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Posted: 2/28/2014 6:36:31 AM EDT
[#1]
They will be confiscated.
There was a story a while back where a family inherited some rare gold coins, the feds stated that year was never issued so the coins were stolen. |
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Posted: 2/28/2014 6:40:23 AM EDT
[#2]
He's fooked.
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Posted: 2/28/2014 6:49:26 AM EDT
[#3]
Quote HistoryQuoted: They will be confiscated. There was a story a while back where a family inherited some rare gold coins, the feds stated that year was never issued so the coins were stolen. Executive Order 6102 required any US gold coins in excess of $100 face value to be surrendered to the Federal Reserve on or before May 1, 1933 in exchange for $20.67 per troy ounce. I wouldn't be surprised if the feds go after the coins on that basis. |
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Posted: 2/28/2014 6:59:28 AM EDT
[#4]
Find gold coins.
STFU Melt gold coins down into small bars. Sell to gold buyers as needed for money. People are fucking stupid. |
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Posted: 2/28/2014 7:07:36 AM EDT
[#5]
Quote HistoryQuoted:
fucking ridiculous $27,000 face is about 1300 ounces or roughly 1.7 million, a lot of money but only 15% of the stated value, it would be fairly easy to get 50% of the ten million in a hurry and cut your losses with that or sell singles for full value over time. Quote HistoryQuoted:
Quoted:
They most certainly would have had to melt the coins down. Coins that recognizable would have drawn attention in short order anyways. $27,000 face is about 1300 ounces or roughly 1.7 million, a lot of money but only 15% of the stated value, it would be fairly easy to get 50% of the ten million in a hurry and cut your losses with that or sell singles for full value over time. Doesn't work like that. No one would buy your story if you secretly sold them 1 at a time. You have to tell people and tap multiple resources if you want more than spot value. Gold is gold. The plausible backstory of burial and discovery is the only thing separating these coins from modern day reproductions with a fake date stamp. The money is in verifying the story. That said, fuck that. I'd be one coin melting sum'btich if I stumbled upon that hoard. A tax free 2 million is enough to retire on. Put it in the bond market. Live off the interest. |
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Posted: 2/28/2014 7:08:09 AM EDT
[#6]
Sad thing? Even Rick and the Old Man on Pawnstars wouldn't screw this couple as bad as Obama and Gov. Moonbeam.
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Posted: 2/28/2014 7:09:38 AM EDT
[#7]
I doubt they are the stolen coins. I have no doubt the government will try to take all or a cut
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Posted: 2/28/2014 7:13:30 AM EDT
[#8]
Quote HistoryQuoted:
What are the chances that this collection on the open market could seriously devalue someone's current collection? It's already happening.. |
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Posted: 2/28/2014 7:13:34 AM EDT
[#9]
Haha stupid California liberals gonna get all their gold taken away!!
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Posted: 2/28/2014 7:16:26 AM EDT
[#10]
Quote HistoryQuoted:
They most certainly would have had to melt the coins down. Coins that recognizable would have drawn attention in short order anyways. Not if you find a very wealthy coin collector who really wants them, one at a time. You might get invited for a nice luncheon at a mansion, and, why, look at that, you just found an investor for that company you meant to start, no profit or payback required. 
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Posted: 2/28/2014 7:18:50 AM EDT
[#11]
Quote HistoryQuoted:
What are the chances that this collection on the open market could seriously devalue someone's current collection? I'd say it's a certainty. |
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Posted: 2/28/2014 7:28:37 AM EDT
[#12]
Quote HistoryQuoted:
Find gold coins. STFU Melt gold coins down into small bars. Sell to gold buyers as needed for money. People are fucking stupid. Unassayed gold? Where did you get that, citizen? Probably safer to learn to make jewelry, then try to sell that. |
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Posted: 2/28/2014 7:33:26 AM EDT
[#13]
Quote HistoryQuoted:
They will be confiscated. There was a story a while back where a family inherited some rare gold coins, the feds stated that year was never issued so the coins were stolen. As you mentioned, they coins were never issued, therefore the gov can prove ownership. I believe they had been minted, and a few employees kept a few before the rest were melted. |
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Posted: 2/28/2014 7:33:44 AM EDT
[#14]
Idiots should have kept their mouths shut.
