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.
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.
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:
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.
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
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.
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...
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....
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