" The Man Who Found Peglegs Gold " Treasure Found???

[pegleglooker]

According to his letters sent to Desert magazine, he buried cans full of gold coins from the 1800's on his property... Then today I found this article



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."

Courtesy of CNN.com

 

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[EagleDown]

I posted this artical in my thread yesterday. In any case, since not everyone knows of my thread, thank you for posting it here!! Incidentally, I'm more intrigued by your title and the first sentence in your post. A little 'background' would be most appreciated.

 

[pegleglooker]

In the 60's, there was a guy who wrote letters to the original Desert magazine saying he found Peglegs gold. In one of the letters, he says that he bought old gold coins, and buried them on his property. He also states later that he can't remember just how many cans he buried and then shortly afterwards the letters stopped... But today, I found out that is not the case for these coins. These coins were probably part of a in house job at the US mint... Here is the link for the rest of the story... The Crazy True History of the Saddle Ridge Gold Coins

 

[EagleDown]

In the 60's, there was a guy who wrote letters to the original Desert magazine saying he found Peglegs gold. In one of the letters, he says that he bought old gold coins, and buried them on his property. He also states later that he can't remember just how many cans he buried and then shortly afterwards the letters stopped... But today, I found out that is not the case for these coins. These coins were probably part of a in house job at the US mint... Here is the link for the rest of the story... The Crazy True History of the Saddle Ridge Gold Coins

I just finished reading this artical: Could newly discovered gold coins be the haul stolen by disgraced San Francisco Mint employee in 1901? Treasure hunting enthusiasts weigh in on origins of couple's $10 million find | Mail Online But, I noticed that the "Disgraced Employee" stole only $20 gold pieces. Plus, even if this were the pieces he stole, I seriously doubt that he would have buried them sequentually, according to the years they were minted. So, by my thinking, it seems that there might be another hoard buried out there. Probably closer to the SF mint. Come to think of it, I remember reading about someone finding $20 gold pieces scattered around a vacant lot in SF. I believe it was in the "Best of Treasure Net", about 3 or 4 years ago. Now I'm wondering how far that lot was from the mint. Thanks for your reply!! I think maybe we'll have to do some more research. (lol)

 

[Citiboy289]

Love this topic and story - The coins Had to be someones collection, Now was it hidden in a safe place or hidden after they were taken is anyones guess------------ Another article mentioned coins from the defunct Dahlonega, GA mint ( which closed before the civil war ) The Dahlonega $5.00 is very rare , which leads me to believe that this was someone collection , I have tried to look at the pictures to get an Idea of the ages of the cans, One appears to have some sort of writing on it But I am far from a Photo Shop enhancer ----- That has to be one of the keys

 

[EagleDown]

Now that I've taken the time to think about this find, there's another distinct possibility. Up to the early 1900s, miners could take their gold to the mint and exchange it for freshly minted gold coins, (after the mandatory mint fees). It is possible that this is how these coins were accrued. Perhaps once a year, a miner made the trek to San Francisco and exchanged his gold for coinage. If that's the case, there could very well be a rich "lost gold mine" in the near vicinity of the find.

Anyway, it is something to think about. (lol)

EagleDown

 

[Citiboy289]

That seems like a theory Eagle BUT how do we explain the Dahlonega Coins? I think the age of the cans or brands on the labels would give us a time period----- Also who owned the property before these people?

 

[auferret]

Pegleglooker started a thread back in '09 with the story about the man that found pegleg's gold. http://www.treasurenet.com/forums/lost-peg-leg-mine/112001-man-who-found-pegleg-s-gold.html

 

[pegleglooker]

This is also why, when you find something, you keep quiet.... Couple's gold discovery will be taxed at top federal rate - SFGate It seems they will have to pay $5 MILLION in taxes!!!

 

[Citiboy289]

This is also why, when you find something, you keep quiet.... Couple's gold discovery will be taxed at top federal rate - SFGate It seems they will have to pay $5 MILLION in taxes!!!

---- Could be even more Fox news just had a piece about some 45 year old law about Treasure finds and If they were taken or missing from the Govt , The finder could just get a finders fee I am trying to get the link Either way who ever counseled these people did a huge injustice -------- considering the Govt will take 50% then the state then the dealer fee, then any auction fee , There wont be much left IMO there have been many UNREPORTED TREASURE FINDS and after this you can see why ------------------
why -------------------------- When I first joined the board I used to read all the old treasure posts Due to old age and the passage of time I don't recall all the specifics BUT there was a 2006 thread about some guy in NM I think that believed he had located a cache in the mountains. The thread went on and on but unlike most of the threads would have a few responses then none , then pick up again in the spring. this went on for a few years . One of the last posts by the OP said he had spoken to an attorney and planned to go pick up the cache at that time. HE NEVER POSTED AGAIN!!!!!!!!!!!!!!!! though many readers posted inquiries we never heard from him again. Interesting but his last SIGN IN was that day Never again Food for thought !

 

[EagleDown]

That seems like a theory Eagle BUT how do we explain the Dahlonega Coins? I think the age of the cans or brands on the labels would give us a time period----- Also who owned the property before these people?

Sorry, for some reason that's being checked on, I'm not recieving notification of posts that I'm subscribed to.

Anyway, as I explained in my thread, during the time period of these coins, $20 was a decent months wage. So, putting myself in his place, when I recieved my new coins, I would have some in smaller denominations, so that I wouldn't have to "flash" any large ones around. As far as the Georgia coin, so many hopeful prospectors came in from all over the U.S., it might have been change from a purchase of supplies. Or even from a saloon. Let's face it, if you spent 6 months, or a year, living alone in the hills, I believe any one of us would want to socialize a little when we had the opportunity. Come to think of it, one of his stops might have been at the local "cat-house". (lol)

 

[Citiboy289]

Eagle look around other topic posts There are so many each one contains More info I asked the mods if these all could be placed under one topic since there is so much info from so many members

 

[NHBandit]

As far as paying taxes on it here's an off the wall thought. I wonder if a really good lawyer could force the IRS to only tax them on the face value of $28,000. The coins are only worth more after they are sold. Selling a few at a time over a period of years might bring the rate down considerably. What made me think of this was the way coin sales were handled at a particular auction I used to attend. They didn't charge a sales tax on coins because the law in that state said you were just exchanging money for other money. They did charge a sales tax on other items and on foreign coins.

 

[pegleglooker]

NHBandit, according to the article, they state that the law reads, the coins are taxable at the current rate in which they are found. Meaning, if the coins are sold or not, the couple would have to pay the taxable amount for the year they found them ( 2014 ). And yes this REALLY sux!!!

 

[pegleglooker]

As of yesterday:

LOS ANGELES (AP) - Word last week that a California couple found $10 million in gold coins on their property has set off a Gold Rush of theories over who left behind all that cash.
One is that Jesse James' gang deposited it in hopes of someday financing a second Civil War. Another claims the coins originally belonged to stagecoach robber Black Bart.
The theory gaining the most traction this week is that the hoard is made up of most of the $30,000 in gold coins that Walter Dimmick stole from the U.S. Mint in San Francisco in 1901.
But Mint spokesman Adam Stump said Tuesday the government has done its research and can't link the couple's coins to the theft.
Rare coin dealer Don Kagin represents the couple. He says they think someone in the mining industry once occupied their land and squirreled away the coins over time.

courtesy of AP