. couple strike $10 million gold-coin bonanza

Basically the same article in Yahoo News:

http://gma.yahoo.com/blogs/abc-blogs...opstories.html

Not a lot of information provided, though. It would be nice to know what coins, other than "gold coins," were found, especially the rare ones.

Jerry

On Tuesday, February 25, 2014 4:47:57 PM UTC-5, wrote:
Full read: http://money.msn.com/business-news/a...25&id=17382432



Snip:

A Northern California couple out walking their dog on their Gold Country property stumbled across a modern-day bonanza: $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 $1 million apiece.

  #3  
Old February 26th 14, 09:00 AM posted to rec.collecting.coins
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Default Calif. couple strike $10 million gold-coin bonanza

Apparently 1350 twenty dollar gold pieces, 50 tens, 5 fives. One of the twenties (1866-S No Motto) is a very scarce coin in way above average condition and one of the fives is either a Reid or a Betchler?

Most of the rest of the stuff that will be pricey is of the common coin but rare in this top condition ilk.

You can read pretty good commentary over at PCGS forum, there are two separate threads with some good links.

These finders are gonna get ripped apart by fed and state governments, lawyers and individual claimants who think they have some tie-in to former landowners. They will have less than zero before it's all over. Probably Mr. Kagan will wish that he never heard of this hoard too, the cat fight will be tremendous.

Oly
  #4  
Old February 26th 14, 09:04 AM posted to rec.collecting.coins
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Default Calif. couple strike $10 million gold-coin bonanza

And it should be said that the hoard must be from the 1895 era based upon the latest dates that were found. The U.S.A. went through it's worst economic crisis 1894 - 1898, prior to the 1929 - 1939 debacle. Oly
  #5  
Old February 28th 14, 02:55 PM posted to rec.collecting.coins
ruben safir
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Default Calif. couple strike $10 million gold-coin bonanza

On Tue, 25 Feb 2014 13:47:57 -0800, ozzy.kopec wrote:

Full read:
http://money.msn.com/business-news/article.aspx?

feed=AP&date=20140225&id=17382432

Snip:
A Northern California couple out walking their dog on their Gold Country
property stumbled across a modern-day bonanza: $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 $1 million apiece.


eh - something is wrong with this story. Another shoe is going to drop.
You don't find tin cans filled with gold coins in the 21 century under
the apple tree.



--
The Coin Hangout: http://www.coinhangout.com/home
  #6  
Old March 2nd 14, 04:52 AM posted to rec.collecting.coins
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Default Calif. couple strike $10 million gold-coin bonanza

I don't doubt the story in a general way; somebody didn't trust banks back in the mid-1890s (and it is wise for the present-day finders and Mr. Kagan not to be too specific with the exact details of this find). But the finders will get ripped to shreds by tax collectors and lawyers. Probably five hundred copies of Bowers' specialized "Redbook" on Gold Twenties have been sold to tax agencies, judges and lawyers in the last week. For eighty percent of the holders, a law license in the USA In 2014 is a license to slowly starve, albeit in modest respectability.

The first and foremost rule of this type of thing is "STFU"!!! Nobody believes in treasure, and this one wasn't bothering anybody until the finders opened their stupid, unlucky yaps. They could have quietly sold-off ten or twenty of the coins every year, forever, and nobody would have been the wiser.

Oly
  #7  
Old March 2nd 14, 06:47 PM posted to rec.collecting.coins
howard[_2_]
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Default Calif. couple strike $10 million gold-coin bonanza

On 3/1/2014 7:52 PM, wrote:
I don't doubt the story in a general way; somebody didn't trust banks back in the mid-1890s (and it is wise for the present-day finders and Mr. Kagan not to be too specific with the exact details of this find). But the finders will get ripped to shreds by tax collectors and lawyers. Probably five hundred copies of Bowers' specialized "Redbook" on Gold Twenties have been sold to tax agencies, judges and lawyers in the last week. For eighty percent of the holders, a law license in the USA In 2014 is a license to slowly starve, albeit in modest respectability.

The first and foremost rule of this type of thing is "STFU"!!! Nobody believes in treasure, and this one wasn't bothering anybody until the finders opened their stupid, unlucky yaps. They could have quietly sold-off ten or twenty of the coins every year, forever, and nobody would have been the wiser.

Oly

Prior to actually selling them, the value of gold is what they are
worth. If they were melted down (forbid the thought) the owner would
just have a gold ingot worth around $27,000 with no "collector" value.
The 10 million is only an educated guess by a group that has a vested
interest in promoting the game. Other hand, will the discovery of what
was thought a prior limited amount of specific slabbed coins decrease
the rarity and value of the existing coins?
Fully agree with "STFU", at least the finders/owners are still un-known
but for a few entities.
h
  #8  
Old March 2nd 14, 07:24 PM posted to rec.collecting.coins
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Default Calif. couple strike $10 million gold-coin bonanza

A gold twenty liberty has just less than once ounce of gold, so the melt value ought to be about $1,820,000 (1400 coins/ ounces at $1,300 per ounce). Perhaps I should use 1350 pieces. The melt is $1.8 million MOL.

Just watch, there will be somebody, some entity, somewhere who gets an injunction from some court, and these coins will not likely go to market in the next several years.

I saw the ANA video on you tube and Mr. Kagan himself makes the distinction between the coins that have been salvaged from shipwrecks and coins in a land burial. That these coins were found on land that has a historic "chain of title" will likely bring in many claimants, including the state and federal governments. The shipwreck coins had cleaner "title", but I do recall that on one of the wrecks, the salvors did have to pay something to some insurance companies that had a sketchy claim. Of course, one group of sea salvors lost 100% of their important major find to the Government of Spain based upon a horse**** claim.

The late great treasure hunting writer H. Glenn Carson always said that if you find more than a modern clad quarter, you need to STFU!!!

Oly

  #9  
Old March 2nd 14, 07:35 PM posted to rec.collecting.coins
howard[_2_]
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Default Calif. couple strike $10 million gold-coin bonanza

On 3/2/2014 10:24 AM, wrote:
A gold twenty liberty has just less than once ounce of gold, so the melt value ought to be about $1,820,000 (1400 coins/ ounces at $1,300 per ounce). Perhaps I should use 1350 pieces. The melt is $1.8 million MOL.

Just watch, there will be somebody, some entity, somewhere who gets an injunction from some court, and these coins will not likely go to market in the next several years.

I saw the ANA video on you tube and Mr. Kagan himself makes the distinction between the coins that have been salvaged from shipwrecks and coins in a land burial. That these coins were found on land that has a historic "chain of title" will likely bring in many claimants, including the state and federal governments. The shipwreck coins had cleaner "title", but I do recall that on one of the wrecks, the salvors did have to pay something to some insurance companies that had a sketchy claim. Of course, one group of sea salvors lost 100% of their important major find to the Government of Spain based upon a horse**** claim.

The late great treasure hunting writer H. Glenn Carson always said that if you find more than a modern clad quarter, you need to STFU!!!

Oly

===============
From reading multiple news articles, they were NOT all 1 ounce coins.
One of the articles gave an approximate value by weight of the
gold...hence about $27,000 in gold.
  #10  
Old March 2nd 14, 07:40 PM posted to rec.collecting.coins
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Default Calif. couple strike $10 million gold-coin bonanza

$27,500 was the face value of the coins when they were minted. Trust me, the melt value today is about $1.8 million USD. Oly
 




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