California couple strikes gold after finding $10 million in rare coins

[DLC]

(CNN) -- Eureka!

A husband and wife are reveling in their good fortune after finding $10 million in rare gold coins buried on their property in Northern California.

The gold country discovery is thought to be the largest of its kind in U.S. history, according to David Hall, co-founder of Professional Coin Grading Service, which authenticated the find.

"It's quite a story. People were walking along on their property in Northern California, noticed something, began digging and they found cans of gold coins," Hall said.

"It should have happened to you and me."

The incredible find

The coins were unearthed in February 2013 by the husband and wife, who wish to remain anonymous.

They were walking their dog when they spotted something shiny on the ground.

The couple dug and eventually discovered eight metal cans, containing more than 1,400 gold coins.

No one knows how they got there, or who the coins might have belonged to.

"Somebody could have buried them and then died before they let anybody know where they were," Hall said.

"Believe it or not, I know cases where they forgot they had something, or they moved or whatever ... It could have been some kind of robbery deal ... Who knows?"

The treasure is known as the "Saddle Ridge Hoard" because it was discovered near a hill the couple called Saddle Ridge.

In their effort to stay anonymous, the husband and wife aren't saying exactly where the fortune was found.

The coins

The coins, in $5, $10 and $20 denominations, are dated from 1847 to 1894. Most were minted in San Francisco.

They have a combined face value of about $27,000, but experts believe they could fetch $10 million or more.

The couple is planning to sell much of the collection.

Approximately 90% of the coins will go up on Amazon.com's "Collectibles" site, according to Don Kagin, of Kagin's, Inc., who is assisting the anonymous owners.

Collectors wanting a sneak peak can see some of the coins at the American Numismatic Association's 2014 National Money Show in Atlanta, which opens Thursday.

"Unlike other hoards and treasures, this one includes a great variety of coins struck over many different years, and many of the coins are still in pristine condition," Kagin said in a statement.

"And add to that a wonderful human interest story: this family literally found the pot of gold at the end of the rainbow."

http://edition.cnn.com/2014/02/25/us/california-gold-discovery/

 

[DLC]

 

[sharkboy1200]

It's GOOOOOOLLLLDDDD!!!!

 

[Z A C K]

Must be bitcoin.

 

[andrew2]

They'll regret selling their gold when the when federal reserve funny e.g. fiat money become useless paper pretty soon.

 

[BDaddyK]

...And the IRS just found $4 million bucks too

 

[DLC]

California couple in $10M gold find may owe gov’t about half, report says

One couple's gold find could mean a jackpot for the IRS.
The Northern California couple that found $10 million worth of rare, mint-condition gold coins buried in the shadow of an old tree on their property will likely owe about half the find's value whether they sell the gold or not.
The San Francisco Chronicle reports

that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.
"If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession,” the report said, citing the IRS tax guide.

http://www.foxnews.com/us/2014/02/2...gold-find-to-owe-govt-about-half-report-says/

IRS right now:

 

[BraddersTheDog]

IRS gonna take their sh*t.

 

[sharkboy1200]

California couple in $10M gold find may owe gov’t about half, report says



http://www.foxnews.com/us/2014/02/2...gold-find-to-owe-govt-about-half-report-says/

IRS right now:

Meh, considering they still get $5 million, I can't say I feel bad for them. Unless they get addicted to motorcycling, then they should be able to live off that money alone for a good long time.

 

[DLC]

Meh, considering they still get $5 million, I can't say I feel bad for them. Unless they get addicted to motorcycling, then they should be able to live off that money alone for a good long time.

True that, but had it been in my country we have some people that just do anything to get away with taxes, some of the most rich people here move to other countries to get away from paying taxes.

 

[sharkboy1200]

True that, but had it been in my country we have some people that just do anything to get away with taxes, some of the most rich people here move to other countries to get away from paying taxes.

This happens in my country too.