TL;DR
A couple in Northern California unearthed 1,427 gold coins buried on their property, worth an estimated $10 million. The discovery was made while walking their dog and has been authenticated by numismatic experts.
A couple walking their dog in Northern California in 2013 uncovered a buried hoard of 1,427 gold coins, valued at about $10 million, making it the largest such find in U.S. history.
The couple, whose identities remain private, found the coins on their private property after noticing a rusted can protruding from the ground. They initially discovered one coin and later excavated eight cans filled with gold coins, dating from 1847 to 1894. The coins include some of the rarest and highest-grade specimens assessed by numismatic experts.
Following the discovery, the coins were examined by Kagin’s, a California-based numismatic firm, and authenticated by the Professional Coin Grading Service (PCGS). Many coins are in uncirculated condition, with some valued at up to $1 million each. The total face value of the coins is $27,980, but their assessed worth is approximately $10 million.
Why It Matters
This discovery is significant because it is the largest buried gold coin collection ever found in the United States. It raises questions about historical treasure hiding and modern legal implications, including potential tax liabilities for the finders. Additionally, it highlights the value of private landowners in uncovering historical artifacts.
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Background
The Saddle Ridge Hoard, as it is known, was discovered in 2013 on private property in Northern California less than 200 miles from the California Gold Rush site of 1849. Prior to this, the largest similar find was a hoard of coins in Tennessee in 1985 valued at $1 million. The discovery was made by chance while the couple was walking their dog, after noticing an old can and a strange rock in the area.
“Many of these coins are in uncirculated condition and some are among the rarest known, with values reaching up to a million dollars each.”
— David J. McCarthy, numismatist at Kagin’s
“This is the largest buried gold coin hoard ever discovered in the U.S.”
— Donald Kagin, co-founder of Kagin’s
“We had no idea these coins were buried here. It’s a surreal experience.”
— The couple (anonymous)
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What Remains Unclear
It remains unclear who originally buried the coins or their precise historical context. The exact location of the hoard has not been publicly disclosed, and the full extent of its historical significance is still under investigation.
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What’s Next
The coins are being conserved and graded, with some expected to be sold through exclusive channels such as Amazon. The owners plan to use the proceeds to pay off personal debts and donate to charities. Further research into the origin of the hoard is ongoing.
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Key Questions
How much are the coins worth?
The coins are assessed to be worth approximately $10 million, with individual coins valued up to $1 million each based on rarity and condition.
Who found the coins and what is their story?
A private couple discovered the coins while walking their dog on their property in Northern California in 2013. They chose to remain anonymous.
What are the legal implications of this find?
According to U.S. Treasury regulations, treasure trove is considered gross income, which could entail tax liabilities for the finders. Details of any legal or tax proceedings are not publicly confirmed.
What will happen to the coins now?
The coins are being graded and conserved. Some will be sold through exclusive channels, while others will be kept as family heirlooms or donated to charities.
Is the origin of the hoard known?
No, it is not yet clear who buried the coins or why. The discovery has sparked historical and archaeological interest, but further investigation is ongoing.
Source: reddit
