Toledo Talk

$10M Gold Coin Hoard Found

You heard about this, right? A news report said the couple found $10Mil in gold coins on their property and the government was going to claim $5 million of the treasure. Well, it's just getting worse now. You have to kind of laugh at it. I suppose they thought they were going to get a book offer out of it and make another $5M to make up for the government's take. Isn't there a statute of limitations on this?

"A California couple who found a stash of buried gold coins valued at $10 million may not be so lucky after all. The coins may have been stolen from the US Mint in 1900 and thus be the property of the government, according to a published report.

"The couple is trying to remain anonymous after finding the five cans of coins last spring on their Tiburon property in northern California and conducted an interview with Kagin."

http://gma.yahoo.com/10m-gold-coin-hoard-found-yard-may-stolen-141317823--abc-news-personal-finance.html?vp=1

created by pete on Mar 04, 2014 at 08:19:07 pm     Comments: 21

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Comments ... #

Umkay.

Let's see,

No, there is no book deal. Nor is one suggestion in your linked article.

Why would a person who just stumbled into $5M need to do anything to "make up" the suggested $5M in tax? Illogical.
Hello.... $5M after taxes. Found. $5M.

Your own article refutes your suggestion of the theft connection:
"Mint spokesman Adam Stump issued this statement when contacted today by ABC News: "We do not have any information linking the Saddle Ridge Hoard coins to any thefts at any United States Mint facility."

Leaving the casual reader to ask themselves "WTF is up with this hater?"

posted by justread on Mar 04, 2014 at 09:48:16 pm     #  

Justread, did you miss this paragraph?

"This was someone's private coin, created by the mint manager or someone with access to the inner workings of the Old Granite Lady (San Francisco Mint)," Trout told the newspaper. "It was likely created in revenge for the assassination of Lincoln the previous year (April 14, 1865). I don't believe that coin ever left The Mint until the robbery. For it to show up as part of the treasure find links it directly to that inside job at the turn of the century at the San Francisco Mint."

posted by pete on Mar 05, 2014 at 01:56:49 am     #  

No.

Trout's guess was refuted by the statement from the actual spokesman from the actual mint.

I haven't figured out why we are laughing at these people yet.

posted by justread on Mar 05, 2014 at 07:03:16 am     #  

" laughing at these people "
Because they couldn't keep their mouths shut.

posted by pete on Mar 05, 2014 at 09:17:48 am     #  

Where were they going to cash these in - without questions and paperwork pete? A Seven Eleven Change to Cash machine?

posted by Molsonator on Mar 05, 2014 at 09:26:50 am     #   1 person liked this

Sell 'em one at a time over several years.

posted by pete on Mar 05, 2014 at 09:43:12 am     #  

I have decided that I don't need to understand why someone would have contempt and disdain for total strangers and assign negative motives to them simply because they found something of value.
Like the kids say, haters are gonna hate.

posted by justread on Mar 05, 2014 at 10:08:57 am     #   7 people liked this

"simply because they found something of value. "

Not at all! I am happy when someone finds something like that. I am just astounded that they had to blab to the entire world about their find. Everyone, especially the government, now wants a piece of their good fortune. They should have kept their mouths shut.

posted by pete on Mar 05, 2014 at 10:18:39 am     #  

I had the same thought. Why would you tell anyone anything they absolutely did not need to know? The government already steals a fortune from us. Why lick the boot that kicks you?

posted by madjack on Mar 05, 2014 at 10:22:30 am     #   2 people liked this

Here is the problem as I see it. The coins are identifiable and i think I heard on TV this morning that they were never circulated. You sell a few of these then someone decides to trace them back to you and between legal fees and paying the gov restitution...you're screwed. Why live life worrying about that? Come clean and whatever is supposed to happen will.

posted by Molsonator on Mar 05, 2014 at 10:37:08 am     #  

Only one coin out of the stash is identifiable as unique. The rest are uncirculated, but not unique. There are thousands similar out there.

posted by pete on Mar 05, 2014 at 10:49:20 am     #  

madjack posted at 09:22:30 AM on Mar 05, 2014:

I had the same thought. Why would you tell anyone anything they absolutely did not need to know? The government already steals a fortune from us. Why lick the boot that kicks you?

I wouldn't have said a word.

posted by justread on Mar 05, 2014 at 11:12:17 am     #  

There is an amazing amount of speculation and misinformation surrounding these coins.

Here is an additional article.

http://www.cnn.com/2014/03/04/us/california-gold-discovery/

posted by justread on Mar 05, 2014 at 11:17:25 am     #  

I think there is a reason it used to be called "gold fever."

posted by viola on Mar 05, 2014 at 11:40:43 am     #  

pete posted at 08:43:12 AM on Mar 05, 2014:

Sell 'em one at a time over several years.

So you are advocating selling them one at a time to avoid detection by the IRS? Because this find clearly is taxable and reportable on their federal and state returns.

And unless these people are really foolish (and I don't think they are), they will deal with these found coins in a way that minimize their total tax liability to much less than 50% (charitable gifting, etc.)

posted by Ace_Face on Mar 05, 2014 at 12:06:23 pm     #  

An attorney/cpa even suggested they try to treat it as capital gains - a much lower tax rate.

He made the case that the owners purchased the property with the gold coins buried - unknown to them of course. The discovery exponentially increased the value of the property thereby creating a capital gain - not taxable income.

However, he also said good luck convincing the IRS and state of CA of that. Interesting theory.

posted by Foodie on Mar 05, 2014 at 12:25:18 pm     #  

Sooo... the coins belonged to the US government and were stolen, right? Is there a good reason the US gov't SHOULDN'T claim them and demand their return?

posted by endcycle on Mar 06, 2014 at 11:19:02 am     #  

"the coins belonged to the US government and were stolen, right?"

Not right.

Some guy named Jack Trout, a hobbiest and fly-fishing expert, suggested they were stolen. Everybody loves a good scandal, so the incorrect suggestion grew legs and won't die. That suggestion was refuted by other experts and a spokesman from the US Mint. This information can be found in all of the linked articles in this thread.
The "stolen" claim just keeps being refuted.
Again today: http://abclocal.go.com/kgo/story?section=news/state&id=9454363

posted by justread on Mar 06, 2014 at 11:25:42 am     #  

Ah, cool. That changes things - thanks for the info!

posted by endcycle on Mar 06, 2014 at 01:34:06 pm     #  

Isn't there a statute of limitations on that?

posted by MIJeff on Mar 06, 2014 at 03:12:41 pm     #  

"An attorney/cpa even suggested they try to treat it as capital gains - a much lower tax rate."

That CPA is a genius! 15% long-term capital gain rate! As the saying goes, "A man needs three things in life: A good doctor, a forgiving priest, and a clever accountant."

posted by Dappling2 on Mar 06, 2014 at 10:57:24 pm     #