Coins will be seized just like the last Double eagles that were found, stolen in the 30's by a mint employee. |
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Posted: 2/28/2014 7:35:27 AM EDT
[#15]
Quote HistoryQuoted:
I'll never understand why people don't just shut the hell up when things like this happen. Yep. As soon as I saw the story I thought how stupid it was of them to have announced it. |
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Posted: 2/28/2014 7:40:57 AM EDT
[#16]
Quote HistoryQuoted:
Won't be long before it gets taken away ABSOLUTELY. What giant dumbasses these people were and they deserve what's going to happen to them for being so damned dumb. "Oh, look honey. A bunch of rare and valuable gold coins in rusted cans. Quck! Call the newspaper so we can let the whole world know about this and we can get our pictures in the paper!" Again, what giant dumbasses. |
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Posted: 2/28/2014 7:43:13 AM EDT
[#17]
Here you go history channel, a story for the masses.
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Posted: 2/28/2014 7:45:58 AM EDT
[#18]
Now they will lose 100% of it. They should have SHTF.
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Posted: 2/28/2014 7:45:58 AM EDT
[#19]
They should have "found" them at their vacation home in Alaska. No income tax and it would not be in the correct area to be easily connected to stolen coins in SF.
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Posted: 2/28/2014 7:57:31 AM EDT
[#20]
Two things strike me as odd.
1. Walter Dimmick stole $20 Double Eagle coins the couple found coins in $5, $10 and $20 denominations. 2. Walter Dimmick stole the coins at the San Francisco Mint the coins were found the Sierra Nevada area. That’s a long way to haul coins in 1901 two to three days on horseback. Hell yes the federal government will try to get them we have an attorney general that believes he only has to enforce the laws he believes in. |
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Posted: 2/28/2014 8:09:07 AM EDT
[#21]
Quote HistoryQuoted:
Quote HistoryQuoted:
Quoted:
Won't be long before it gets taken away Quoted:
I'll never understand why people don't just shut the hell up when things like this happen. This.. and that.. |
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Posted: 2/28/2014 8:19:10 AM EDT
[#22]
Quote HistoryQuoted:
Now they will lose 100% of it. They should have SHTF. You know, as often as this topic has been duped and as often as its been explained, I'm amazed that people can't keep themselves from saying stupid crap like the above. Now please, explain to the class how one profits from a find like this if they don't say anything about it. |
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Posted: 2/28/2014 8:26:59 AM EDT
[#23]
Quote HistoryQuoted:
It's difficult to dump a $1,000,000 coin on the market and not have anyone take notice. Especially when you have over a thousand coins. Quote HistoryQuoted:
Quoted:
The couple should have shut up and said nothing about them, then dumped them on the market one at a time. It's difficult to dump a $1,000,000 coin on the market and not have anyone take notice. Especially when you have over a thousand coins. Do-able. Learn who the big league collectors are. Trade, learn market, finally approach qualified collectors and sell masterpieces. |
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Posted: 2/28/2014 8:27:13 AM EDT
[#24]
Quote HistoryQuoted:
They weren't necessarily stolen from the Government. The coins were found, but most likely, no one can prove one way or the other if they were stolen. The government will likely seize them and make the claim. The people should have sold off "Grandpa's Coin Collection" a coin at a time. Quote HistoryQuoted:
They weren't necessarily stolen from the Government. The coins were found, but most likely, no one can prove one way or the other if they were stolen. The government will likely seize them and make the claim. The people should have sold off "Grandpa's Coin Collection" a coin at a time. I bring you http://rt.com/usa/gold-coins-pennsylvania-family-626/ Because the government ordered the destruction of their entire supply of coins decades earlier, the court found that Switt’s family was illegally in possession of the stash. Even though they may had been presented to the dealer by a Philadelphia Mint staffer, Judge Davis agrees with last year’s ruling that Mr. McCann broke the law. |
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Posted: 2/28/2014 8:31:48 AM EDT
[#25]
Quote HistoryQuoted:
