23 votes

California couple find $10 mil in rare gold coins

dang!

LOS ANGELES – 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.

http://www.foxnews.com/us/2014/02/25/california-couple-finds...

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Michael Nystrom's picture

And now, for the rest of the story

http://www.dailypaul.com/313332/i-am-disgusted-couples-gold-...

The only way to make sense out of change is to plunge into it, move with it, and join the dance. - Alan Watts

please, PLEASE, tell me they

please, PLEASE, tell me they kept a few for themselves that they didn't tell anyone else about?

Ads

What's really funny is the random ads on the sides that say, "Don't sell your gold!"

Michael Nystrom's fists can punch through FUD.

This is the most interesting line of the story: "Paper money was

...illegal in California until the 1870s and it's extremely rare to find any coins from before that of such high quality."

They had it right back then.

And I absolutely agree with the earlier replies calling this couple downright stupid for going to the press with this story.

It's unbelievable how STOOOOPID some people are.

The IRS will come a knockin' and it might be worse than that.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

Michael Nystrom's picture

Pawnstorm, you were right.

The Gold Country couple who unearthed at least $10 million worth of 19th century gold coins in their yard last year will probably owe close to half of that sum in federal and state income tax - whether or not they sell the coins.

http://www.dailypaul.com/313332/i-am-disgusted-couples-gold-...

The only way to make sense out of change is to plunge into it, move with it, and join the dance. - Alan Watts

Glad it wasn't paper money

bugs would of eaten it years ago.

"A great civilization is not conquered from without until it has destroyed itself within" W. Durant

My childhood dream

that came true for these fortunate folks.

What a rush that would be!!!!!

NOSHEEPLE

Gold, humbug

Merely a barbaric relic, hoarded by central banks as a "tradition," according to Bernanke.

Too bad Federal Reserve Notes don't retain their value and appreciate as well.

Bump !

Good luck to the lucky couple !

beesting

Let me see ... take away after tax would be

about a buck twenty-two.

Sooooo,,, they pay tax on 27,000 dollars?

Or 10 million?

so you're doing stand up now?

so you're doing stand up now? if not, you should.

GOBMT said gold is not money,

But our Government doesn’t consider gold as money
So it would have to be taxed at face value only,, right??

NOSHEEPLE

There is a way to get the IRS to tax gold coins at face value

The trick is to sell them at face value.

HTH!

Cyril's picture

Face value!

If their lawyer is any good he'll make and win the case for them loudly:

"Face value! Face value! Face value! (etc)"

...

Et voila! In the Yuckvernment's butt!

Bwahahahaha.

P.S.

I, too, don't quite get why they disclosed anything these days, though...

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

face value.

;)

I use Blue Wave, but don't expect one of THEIR silly taglines.

stupid dumb people... why

stupid dumb people... why tell anyone? here comes the IRS.

My guess...

They didn't know the worth of their treasure or how to use it.

Because

they decided they'd be happier turning the coins into cash they could spend and enjoy than if they just locked away the coins and kept them secret. What would you have done?

Sold them one by one...

...slowly but surely...

Wha? .....hey....who stole my country?

To who?

If the idea is to sell them one per year to stay in a lower tax bracket, that's sensible. You don't owe taxes on them until you sell them.

But a million dollar coin is only worth a million dollars after it's authenticated, and the market for selling that kind of thing is very limited if you want to get anything close to the appraised value. Very hard to do in secret.

Sorry, just being realistic. If it were gold that wasn't of value for anything other than its weight you could move it a little at a time without any more risk than with any other generic gold, if you were so inclined, but coins like the ones they found are a different sort of thing entirely.

What do you mean to who?

Anyone who collects or wants them of course.

The problem is finding someone

For collectibles, the long-term cap gains rate is 28%. On a million dollar coin, the auction house is going to take a cut too. Let's say if you do it all openly, you might net $650,000 or so, depending on the auction house cut.

If you want to do it all secretly, and keep the IRS from finding out about it for the rest of your life, you need to find someone who will give you more than $650,000 for the coin, and who won't rat you out if the IRS finds out about anything else they've done and squeezes them. Do you know people with that kind of money, who would be able to authenticate the coin themselves, etc? If not would you be able to find them?

One coin a year,,,,

That's what I would have done. It was and is the perfect bank.

very stupid...

bet you wells fargo claims it's theirs from a stage coach robbery!

When did common sense become a super power? –Patrick F. Holman

C_T_CZ's picture

Hopefully they are Liberty activists...

And can now make wildly generous donations to Liberty candidates!

Proclaim LIBERTY throughout all the land unto all the inhabitants thereof

They live outside of San Francisco

by Sausalito. They said some of the proceeds would go to "the arts" so, I doubt, it but anything is possible.

Cyril's picture

Very happy for them. :)

Very happy for them. :)

I wish them to be wise with it.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Amazing!

Good for this couple, but they made a Big mistake telling anyone about their find. I hope it works out for them in the end.

When a true genius appears in the world, you may know him by this sign: that the dunces are all in confederacy against him. ~J. Swift

That's wonderful... the

That's wonderful... the government found $5 million in new revenues!!!

Oh, I mean it's wonderful that the couple found $10M in coins but too bad they are partners with big gov.

...