Thursday, February 27, 2014

There's Gold In Them There HIlls...

Couple Finds Millions in Gold Coins

Walking their dog as usual, the couple noticed a rusty metal can sticking out of the ground. A little digging revealed over 1,400 rare and perfectly preserved U.S. gold coins dated from 1847 to 1894. Most were minted in nearby San Francisco. In $5, $10 and $20 denominations, they add up to a face value of more than $28,000, but their market value is likely over $10 million.

When this story first appeared, it was brief, lacked details, and was hard to believe.  Then the details started to appear in subsequent stories, along with pictures.

Basically, a couple found 8 cans of gold coins on their property.  Suspected value of the coins is $10,000,000.  However, the coins have to be restored and processed, and…sold.  This will cost a portion of that, I would say at least 10-15% at a minimum.  That's okay, it is all relative, I would be ecstatic if I found a twenty dollar bill!



Then, of course, this is taxable - depending on how the new owners claim it and sell it, they will likely pay 39% to Uncle Sam, and 13% to Uncle Jerry (Brown).  But the good news - they can deduct the 13% (in tax dollars paid) from their 39%, with an overall estimated tax payment of 47%.  Does this bother me? Yes - I don't think the Government, especially in today's Government spending climate, should have any claim over 10%.

Most of the articles only had a sentence or two regarding the origins of the found coins.  On website…tracked them down.

READ HERE - If the article's facts are true - this is clearly the stolen gold coins.  Dimmick (who stole the money) took 73 coins out for spending money, and buried the rest.  But, he was arrested and convicted (but only got 9 years - what happened when he got out? He couldn't find the tree?).

So - if this was stolen from the United States Mint in 1901 - there will likely be a court battle.  There are precedents (similar cases already ruled on) - but there are always new circumstances.  I say, leave them the money...

5 comments:

LL said...

They were naive to report the find...particularly in California.

If they simply sold off the coins one at a time, they would have been fine - and considerably richer.

Faith Kopp said...

Once again greed rears it's ugly governmental head.

I will plant a $20 bill around your house so your wish will come true. That's what mothers are for. ha ha ha

Woodsterman (Odie) said...

Those two should of thought about this a little harder. Remember, "Loose lips sink ships." You sell them a coin or two at a time all over. They'll probably only get a reward/finders fee of 10% (before taxes) at this time.

Race Bannon said...

You guys hit it right. I wasn't sure why they announced it - that's when I started to think there is some type of fraud going on. Maybe just naiveté...

Euripides said...

Gah! If I found a stash of coins in my yard, the last thing I'd do is tell anyone. Same thing if I found a dead body....