CA Couple Finds 10 Million in Gold Coins

[William-NM]

Man, how would you like to find a little cache like this?
http://abcnews.go.com/US/wireStory/calif-couple-strike-10-million-gold-coin-bonanza-22667087

 

[Night Crawler]

That's great find, thanks for sharing that William-NM.

 

[Wandering Yoda]

Looks like some of those stellar coins are going to the ANA Money Show in Atlanta, if fongu is going maybe he will see'em there and take some pics

 

[Robert2300]

Hopefully the government won't find a way to steal the gold from these people.
Robt2300

 

[William-NM]

I mean, can you imagine finding a buried canister on your land and opening it up and pulling gold coin after gold coin out... I don't know if my heart would explode first or my head...either way, I'm pretty sure I would have keeled over. I don't blame them for not giving their address - I'm not sure I would have gone public with the find at all, though I'm glad that they did. I suppose it would look suspicious if you just started dropping a million here and there, heh. How does that work - will they owe tax on it?

 

[bik-il]

I'm very grateful for their help!
I was beginning to wonder where Ieft those cans! Lol

Man, what a great story. The only cache I've found was under the couch cushions.
Can't wait till spring to get out hunting again.
HH

 

[bradwheat777]

From what I understand the IRS considers it taxable income based on some 1969 regulation classified as a treasure trove. They could fight this if they can prove the trove was previously on the property prior to them owning it so I have read. Anyway if it were me and I found something like that, I would not be broadcasting it. I would do everything I could to keep it on the low down. Don't want to give more to this greedy government. Just my $0.02.

 

[BensJamming]

I also read about that IRS thing. The way I understand it though is they would have to claim and prove that it was their and they "lost" it but are now recovering their own property otherwise gift taxes will apply both federally and state...... What a shame that a couple gets lucky only to have to give half if not more of it up..... I would still be happy with what I got but the Gov't sure needs to stick its nose in everywhere they can if they get cash out of it....

 

[William-NM]

Interesting. Either way, they're loaded, but I think the gov. would get plenty in sales tax as it gets spent without getting greedy about it... Quiet is good!

 

[asiandigger]

I hope they can keep it, I saw something on the news earlier here in California that the gold coins were minted in San Francisco and stolen about a hundred years ago.

 

[mudpuppy]

I love stories like this! All those silver coins Aquachigger found in the river with his AtPro and videotaped it! Remember that one? Or the guys who find a huge nugget in the Outback? Or that guy in England who found that Saxon Hoard? Anyway, we must prepare our minds in the event something like this happens to one of us...since we actually have a small chance as we are out and hunting! We have a better chance for a monster score than most! So its a good idea to prepare your mind to be able to deal with it when it happens...
Mud

 

[M_d_in_guy]

Ty William for this other link, I'd been following the story through PCGS emails. I certainly hope the find is able to be kept by them without being taxed at from what I heard maybe a hefty 60%, that would be an outright shame if so. Here is another link on the story, short article.


http://www.pcgs.com/news/pcgs-certifies-10-million-gold-coins?utm_source=ezine&utm_medium=email&utm_campaign=ezine02252014

 

[William-NM]

asiandigger: That would be harsh if they had to give it up. It would make for an interesting case, though. Found on their land, so they have possession on their side. Is there a statute of limitations for such finds? I hope they get to keep them.

Mud: Yes, I read all those stories and a couple more from the UK this year. My favorite is still the one you mentioned about the out of work man who bought a used detector for $6 at a yard sale and found that huge hoard of Roman gold in a farmer's field in the UK. We could learn a lot about equitable treatment of MD finds from them. I am mentally preparing myself for finding the big one! I'm also doing some weight training so I can manage those hefty gold bars. Bring it on!!

M_d_in_guy: 60% sounds fair---NOT.

 

[mudpuppy]

I show all these vids of massive finds to my Wife...I make her sit here and WATCH the vids! I tell her thats why I do this detecting thing! SEE! SEE! its only a matter of time!

Yep, a guy has to prepare the mind for the BIG SCORE...gotta settle down and get it all, might have to use your shirt for a carry bag or something, or tie a knot in your pant leg bottoms and load them up too...might have to hike back to the car in your underwear dragging your pants and shirt full of gold bars and coins! Might have to leave your gear! Matter of fact, might not want to go home at all!
You know what will happen...SHE will take ALL of it from you anyway! I'm more afraid of Her than any govt outfit!

Oh well, might just forget the whole BIG SCORE thing and stick to clad, at least I can buy myself some beer and not have to worry about loosing my shirt or pants to somebody...
Mud

 

[Pyledriver]

Mudpuppy, that kind of positive thinking will go far! I don't plan to use my shirt for a bag but WOULD. In that vein, I have several tyvek bags and put one in each pack, fanny pack, etc. If I'm hunting pigs, treasure, fishing or whatever-those bags weigh nothing, take up little space, but can haul a lot!

 

[Canine]

Statutes of Limitations are often not highly specific and set in stone. Just because the books say 10 years doesn't mean that is an absolute number. There are a number of factors that are considered- the biggest one being the extreme dollar amount. Whoever has ties to that money is going to use whatever resource available to keep it all to themselves.

Several years ago a treasure hunter found a HUGE treasure from a sunken ship. Over a billion dollars in antiquities, gold, silver. The treasure hunter spent millions and several years looking for this specific ship. He was happy when he finally found it. His investors were happy. The state wanted part of it. He offered a sizable percentage of the loot to the state while keeping 70% or more for himself. The state wanted ALL of it. He adamantly disagreed. They went to court for years. A final judgement of 100% ownership was made in favor of the treasure hunter. He kept it all. Ha ha to the state for being so greedy.

A documentary was made on it. I think it was in Florida.

 

[William-NM]

That's pretty funny. Good for him for sticking to his guns and doing the right thing. It sounds like the Fed will want 60% of this find, sheesh. At least they didn't spend millions of $$ and years looking for it...