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(Marketwatch)   Gold-coin find now called the biggest booty ever found in the United States. Kim Kardashian inconsolable   (blogs.marketwatch.com) divider line 31
    More: Followup, United States, usa olympic, treasures, numismatics, coins, Kim Kardashian  
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1308 clicks; posted to Main » on 26 Feb 2014 at 3:10 PM (43 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



31 Comments   (+0 »)
   
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2014-02-26 01:50:40 PM  
+1 on the headline.
 
2014-02-26 02:21:21 PM  
Nice headline.

"This family literally found the pot of gold at the end of the rainbow,"

*mutter*
 
2014-02-26 02:25:48 PM  
Insurance company/former owners' relative sue in 5... 4... 3...
 
2014-02-26 02:25:56 PM  
So is this going to turn into a big booty thread, or a boring booty thread?

/Bookmark for cautious anticipation
 
2014-02-26 02:37:48 PM  

scottydoesntknow: So is this going to turn into a big booty thread, or a boring booty thread?

/Bookmark for cautious anticipation


everydayfunnyfunny.com

You're welcome.
 
2014-02-26 03:42:35 PM  
Hey, that was my grandpa's. I want it back.
 
2014-02-26 03:51:14 PM  
Sheesh it isn't enough to have a nice spread in Northern California, large enough to have its own named geographical features, but you have to stumble into $10million worth of buried treasure too?

Congrats to them; fark you Universe!
 
2014-02-26 03:52:58 PM  
The coins were minted between 1847 and 1894. That means that they were buried some time after 1894.

The CPI inflation calculator only goes back to 1913, so for the sake of argument, let's say that 1913 is the year that they were buried. The $28,000 face value of the coins in 1913 is equivalent to $$661,580.61 in 2014 dollars.

Long story short, someone had a shiatload of money and decided to bury it in the ground. Then they either died or forgot where they buried it. Actually, I hope they died, because to live knowing that you forgot where you buried a pile of money would really suck.
 
2014-02-26 04:12:24 PM  

Cybernetic: The coins were minted between 1847 and 1894. That means that they were buried some time after 1894.

The CPI inflation calculator only goes back to 1913, so for the sake of argument, let's say that 1913 is the year that they were buried. The $28,000 face value of the coins in 1913 is equivalent to $$661,580.61 in 2014 dollars.

Long story short, someone had a shiatload of money and decided to bury it in the ground. Then they either died or forgot where they buried it. Actually, I hope they died, because to live knowing that you forgot where you buried a pile of money would really suck.


And in the end, you still die. On the whole, I think the latter is worse.
 
2014-02-26 04:41:22 PM  
I wonder what the tax man will do with this...  I expect legal battles to commence shortly.
 
2014-02-26 04:44:10 PM  

dwrash: I wonder what the tax man will do with this...  I expect legal battles to commence shortly.


They were sto0pid to let anyone know they found it. Trickle them onto the market one at a time.
 
2014-02-26 04:47:23 PM  
and they didn't even have to buy a storage locker
 
2014-02-26 04:51:28 PM  

Odoriferous Queef: They were sto0pid to let anyone know they found it. Trickle them onto the market one at a time.


The only way to "trickle" a single coin worth $1M onto the market would be to melt it and sell the gold itself, which would be worth considerably less.
 
2014-02-26 04:53:00 PM  
static1.fjcdn.com
 
2014-02-26 04:59:01 PM  
Right now scumbuckets all over are making it their life goal to find these people and their land and get some for themselves.

They need to put $1 million aside to hire armed security...course then the scum will try to get injured so they can sue.
 
2014-02-26 05:00:15 PM  

Cybernetic: The coins were minted between 1847 and 1894. That means that they were buried some time after 1894.


Assuming this isn't just an elaborate money laundering scheme.

/bettercallsaul.jpg
 
2014-02-26 05:05:11 PM  

dwrash: I wonder what the tax man will do with this...  I expect legal battles to commence shortly.


I was able to find this: Cesarini v. United States
Cesarini v. United States, 296 F.Supp. 3 (N.D. Ohio 1969), is a historic case decided by the U.S. District Court for the Northern District of Ohio, where the court ruled that treasure trove property is included in gross income for the tax year when it was discovered.
There will be a huge tax bill to pay.
 
2014-02-26 05:17:09 PM  
The couple, who reportedly wish to remain anonymous, found the coins buried in cans on their property in California's gold country while walking their dog.

Glad to see they followed the First Rule Of Finding Stuff: "It was totally found on our property. Totally."
 
2014-02-26 05:22:31 PM  
Metal detector sales in Grass Valley and Nevada City just went through the roof
 
2014-02-26 05:24:33 PM  
Sure I have a tiny plot in the Calif high desert, but I somehow doubt anyone who owned it before me was any richer than I am. Then again, there was a gold mine up here not too far away...
 
2014-02-26 05:28:00 PM  
"About 90% of the coins will go on sale at a later date on Amazon.com. It will be the first major numismatic treasure to be sold through Amazon ...

"The face value of the find was $28,000, but it included at least 13 "finest known specimens" - among them an 1866-S No Motto Double Eagle valued at around $1 million.
"


I love the comments in tfa suggesting they should have sold it a piece at a time to a coin shop somewhere just to avoid paying taxes. I'm guessing that after Amazon and whoever runs the sale take their cuts and after they pay taxes on the rest, they'll still be waaaaaay ahead compared to selling them one at a time to coin dealers... I'll further guess that they're doing it this way because they were duly diligent and did the math.
 