Here is the problem with not telling anyone.. You would have only one way to sell the coins and make the money their rarity is worth.. On the black market. Any that is a long, long shot.. Like leave the US and never come back.. The catch is getting the coins authenticated and graded.. If you send them to NGC or PCGS to be graded your screwed, games up.. So you would have to find a group of coin dealers to all put there names and reputations behind a black market coin to get a net grade and authentication.. Coin dealers in the US are bound to financial instatutions laws.. They have to report things like this.. And in the coin world you get one shot.. Any bad mark on your record and your blacklisted.. The whole thing runs on a crazy system of trust. The gov almost always figures out who was behind a coin found on the black market.. Even years down the road people do serious time for shit like this.. So you are not going to find a dealer or dealers in the US to help, and you can't get the coins graded.. Nobody is going to but a coin like that ungraded and raw. So you have to leave the US and take a fraction of the real market value.. The family is doing things right.. The coins are being preserved and graded by the best in the coin world, the dealer they are using (a good guy) knows all about these kind of collections. He has lawyers and tax consultants as well as necessary security. This is not his first million dollar collection. They will get the coins graded and make an auction catalog and population report for the coins. Though when these coins are slabbed (put in sealed plastic) the PCGS grading tag will indicate they were part of this find.. Pedigree is important to coin nerds. They will market it up for a year or two and then make plenty at auction and selling to dealers. They will pay the taxes and still come out WAY ahead.. BTW - the dealer handling this find is a dirty Inky.. I once flew to San Fransisco from LA to deliver a single coin to him.. Met him at the airport and got back on a plane home.. Lets just say the value of the coin made the flight well worth it.. you may be correct but showing up to grade a single coin would have not gotten so much attention. "Where did you get this?" "Oh i found it in Grandpas old steamer trunk in the attic." Showing up with 10 million worth raises some eyebrows. |
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Posted: 2/28/2014 8:34:01 AM EDT
[#26]
Quote HistoryQuoted:
When you purchase your property isn't everything on it yours? Just curious, I don't know the laws concerning that. Quote HistoryQuoted:
Quoted:
If the coins are found to be stolen, then it's okay to keep them and say nothing? Interesting, Arfcom does not hate thieves after all.  When you purchase your property you SHOULD own everything on it, but, you don't. If any increase in value is discovered you owe for that increase. Oil and gas are two simple examples. Not saying it is right, just pointing out our system's design. TRG |
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Posted: 2/28/2014 8:36:53 AM EDT
[#27]
Quote HistoryQuoted:
Idiots should have kept their mouths shut. Coins will be seized just like the last Double eagles that were found, stolen in the 30's by a mint employee. The King Farouk coins are a much different set of events than what we have here. |
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Posted: 2/28/2014 8:39:11 AM EDT
[#28]
A lot of "government is gonna terk em" hysterics based on cases that are completely different.
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Posted: 2/28/2014 9:35:06 AM EDT
[#29]
Quote HistoryQuoted:
Now they will lose 100% of it. They should have SHTF. I don't think that acronym means what you think it does.
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Posted: 2/28/2014 10:22:52 AM EDT
[#30]
Since these coins were in uncirculated condition, wouldn't the government have to prove the coins stolen were in such condition to even begin to have a case?
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Posted: 2/28/2014 12:16:10 PM EDT
[#31]
Quote HistoryQuoted: I don't think that acronym means what you think it does. Quote HistoryQuoted: Quoted: Now they will lose 100% of it. They should have SHTF. I don't think that acronym means what you think it does. |
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Posted: 2/28/2014 1:42:41 PM EDT
[#32]
I think what everyone is forgetting is that the unless this couple had this property passed down to them for generations I bet someone is filling a lawsuit as we speak. It's California. Laws do not matter, emotions do.
