360° Coverage : California couple's buried gold coins go for sale

2 Updates

California couple's buried gold coins go for sale

May 27 2014, 4:52pm CDT | by

SAN FRANCISCO (AP) — A treasure trove of rare gold coins that were discovered by a California couple out walking their dog last year are set to go on sale. The nearly 1,430 coins date...

Filed under: news

 
 
 

21 weeks ago

California couple's buried gold coins go for sale

May 27 2014, 4:52pm CDT | by

SAN FRANCISCO (AP) — A treasure trove of rare gold coins that were discovered by a California couple out walking their dog last year are set to go on sale. The nearly 1,430 coins date from 1847 to 1894 and have been valued at more than $11 million. One will be auctioned at the Old San Francisco Mint on Tuesday at 8:30 p.m. Most of the rest will go on sale on Amazon.com and Kagin's.com later at night. Here are five things to know about the coins and their origin:

WHY ARE THEY SO VALUABLE?

Experts say paper money was illegal in California until the 1870s, so it's extremely rare to find any coins from before that period. Additionally, most of the coins are in mint condition, having been stashed away seemingly immediately after they were minted. They were valued by Don Kagin, a numismatist who is handling the sale and marketing of the coins.

WHO FOUND THEM?

Kagin says the couple — a middle-aged husband and wife — does not want to be identified in part to avoid a gold rush on their rural Northern California property by modern-day prospectors. They discovered the coins in eight cans buried in the shadow of an old tree on the property. They plan to keep a few of the coins themselves and use the money from the rest to pay off bills and donate to local charities. Money from Tuesday's auction will benefit the effort to turn the Old Mint into a museum.

WHERE DID THE COINS COME FROM?

Most of the coins were minted at the San Francisco Mint, according to Kagin. It's not clear, however, who put them in the ground or how they were obtained, though theories have abounded. Kagin says people have linked the coins to stagecoach bandit Black Bart, outlaw Jesse James and a theft at the San Francisco Mint, but none of the theories has panned out.

WHAT IS IN THE COLLECTION?

The treasure consists of four $5 gold pieces, fifty $10 gold pieces, and 1,373 $20 double eagles. Among the coins that will be on display Tuesday is the crown jewel of the collection — an 1866-S No Motto $20 gold piece valued at more than $1 million.

HOW DOES THIS DISCOVERY COMPARE TO OTHER COIN FINDS?

Kagin calls this coin find the largest such discovery in U.S. history. One of the largest previous finds of gold coins was uncovered by construction workers in Jackson, Tennessee, in 1985 and valued at $1 million. More than 400,000 silver dollars were found in the home of a Reno, Nevada, man who died in 1974 and were later sold intact for $7.3 million. Gold coins and ingots said to be worth as much as $130 million were recovered in the 1980s from the wreck of the SS Central America. But historians knew roughly where that gold was because the ship went down off the coast of North Carolina during a hurricane in 1857.

 
Update
2

8 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slashing the workforce of 20,000 b ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

8 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies o ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/31" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

blog comments powered by Disqus

Latest stories

Australia to stop visa requests from Ebola-affected countries
Sydney, Oct 27 (IANS/EFE) The Australian government has stopped visa requests from Ebola-affected countries to help prevent its outbreak in the country, Immigration Minister Scott Morrison told Parliament Monday.
 
 
Only two people remain in hospital after Spain Ebola scare
Madrid, Oct 27 (IANS/EFE) Ten people were discharged Monday from the Carlos III Hospital in Madrid where they were in quarantine, after they showed no signs of the Ebola virus at the end of the 21-day incubation period.
 
 
Ebola co-discoverer: Crisis avoidable by acting early
Hong Kong, Oct 27 (IANS) Peter Piot, co-discoverer of the Ebola virus in 1976, said here Monday that the lesson that people should draw from an Ebola crisis was that it could be avoidable by acting early.
 
 
Geological discovery raises questions on continent formation
Sydney, Oct 27 (IANS/EFE) The discovery of fragments of Australia in the subsoil of the volcanic Vanuatu island in the South Pacific raises new questions on how continents are formed, an Australian university said Monday.
 
 
 

Latest from the Network

Reinartz out for three months with eye injury
Berlin, Oct 27 (IANS) Bundesliga side Bayer Leverkusen will be without their defensive mid-fielder Stefan Reinartz for three months as he fractured his eye socket. The 25-year-old German, who has earned three...
Read more on Sport Balla
 
Pakistan PM urged to probe London rally incident
Islamabad, Oct 27 (IANS) Pakistan Peoples Party (PPP) leader Rehman Malik urged Prime Minister Nawaz Sharif to probe a Kashmir rally incident in London, where Bilawal Bhutto was forced off the stage, media reported...
Read more on Politics Balla
 
Google employee held for 'cyberstalking'
New York, Oct 27 (IANS) A 23-year-old Google employee has been arrested for allegedly cyberstalking a former classmate, a medai report said. According to a San Francisco Chronicle report, Nicholas Rotundo, an internal...
Read more on Politics Balla
 
Indians in Washington celebrate Diwali
Washington, Oct 27 (IANS) The Indian community in Washington celebrated Diwali with the Indian ambassador S. Jaishankar noting how the festival has become part of Indian American community's presence and profile in the...
Read more on Celebrity Balla
 
Astronomers produce first images of exploding stellar fireball
Washington, Oct 27 (IANS) The expansion of thermonuclear fireball from a nova that erupted last year in the constellation Delphinus was more complicated than the simple models used previously would have predicted,...
Read more on Business Balla
 
Paul Allen Donates At Least $100M to Fight Ebola Virus
Paul Allen has just made himself a certified crusader against the deadly Ebola virus.Allen, the Portland Trail Blazers and Seattle Seahawks owner, pledged to donate "at least $100 million" to Tackle Ebola. He wrote a...
Read more on Sport Balla
 
Spanish La Liga standings
Madrid, Oct 27 (IANS) Following are the Spanish La Liga standings after Sunday's matches (tabulated under matches played, won, drawn, lost, goals for, goals against, points), according to Xinhua. Barcelona 9...
Read more on Sport Balla
 
China stocks open lower
Beijing, Oct 27 (IANS) Chinese stocks opened lower Monday with the benchmark Shanghai Composite Index opening at 2,293.57 points, down 8.71 points or 0.38 percent. The Shenzhen Component Index opened at 7,881.01, down...
Read more on Business Balla
 
Italian Serie A results
Rome, Oct 27 (IANS) Following are the collated results of Italy's Serie A matches Sunday, according to Xinhua. Chievo lost to Genoa 1-2 Juventus bt Palermo 2-0 Udinese bt Atalanta 2-0 Cesena lost to Inter Milan 0-1...
Read more on Sport Balla
 
China mulls scrapping death penalty for 9 crimes
Beijing, Oct 27 (IANS) Chinese lawmakers are considering to remove the death penalty for nine crimes, including smuggling weapons and nuclear materials. The draft amendment to the Criminal Law was submitted Monday to...
Read more on Politics Balla