A couple from Northern California took their dog for a walk on their Gold Country property and made an astounding discovery: a $10 million bonanza in rare, mint-condition gold coins buried beneath an old tree. In a Feb. 25 MSN Business News report, it was said they found 1, 427 coins, all dating back from between 1847 and 1894.
The coins have been assessed by David Hall, the co-founder of Professional Coin Grading Service of Santa Ana. All the coins have been authenticated and are said to be in uncirculated mint condition. Were the coins valued simply by their face value, the sum would equal about $27,000. However, a few of the gold coins are so rare that each could bring as much as $1 million.
Don Kagin, a numismatist whose family has been in the business for 81 years, is representing the family. He calls the find something like a finding “the pot of gold at the end of the rainbow."
The actual names of the couple and the location of their property are being kept confidential for several reasons. The middle-aged couple has lived on the property for several years. They wish to keep the location undisclosed to protect it from modern-day prospectors who might descend on them. They also don’t want their newfound fortune to cause others to treat them differently.
The coins will be listed for sale through Amazon. The couple plans to hold on to a few keepsakes and then to pay off some bills and donate to some local charities with the sale proceeds.
The coins were found in a location the man and woman had walked countless times before. She stopped to inspect a corroded can forced out of the ground by erosion when she discovered the hoard. There were several canisters containing the coins. Each canister contained coins in chronological order. For instance one held coins from the 1840s and 1850s. The next held coins from the 1860s and so on. The pattern suggests someone was saving them and then burying the filled containers and using the location as their personal bank, instead of the coins being gathered all at once from something like a bank or train robbery.
Paper money had been illegal in California prior to the 1870s, so most of the coins that were used are long gone. It is rare to find coins from this period in such good condition. The coins are in $5, $10 and $20 denominations. Kagin believes the find may be the largest in U.S. history.
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