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Posted: 3/1/2014 5:42:34 AM EDT
[#33]
Quote HistoryQuoted:
A lot of "government is gonna terk em" hysterics based on cases that are completely different. Ain't no hysterics... .Gov tries to steal stuff like this all the time. Look at what Mel Fischer had to go through when he found the Etoshia. Florida and the Feds tried to yank it right out from under him. |
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Posted: 3/1/2014 5:47:49 AM EDT
[#34]
Quote HistoryQuoted:
I'll never understand why people don't just shut the hell up when things like this happen. |
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Posted: 3/1/2014 5:56:13 AM EDT
[#35]
Quote HistoryQuoted:
Doesn't work like that. No one would buy your story if you secretly sold them 1 at a time. You have to tell people and tap multiple resources if you want more than spot value. Gold is gold. The plausible backstory of burial and discovery is the only thing separating these coins from modern day reproductions with a fake date stamp. The money is in verifying the story. That said, fuck that. I'd be one coin melting sum'btich if I stumbled upon that hoard. A tax free 2 million is enough to retire on. Put it in the bond market. Live off the interest. True, just like eotech and aimpoints, there is a lot of fake shit coming out of china. I even saw an article talking about buying gold bars and a warning. They are making gold bars with Tungsten pressed in between the gold to make the bars the right weight but only containing a fraction of the gold.... |
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Posted: 3/1/2014 6:04:58 AM EDT
[#36]
Quote HistoryQuoted:
True, just like eotech and aimpoints, there is a lot of fake shit coming out of china. I even saw an article talking about buying gold bars and a warning. They are making gold bars with Tungsten pressed in between the gold to make the bars the right weight but only containing a fraction of the gold.... Quote HistoryQuoted:
Quoted:
Doesn't work like that. No one would buy your story if you secretly sold them 1 at a time. You have to tell people and tap multiple resources if you want more than spot value. Gold is gold. The plausible backstory of burial and discovery is the only thing separating these coins from modern day reproductions with a fake date stamp. The money is in verifying the story. That said, fuck that. I'd be one coin melting sum'btich if I stumbled upon that hoard. A tax free 2 million is enough to retire on. Put it in the bond market. Live off the interest. True, just like eotech and aimpoints, there is a lot of fake shit coming out of china. I even saw an article talking about buying gold bars and a warning. They are making gold bars with Tungsten pressed in between the gold to make the bars the right weight but only containing a fraction of the gold.... China is putting out fake coins in fake slabs with fake grading marks and fake holograms. |
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Posted: 3/1/2014 6:15:52 AM EDT
[#37]
Quote HistoryQuoted:
Here come the feds... eta This story is getting more and more twisted every day. I swear if I ever stumble upon a treasure I will NOT be making announcements and doing press releases. Things will be slowly and quietly sold off. This. I would be selling them one by one as I needed the money. |
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Posted: 3/1/2014 7:04:07 AM EDT
[#38]
Probably libs, so screw 'em. It does illustrate how shutting the fuck up about finding such things might be the way to go.