2014-02-26 06:11:12 PM  

Cybernetic: Long story short, someone had a shiatload of money and decided to bury it in the ground. Then they either died or forgot where they buried it. Actually, I hope they died, because to live knowing that you forgot where you buried a pile of money would really suck.


It happens.  There was a guy who died in Las Vegas a few years ago.  He's worked marginal jobs all his life, had no family, no friends and no will.  When they were probating his estate, they found that his garage was literally full of silver: coins, ingots, decorative items, etc.  No one ever worked out where it came from (my guess is that he was a wiz at gambling who turned his cast into sterling to duck taxes) but there was several million dollars there when they finally auctioned it all off.
 
2014-02-26 07:37:52 PM  

Cybernetic: dwrash: I wonder what the tax man will do with this...  I expect legal battles to commence shortly.

I was able to find this: Cesarini v. United StatesCesarini v. United States, 296 F.Supp. 3 (N.D. Ohio 1969), is a historic case decided by the U.S. District Court for the Northern District of Ohio, where the court ruled that treasure trove property is included in gross income for the tax year when it was discovered.There will be a huge tax bill to pay.


That's why they will have "found" it in 2014, give themselves time to sell the coins. And it's litterally found money, so it's not as painful as propecting for years and then getting hit with taxes.

I know the brits have a generous treasure trove law. Find something pre-norman and some part of the state buys it at a high valuation.
 
2014-02-26 07:52:40 PM  

wildcardjack: I know the brits have a generous treasure trove law. Find something pre-norman and some part of the state buys it at a high valuation.


Yup.  They want to be able to compete with private investors who would pay boatloads, under the table, to take possession of important parts of British history.
 
2014-02-26 07:52:42 PM  
Anybody out there have advice on selling a Mexican 50 peso gold coin? I'm 99% cerain that it is an "original" and not a re-strike. What is my best option for getting the best price? Coin dealer? E-bay?
 
2014-02-26 09:22:00 PM  
First the loss of Bajor, now this. It's not been a good year for the Kardashians.
 
2014-02-27 07:28:19 AM  

Texas Gabe: Anybody out there have advice on selling a Mexican 50 peso gold coin? I'm 99% cerain that it is an "original" and not a re-strike. What is my best option for getting the best price? Coin dealer? E-bay?


Here's my $0.02:

A gold coin should be worth no less than the "melt value" of the gold itself. So that's your starting point.

I would first scout around online to see the asking price of similar coins. If you're not sure of the condition, take it to a coin dealer for an appraisal. Under no circumstances should you sell the coin to the dealer who does the appraisal, because that gives him a motive to low-ball you on the value.

Once you have a good feel for the coin's actual value, you can sell it yourself online, or use an auction house that deals in numistmatics.
 
2014-02-27 07:31:09 AM  

wildcardjack: Cybernetic: dwrash: I wonder what the tax man will do with this...  I expect legal battles to commence shortly.

I was able to find this: Cesarini v. United StatesCesarini v. United States, 296 F.Supp. 3 (N.D. Ohio 1969), is a historic case decided by the U.S. District Court for the Northern District of Ohio, where the court ruled that treasure trove property is included in gross income for the tax year when it was discovered.There will be a huge tax bill to pay.

That's why they will have "found" it in 2014, give themselves time to sell the coins. And it's litterally found money, so it's not as painful as propecting for years and then getting hit with taxes.


Yes, and it means that keeping the coins themselves is not an option for them unless they happen to have the cash lying around to pay the tax bill. It's the same situation as winning a high-value item (like a car) on a game show. You have to sell the item to get the cash to pay the taxes.
 
2014-02-27 11:33:50 AM  

Cybernetic: Texas Gabe: Anybody out there have advice on selling a Mexican 50 peso gold coin? I'm 99% cerain that it is an "original" and not a re-strike. What is my best option for getting the best price? Coin dealer? E-bay?

Here's my $0.02:

A gold coin should be worth no less than the "melt value" of the gold itself. So that's your starting point.

I would first scout around online to see the asking price of similar coins. If you're not sure of the condition, take it to a coin dealer for an appraisal. Under no circumstances should you sell the coin to the dealer who does the appraisal, because that gives him a motive to low-ball you on the value.

Once you have a good feel for the coin's actual value, you can sell it yourself online, or use an auction house that deals in numistmatics.


I would add that depending on what the coin dealer says about the coin you may wish to get it professionally graded through somewhere like NGC or if you want more expensive PCGS.  This is especially true if the coin is considered collectable and you wish to sell online as a lot of online buyers are hesitant to fork over fair money for an ungraded coin that they cannot physically inspect.
 
2014-02-27 12:09:21 PM  
trueclassics.files.wordpress.com

/also inconsolable
 
2014-02-27 04:04:43 PM  

MaudlinMutantMollusk: Metal detector sales in Grass Valley and Nevada City just went through the roof


I searched a bit of my property with a metal detector and found what was a family trash pile from the 60's as dated by a piece of a Clorox bottle I found.  Other than some neat bottles and a very rusty license plate from 1934 I found....trash.  Also found a 'coke classic' can buried next to my house.  The pattern matched the cans at the time my house was built lol.
 
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