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Posted: 3/1/2014 7:06:02 AM EDT
[#39]
Quote HistoryQuoted:
If the coins are found to be stolen, then it's okay to keep them and say nothing? Interesting, Arfcom does not hate thieves after all. If we're going to go back that far and make injured parties Whole, then I think you should give your home back to whoever your local Indian tribe use to own your land. Fair is Fair, right? |
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Posted: 3/1/2014 7:36:36 AM EDT
[#40]
Quote HistoryQuoted:
This. I would be selling them one by one as I needed the money. Quote HistoryQuoted:
Quoted:
Here come the feds... eta This story is getting more and more twisted every day. I swear if I ever stumble upon a treasure I will NOT be making announcements and doing press releases. Things will be slowly and quietly sold off. This. I would be selling them one by one as I needed the money. lol Some of these coins will go for 1 million or more, each. Would you like to explain how you would sell off a million dollar coin without anyone knowing? |
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Posted: 3/1/2014 7:39:12 AM EDT
[#41]
Quote HistoryQuoted: Ain't no hysterics... .Gov tries to steal stuff like this all the time. Look at what Mel Fischer had to go through when he found the Etoshia. Florida and the Feds tried to yank it right out from under him. Quote HistoryQuoted: Quoted: A lot of "government is gonna terk em" hysterics based on cases that are completely different. Ain't no hysterics... .Gov tries to steal stuff like this all the time. Look at what Mel Fischer had to go through when he found the Etoshia. Florida and the Feds tried to yank it right out from under him. It's the same as when I find a site on someone's property, all the artifacts belong to the land owner. In this state they aren't allowed to dig in a site without a permit, but what I dig up with a permit goes to the land owner, no matter how fancy or valuable. |
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Posted: 3/1/2014 7:49:25 AM EDT
[#42]
Quote HistoryQuoted:
If your guns were stolen and dumped on my property, are they mine? I'm not a lawyer but my first guess would be they are still your guns. Quote HistoryQuoted:
Quoted:
Quoted:
If the coins are found to be stolen, then it's okay to keep them and say nothing? Interesting, Arfcom does not hate thieves after all. If your guns were stolen and dumped on my property, are they mine? I'm not a lawyer but my first guess would be they are still your guns. If the thief has been dead so long that his grandchildren are geriatrics, yes, your guns fall into the "finders-keepers" category. Your homeowners insurance will have replaced them so the insurer owns the guns, if they care to claim them. |
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Posted: 3/6/2014 10:52:47 AM EDT
[#43]
“We do not have any information linking the Saddle Ridge Hoard coins to any thefts at any United States Mint facility,” U.S. Mint spokesman Adam Stump said in a statement, adding that lawyers have looked into the matter. http://www.latimes.com/local/lanow/la-me-ln-no-claim-gold-coins-found-california-20140305,0,7043284.story |
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Posted: 3/6/2014 11:05:41 AM EDT
[#44]
Quote HistoryQuoted:
500 coins were supposedly stolen? Over 1,400 coins were found? All you that claim these are the stolen coins must not be able to do subtraction and addition or I am missing something. clearly the coins made coin love and had coin babies while they were cooped up together for all these years. |
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Posted: 3/6/2014 11:14:47 AM EDT
[#45]
bye bye coins. easy to see where this is headed
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Posted: 3/6/2014 11:25:00 AM EDT
[#46]
Quote HistoryQuoted:
bye bye coins. easy to see where this is headed Yes it is, For sale at auction since the U.S. Mint has declared the coins were never stolen from the mint. The U.S. government will want them sold for the highest price possible because the taxes paid will be many times the gold value of any coins. The government wins when the new owners sell. |
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Posted: 3/6/2014 11:25:20 AM EDT
[#47]
I heard on the news yesterday that the coins were of many different denominations and many of these found coins have with dates different than the robbery. The coins that were stolen would all have the same mint markings. Also, the guy that stole the coins was forced to pay back the monetary value of the missing coins by selling his house long ago.
Win-Win for the finders. One of the reasons that they want to sell the coins so fast is that the IRS looks at any found money/treasure the exact same way as winning the lottery. They want their full 39% Fed tax and ~10% State tax ASAP.
Let me tell you how it will be
There's one for you, nineteen for me Cos I'm the taxman, yeah, I'm the taxman Should five per cent appear too small Be thankful I don't take it all Cos I'm the taxman, yeah I'm the taxman |
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Posted: 3/6/2014 11:28:19 AM EDT
[#48]
ill be surprised if the gov does not take it all..... the only thing i know about found treasure, is to keep your damn mouth shut.
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Posted: 3/6/2014 11:29:22 AM EDT
[#49]
Quote HistoryQuoted:
bye bye coins. easy to see where this is headed yep...especially when you read the whole thread....in which the US Mint states that these are not stolen coins. |
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Posted: 3/6/2014 11:29:33 AM EDT
[#50]
Quote HistoryQuoted:
I'll never understand why people don't just shut the hell up when things like this happen. lol... facebook generation.. OHMERGAWD! ! ! ! look at the gold treasure i just dug up on my property ! ! ! 10 million ! ! ! LIKE
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